Bank Reconciliation Statements, Accountability and Profitability of Small Business Organisation

The study examined bank reconciliation statement, accountability and profitability of small scale business entities. Bank Reconciliation Statement is a statement prepared to reconcile the difference between the balances as per the bank column of the cash book and cash book of the organization. Small scale business entities, despite the fact that the most tormenting problem of most of them is lack of finance yet they fail to keep proper accounting records and fail to reconcile their books What prompted this research is the excessive charges made by the banks to the customers’ accounts without intimation and the need for Small Scale business entities to maintain proper books of account. Data were collected using questionnaire and analyzed statistically by using the Software Package for Social Science (SPSS) and chi-square technique.  The results reveal that reconciling bank statements improve accountability and impact positively on the profitability of the small scale business entities. The implication of this study is that Small scale business entities should reconcile their bank statements on monthly basis, this will help them to know the following: their bank balances any particular point in time, when bank is charging them excessively and to avoid unnecessary cost. Use of professionals and development of software will be of credit to the business on the long run.Banks should encourage small scale business firms to reconcile their books by providing bank statements at appropriate time. Keywords: Bank reconciliation statement, Excessive bank charges, accountability, profitability and small business entitie

Nigeria’s 2005 Bank Recapitalization: An Evaluation of Effects and Social Consequences

This study critically evaluated the 2005 recapitalization of banks in Nigeria in terms of the positive fallouts and the unanticipated consequences. It was necessary to look at the performance of banks, the recapitalization, while at same time evaluating the human resources and other developmental challenges that grew out of the recapitalization effort. This critical evaluation required the formulation of some testable hypotheses to confirm the merit of the recapitalization or  the absence of same. Tests of the differences of means were also applied to determine if there is any significant relationship between the pre and post recapitalization of banks and Nigerians economic growth. The results obtained confirmed that the 2005 recapitalization effort actually improved the performance of banks and also positively impacted the economy as a whole. The second hypothesis which tried to prove that there is no significant relationship in the pre and post performance of banks after the recapitalization. Our results tend affirm that the  standard of living of the population were negatively affected mostly because of number of banks staff  who had to be sacrificed and    thrown into unemployment to achieve, what some banks experts in the system call “ paper profits”. The extended family system practiced in the country means that the negative consequences of the recapitalization was far reaching than expected, with the result that most families are still licking their “wounds” occasioned by the 2005 recapitalization. Banks recapitalization is not adequate to strengthen and enhance the banking system to face the global challenges. The implication of this study is that government should formulate policies that aim at contribute to the growth of economy and improving standard of living. Keywords: Banks recapitalization, banks performance, economy, employment, standard of living

IFRS-BASED RESULTS AND THE READINESS OF NIGERIAN AUDIT COMMITTEE: THE PROFESSIONAL ACCOUNTING ACADEMIC STANDPOINT

This study investigated the level of readiness of the audit committee towards understanding and interpreting IFRS based result in Nigeria. This study adopted the survey research method to garner opinion of stakeholders especially the professional accounting academic. One hundred and twenty copies of questionnaires were administered making forty copies of questionnaire to each of the three university studied. The questionnaires were analyzed with the use of One-Sample t-test. The study found that the presently constituted audit committee in Nigeria is statistically significantly weak in understanding and interpreting IFRS based results. It is therefore recommended as a matter of urgency that the audit committee members be subjected to training that will specifically tailored towards the application of IFRS in their various sectors and industry they represent. This training should not however, be one off. It should be continuous and in timely manner as changes in IFRS is still ongoing

Drivers of Sustainability Accounting and Reporting in Emerging Economies: Evidence from Nigeria

--

State Taxation of the Motorcycle Transport Business and Internally Generated Revenue in Ebonyi State, Nigeria, 2015 to 2021

In classical literatures, the informal sector is regarded as all those economic activities that are neither taxed nor monitored by any form of government. However, with the downturn of economic activities in Nigeria due to the dwindling oil revenue which forms the major revenue generation and export earnings of Nigeria, the informal sector, specifically the motorcycle transport business popularly known in Nigeria as Okada has come under some form of government taxation and monitoring in some states in the country. This was to shore up their revenue base which has dwindled over the years. Extant literatures have not been able to examine the contribution of informal sector, specifically, the motorcycle transport business to internally generated revenue of the sub-units, especially Ebonyi State within the period under study. Thus, we pose the question: has the taxation of the motorcycle transport business operation improved on the internally generated revenue of Ebonyi State between 2015 and 2021? We anchored our analysis on Public Choice Theory of politics and economics. Data for the study were collected through both primary and secondary sources. The study found that despite the intensive taxation of the informal sector in Ebonyi State, specifically, the motorcycle transport business; the internally generated revenue of the state seems to be decreasing rather than increasing, given the number of taxable objects that has been brought under its internally generated revenue sources. The study recommended that the government should do more in the area of its internally generated revenue to ensure efficiency in collectability and remittances