A DETAILED ANALYSIS OF FINANCIAL STATEMENTS AS VERITABLE TOOLS FOR EVALUATING COMPANIES’ PERFORMANCES IN NIGERIA - UNIPROJECTS

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A DETAILED ANALYSIS OF FINANCIAL STATEMENTS AS VERITABLE TOOLS FOR EVALUATING COMPANIES’ PERFORMANCES IN NIGERIA



A DETAILED ANALYSIS OF FINANCIAL STATEMENTS AS VERITABLE  TOOLS FOR EVALUATING COMPANIES’ PERFORMANCES IN NIGERIA

 FOR  COMPLETE PROJECT CALL 07064961036
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BEING A RESEARCH PROJECT SUBMITTED TO THE DEPARTMENT OF ACCOUNTING, FACULTY OF THE MANAGEMENT SCIENCES, EKITI STATE UNIVERSITY, ADO-EKITI, NIGERIA.

IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF BACHELOR OF SCIENCE (B.Sc) DEGREE HONOURS IN ACCOUNTING
ABSTRACT
Accounting and business information of organization are often contain in the financial statements of various organizations, the financial statements- The Income Statement and Financial Position(The Balance Sheet) which are stated in a summarized  way in the financial statements. To a layman it is just a mere book because the veil of accounting seem to have been placed on it hence making no sense. To unveil the mask from the face of the financial statements therefore the need to analyse financial statements therefore inevitable. Therefore, to efficiently memorize the performances of companies the need to diagnose their financial statement (analyse the financial statements). This research work is carried out to analyse financial statements as a inevitable tool to evaluate companies performances in Nigeria with a particular reference to Zenith Bank PLC. This research work which has been carried out judiciously and systematically made use of both primary and secondary sources of data collection. The primary data priority made use of Questionnaire while the secondary data made use of Zenith Bank PLC Annual financial Report(2009) and other relevant journals. The primary data where analysed using chi-square, and percentages while the secondary data were analysed using regression on the five (5) years financial summary of the Bank.
Conclusively, it was established that financial statement analysis serves as a veritable tool for evaluating companies performances in Nigeria.














                                      TABLE OF CONTENTS
Title                                                                                         i
Certification                                                                                      iii
Dedication                                                                               iv
Acknowledgements                                                                 v
Abstract                                                                                  ix
Table of Contents                                                                    xi
CHAPTER ONE
1.0            Introduction                                                                            1       
1.1     Background to the Study                                                        1
1.2     Statement of the Problem                                                        5
1.3     Objectives of the Study                                                  6
1.4     Significance of the Study                                                         7
1.5     Research Questions and Hypotheses                                       8
1.6     Research Methodology                                                  9
1.7     Scope and Limitations of the Study                               10
1.8     Definition of the Study                                                  11
1.9     Organization of the Study                                             13
          End of Chapter References                                            15
CHAPTER TWO
2.0     Literature Review                                                          16
2.1     Research into Current Literature                                   16
2.2     Conceptual Explanation                                                          17
2.3     Parties Interested in Financial Statements                     18
2.4     Objectives of Financial Statement Analysis                            20
2.5     Sources of Information for Financial Statements Analysis.21
          End of Chapter References                                            67
CHAPTER THREE
3.0     Research Methodology                                                  69
3.1     Research Forces                                                             69
3.2     Research Instruments                                                    70
3.3     Restatement of Research Question/Hypotheses             71
3.4     Description of the Population and Sample of the Study         72
3.5     Sources of Data Collection                                            74
3.6     Description of Questionnaire                                         75
3.7     Methods of Data Analysis                                             76
End of Chapter References                                            77

CHAPTER FOUR
4.0     Data Analysis, Interpretation and Discussion of Findings 78
4.1     Interpretation of Items                                                   78
4.2     Analysis of Questionnaires on Personal Bio
Data of Respondents                                                     79
4.3     Analysis of Questionnaire on Analysis of Financial
Statements as a Vital Tools for Evaluating Companies
 Performances in Nigeria                                                         84
4.4     Text of Hypotheses                                                       95
End of Chapter References                                            108
CHAPTER FIVE
5.0     Summary, Conclusion, Recommendations and Suggestion
for Further Studies                                                                  109
5.1     Summary                                                                       109
5.2     Conclusion                                                                     111
5.3     Recommendations                                                                   112
5.4     Suggestions for Further Studies                                              113
End of Chapter References                                            115
Bibliography                                                                  116
Appendices (Questionnaires)                                         119     

CHAPTER 1
1.0     INTRODUCTION
1.1     BACKGROUND TO THE STUDY
          Financial statements of any company is basically the summarized financial reports which provide the operating