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

Does Financial Reporting Disclosures Enh.ance Firm Financial Performance in the Nigerian Manufacturing Companies?

Financial reporting has always been an important factor for investment decision making of shareholders and other stakeholders of a firm in considering returns that have been made or expectation of what should be made. This study investigates empirically, the relationship between financial reporting disclosures in annual reports and the performance of listed manufacturing companies in Nigeria between 2005 and 2009. The disclosure variables include: Timeliness, Board size, type of Auditors Report and the percentage of value added retained for expansion were used as the measures of financial reporting disclosure while Return on Equity (ROE) was used as the measures of financial performance. Size and age were used as the control variables. The study used secondary data and Panel Least Square Regression for the data analysis. The results showed that there is a significant relationship between financial reporting disclosures and financial performance except in the case of percentage of value added retained for expansion size where there was no significant relationship found. It is, therefore, recommended that the Nigerian Federal Government, through her various regulatory agencies, ensure more disclosures is made in the financial report as this is an important means of addressing liquidity problem in the manufacturirfg sector for financial performanc

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

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