Applicability of the Synchronized Models of Modified Current and Historical Cost Accounting Methods on the Reported Profits

This study examines the applicability of the synchronized models of the historical cost method and the modified current cost method for financial reporting. Based on the inherent deceitful and irrelevant nature of the historical cost method during periods of rapid price changes and the glaring complex and subjective nature of the current cost method, this study develops models which combine objectivity, noticeable in the historical cost method, with relevance obtained from the current cost method while minimizing the deficiencies inherent in the two methods. Four models were synchronized based on historical cost and current cost data which resulted in the development of the modified accumulated depreciation adjustment (MADPA); modified cost of sales adjustment (MCOSA); modified monetary working capital adjustment (MMWCA) and modified gearing adjustment (MGA). The study revealed that the models when applied to the financial statements will bring about ?FAV (change in fix asset valuation), ?SV (change in stock valuation), ?SFV (change in shareholders’ fund valuation) and MCCR (modified current cost reserve). Based on these results, the study recommended that financial statements should be prepared on the bases of relevance, reliability, objectivity, understandability and comparability, especially during periods of changing prices, by applying the synchronized models developed in this study. These models remove the technicalities of ordinary current cost accounting method and retain the objectivity of the historical cost method. With the modified models, financial statements are objective, relevant, reliable and understandable during periods of changing prices. KEYWORDS: Synchronized Models, Accounting Methods, Modified Current Cost Method, Historical Cost Method, Price Level Changes, Reported Profit

Use of Service-Wide-Vote (Contingency Budget) for National Development: Evidence from Federal Ministries, Departments And Agencies in Nigeria

This paper examines the use of service-wide-vote (Nigeria’s contingency budget) for national development. Documentary pieces of evidence have shown that the Federal government of Nigeria through its MDAs has grossly short-changed Nigerians through the year-in-year-out mismanagement of the service-wide-vote. The objective of this study is therefore, to evaluate the extent to which Federal MDAs in Nigeria have been able to use the service-wide-vote to achieve national developmental objectives. To what extent has the service-wide-vote been used to develop the Nigerian Nation? In order to provide an answer to the foregoing question, primary sources, scholarly journals and reputable online and library sources were used to obtain research materials.  The study revealed that federal MDAs and even the EFCC abused the service-wide-vote to the tune of over N4.17 trillion between 2004 and 2018 due to non-compliance with rules governing the use of the vote and this made it difficult for the national developmental objectives of the vote to be achieved. The following recommendations were therefore, suggested by the paper: allocation of 5 percent of the annual budget to service-wide-vote, regular replenishment of releases from the service-wide-vote, obtaining approval from the National Assembly before releasing funds from the vote, roll over of unspent funds, prosecution of corrupt MDA officials and avoiding those sharp practices that will make the use of the service-wide-vote ineffective in achieving national developmental objectives. Keywords: Federal MDAs, National Development and Service-wide-vote DOI: 10.7176/RJFA/10-10-06 Publication date:May 31st 201

Commercial Bank Credit and Its Contributions on Manufacturing Sector In Nigeria

The main aim of this study was to determine how commercial bank credit can influence manufacturing sector in Nigeria. The study shows that commercial bank credit if well channeled to the worthy customers or sector will enhance economic growth in Nigeria. The objective of the study was to investigate the impact of commercial bank loans on manufacturing sector and to establish the relationship between interest rate and manufacturing sector performance. Secondary source of data was employed using Central bank statistical bulletin. Ordinary least square of multiple regression model was used to establish the relationship between dependent variable and independent variables. The finding revealed that commercial bank credit had a significant relationship on manufacturing sector. It was recommended that government should endeavour to ensure that there are available and sufficient credit allocated to the manufacturing sector in Nigeria with reasonable or affordable interest rates, and for Nigeria to meet it millennium goals, she will have to depend on productive and services produced within her boundaries. Keywords: Aggregate credit, Bank credit, Commercial bank rate, Interest rate,                           Lending rat

Analysis of the Rate of Change of Mangrove Forest Ecosystem in Calabar South, Nigeria

The study aimed at determining the magnitude of change of the mangrove forest ecosystem in the coastal communities of Calabar. Also, this study examined the volume of mangrove trees exploited by the inhabitants of the study area. Five communities highly noted for the exploitation of mangrove in the area were used for the study – Anantigha, Efut Obufa Esuk, Cobhan-Duke Town, Henshaw town and Mbukpa Akani Esuk orok. Volume of wood exploited and which was determined by the researchers using the single tree stumpage volume with the formula,   Where  p= 3.143 G= Girth at breast height (M) and Ht = Tree height (M). However, Tariff rate/pole and merchantable tree (logs), height, were gathered from the Monthly tree Analysis Report of Forestry Department in Calabar. In order to establish trend of mangrove forest change over years, a multi-temporal image data of the mangrove vegetation covering the area (1970 – 2011) was acquired and processed. These Include: a Toposheet (1970) derived from an aerial photo of 1970, Landsat imagery 1970, 1986, 2011 at 30m resolution. These data sets were geo- referenced into a common framework in a G.I.S environment (Arc. GIS 9.3) after which they were digitized and delineated into mangrove class, and other Non – Mangrove classes (Fresh Water Swamp, Nypa palm, Farm land and so on.)  The Landsat imagery was also treated likewise. Intersection operations of the above data sets were carried out to determine the change in mangrove area coverage between the different time periods in consideration (1970, 1991 and 2011). Indices of mangrove forest change which includes: Intensity Index, or potential trend which is given by; T? = Ubi – Uai, (1, 2…8) was computed, dynamic index whose formula is Ki = Ubi – Uai x 1/T x100%, (1, 2….8) was equally determined and finally the Contribution rate of change given as Ai = Ubi – Uai ?(Ubi – Uai) was analyzed. The result of analysis revealed among other things. The rate of areal change of mangrove ecosystem has been in the neighbourhood of -2.75km2 between 1970 and 1990 and -32.12km2 between 1991 and 2011.The areal cover of Nypa palm has been on increase from 3.04km2 between 1970 and 1990 to 31.86 between 1991-2011.With mean value of total annual number of mangrove trees exploited was put at 6225. It was discovered that eleven years (2001-2011) recorded over exploitation

CORPORATE GOVERNANCE, CORPORATE STRATEGY AND CORPORATE PERFORMANCE: EVIDENCE FROM THE FINANCIAL INSTITUTIONS LISTED ON THE NIGERIAN STOCK EXCHANGE

The study aimed at proving that corporate governance structures should work in tandem with other stakeholders of the company to fashion a robust corporate strategy for effective corporate performance. Undoubtedly, in most situations board squabble, ineptitude, inconsistent tenure of office during which members engage in arbitrage opportunities and rent seeking activities constitute the bane of achievement of corporate prime objectives. The study availed itself of the secondary data from Nigerian Stock Exchange Fact book where thirty three (33) out of forty eight (48) financial institutions were selected, tabulated and analyzed using Ordinary Least Squared (OLS) rule. A multiple regression model was applied in the analysis of the data. The result provided sufficient evidence of relationship between corporate governance and firm performance. It concluded that a talented board is a corner stone of an effective corporate governance system. Key words: Corporate governance, corporate strategy, corporate performance, earnings management

Triple Bottom Line Costs Reporting and Environmental/Social Restiveness: An Empirical Evaluation of Applicability Benefits to Oil and Gas Companies in Optimizing Corporate Image in the Niger Delta Region of Nigeria

This paper empirically examines the applicability of the triple bottom-line reporting framework by Oil Gas Companies in stemming the tide of social restiveness in the Niger Delta region of Nigeria. The objective of this paper is to examine if the triple-bottom-line reporting approach can be used as an effective tool in the restoration of much needed peace in the Niger Delta region of Nigeria. The research adopted the survey design method and the indices measured were derived from the UN Global Impact (a set of principle based standards for reporting business impact on the environment and the people) and GRI (Global Reporting Initiative). Data were analyzed using the ordinary least square regression method and the results show that youth restiveness is a function of social and environmental neglect and that the triple bottom reported approach can be adopted as a surrogate tool of financial reporting to stem the incidence of social restiveness in the Niger Delta Region of Nigeria. It was recommended that, in the interest of environmental and social justice vis-à-vis economic interest of the Oil and Gas Companies and that of the government of Nigeria, the Oil and Gas Companies should adopt the triple-bottom-line reporting framework as a panacea for restiveness in the Niger Delta region of Nigeria. Keywords: Triple bottom line costs, corporate social practices, corporate environmental practices, spillage control costs, decontamination costs, restiveness, corporate image, oil and gas companies, Niger Delta Region of Nigeria

Performance Analysis of Multi-Body Modeled Washing Machines (MBomWM)

One of the key features of an automated washing machine is the noise and vibration it produces, or more technically, the decibel level it produces. Numerous of home appliance companies have put in much effort to solve this problem but there is still large room for further improvements especially in the rinse and the spin cycles of a washing machine. This work illustrates the performances of multi-body modelled of washing machines realized with the aim to analyze the vibrational acoustic emission. An experimental measurement has been carried out using a digital sound level meter (SLM) to determine the overall noise produced by four different modelled of automated washing machines with a view of noting the model with the highest sound pressure level during the three different cycles (the wash, rinse and spin). Results show that all the machines produced their highest noise during the spinning cycle. Out of the four different models considered, IPSO HF: 304 has the highest sound level of 99.62 during its spin cycle when a maximum load of 30Kg was applied, followed by Imesa RC 23 with a 96.13. On the other hands, LG: Direct Drive 13 has the least sound pressure level of 84.75. With this knowledge in mind, one can advise a buyer of which model to purchase from the market and if an operator must use the machine, how long he can operate such machine without health challenges

Best scale for detecting the effects of stratospheric sulphate aerosol geoengineering on surface temperature

Stratospheric sulfate aerosol injection (SAI) has been proposed as a way to geo-engineer climate. Whilst swift global-mean surface cooling is generally expected from tropical SAI, the regional impacts of such perturbation on near-surface air temperature (SAT) are projected to be spatially inhomogeneous. By using existing simulations from the Geoengineering Model Intercomparison Project (GeoMIP) G4 scenario, where 5 Tg yr-1 of sulfur dioxide (SO2) is injected into the tropical stratosphere to offset some of the warming in a mid-range representative greenhouse gas concentration pathway (RCP4.5) between 2020 and 2070, we examine the regional detectability of the SAI surface cooling effect, and attempt to find the best spatial scale for potential SAI monitoring. We use optimal fingerprint detection and attribution techniques to estimate the time horizon over which the SAI surface cooling effect would be detected after implementation in 2020 on sub-global scales, ranging from the near-global in situ observational coverage down to sub-continental regions. We show that using the spatio-temporal SAT pattern across the Northern and Southern extra-tropics and the Tropics, and across the Northern and Southern Hemispheres, as well as averaging SATs over the whole globe robustly result in successful SAI detection within 10 years of geoengineering implementation in a majority of the included plausible geoengineering realizations. However, detecting the SAI effect on SAT within the first decade of implementation would be more challenging on sub-continental scales

Efficiency of Divisionalization and Departmentalization on Corporate Returns with Regards to Transfer Pricing

The study was carried out to examine the effect of transfer pricing between divisions and departments on corporate returns. Data were gathered through questionnaire on the selected sample companies in Nigeria. The study found out that transferred prices relate to performance measurements in that they affect, and establish a ceiling on the amount of profit or markup that a division is able to generate on its products. It was equally established that divisionalisation encourages managers to be profit responsible. That is, it encourages responsibility for generation of revenues, cost control and  satisfactory returns on investment of capital in the operations of an organization. It was therefore recommended that high budgeted controllable profit target should be set if divisional mangers must make enough profit that will cover both their own operational cost and the corporate expenses. More so divisionalized companies should ensure that their divisional managers concentrate on increase of controllable profit thus focus on the revenues and costs under their control, and be less worried about costs they cannot control. Keywords: Efficiency, Divisionalization, Departmentalization, Corporate returns, Transfer  pricing, Performance measurement

Occult cancer with cervical lymph node metastasis: histologic profile of cervical lymph node and pan-endoscopic biopsies at university college hospital, Ibadan, Nigeria

Background: Occult cervical lymph node metastasis is a relatively rare oncologic disease presenting as a neck lump without an obvious mucosal lesion. Most cases arise from the upper aerodigestive tract and affect all ages. It is often a diagnostic dilemma when there is no facility to carry out a thorough evaluation.Methods: A prospective study of all patients with neck lump with unknown primary tumor site evaluated within the periods, January 2010 to December 2012 at the ENT/Head and Neck Department of University College Hospital, Ibadan. The patients went through clinical, radiological and endoscopic assessments. Fine Needle Aspirate and Cytology (FNAC) of neck node and random pan-endoscopic specimens obtained were cytological and histological analysed.Results: The prevalence of cervical nodal metastasis with unknown primary site was 9.7%. We found no gender predilection in the study. Majority of the patients with occult cervical node metastases were in the third decade of life. The histological yield of pan-endoscopy biopsy specimen was 72%. Undifferentiated nasopharyngeal squamous (39%) cell carcinoma was the commonest diagnosis following random biopsy during pan-endoscopy.Conclusion: Despite limitations arising from lack of FDG PET, the yield from pan-endoscopy biopsy specimen was appreciable. Inadequate immunohistological stains and lack of FDG PET scan may have diminished the histological yield of the blind pan-endoscopy biopsy specimens.Keywords: Cervical nodal metastasis with unknown primary site, pan-endoscopy biopsy, occult cancerJos Journal of Medicine, Volume 7 No.