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THE IMPACT OF ACCOUNTING RECORDS ON PERFORMANCE OF BUSINESS ORGANISATIONS

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

The impact of Financial Accounting Reporting on the corporate performance of Business Organizations”, basically aims at ascertaining how financial accounting reporting has helped in advancing the objectives of corporate organizations. In the process, it investigated the effect  that financial accounting bear on the performance of a business. Furthermore, it sought to ascertain the compliance of relevant statues by corporate organizations and the overall satisfaction of stakeholders in a corporate organizations.  
Problems inherent in financial reporting ranges  from non-disclosure of vital information, subjective judgments of  financial information and most times non-compliance to relevant statues. There were recommendations given such as strict compliance to the relevant statute.  The government needs to strengthen its regulatory agencies in order to ensure that the financial statements show a “true and fair view and comply with the relevant statues at all times. The research shall therefore seek to determine the  impact of accounting records on the performance of Business organization.  
1.2  STATEMENT OF THE PROBLEM        
The basis of this research lies with the deficiencies in the preparation and presentation of accounting records ranging from non disclosure of vital and sufficient  financial information to non compliance to standard accounting regulatory framework.The consequence is that it is difficult to determine the true and fair view of the financial position of the organization And the corporate performance of the organization.it is in this perspective that the research intends to investigate the impact of accounting records on the performance of  business organization with a case study of Nigerian bottling company plc.  
1.3  RESEARCH QUESTIONS
1    What constitute the nature of accounting records?
2    What are the standard and relevant information of an accounting record?
3    What are the types of accounting records?
4    What are the impacts of accounting records on the performance of business organization?
5    What are the impact of accounting records on the performance of Nigerian bottling company?
1.4   OBJECTIVE OF THE STUDY
1     To determine the nature of accounting records
2     To determine the standard and relevance of accounting information
3     To appraise the impact of accounting records on the performance of business organization
4     To determine the impact of accounting records on the performance of Nigerian bottling company plc  
1.5    SIGNIFICANCE OF THE STUDY
The study shall provide an analysis of the nature of accounting records of business organization The study shall provide standard accounting regulatory framework The study shall provide the needed information on the impact of accounting record on the  performance of business organization The study shall serve a reference point for managers ,accountantsand financial analyst.  
1.6      STATEMENT OF HYPOTHESIS  
1    Ho The level of accounting information in NBC  is low
       Hi   The level of accounting information in NBC is high         
2     Ho  The standard of accounting records in NBC   is low
       Hi    The standard of accounting records in  NBC is  high      
3     Ho   The impact of accounting records in NBC is low      
       Hi     The impact of accounting records in NBC is high    
1.7    SCOPE OF THE STUDY                        
The study focuses on the appraisal of the role and impact of accounting records on the performance of business organization.it elucidate the nature and accounting regulatory framework  of accounting records and provides a case analysis of the impact of accounting records on the performance of Nigerian bottling company plc.    
1.8    DEFINITION OF TERMS
FINANCIAL ACCOUNTING RECORDS The starting point for the financial accounting is the recording and analysis of transactions. A definite step is followed in the traditional accounting approach, the steps in the processing and generating of output of the accounting system are:
i.   Identification and analysis of relevant transaction in the journal.
ii.   Making entries of the transactions in the journal.
iii.   Posting from the journal to the ledger.
iv.   Preparation of trial balance.  
v.   Determining and recording of the adjusted entries in the journal and the ledger.
vi.   Preparation of the adjusted trial balance.
vii.   Preparation of the final accounts and statement which are the profit and loss account and the balance sheet.

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