ACCOUNTING SYSTEM AND PROCEDURE IN PUBLIC SECTOR:
(A CASE STUDY OF EKITI STATE WATER CORPORATION)
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 IN ACCOUNTING
This project is designed to study accounting system and procedure in public sector with reference to Ekiti State Water Corporation.
The introduction aspect of the project discussed about the historical background of accounting in Ekiti State Water Corporation such as date of creation and administration of the Water Corporation, land space covered and other things. Also objectives and analysis of the study was well explained, the limitation and delimitation of the study was also discussed. Areas covered and areas unable to cover were also mentioned in the study.
Chapter two of the project considers the literature review, under the literature review, I discussed fully about accounting as a profession, the definition of accounting, the system and procedure of Accounting in Ekiti State Water Corporation. Thereafter, the prospects and problems facing the accountant in the public sector with reference to Ekiti State Water Corporation were also discussed. The principles of accounting were also included with forms of accounting, roles of accounting, characteristic and peculiarity in Ekiti State Water Corporation.
Chapter three centres on the research methodology and limitation. My source of data like treasury department, rates section and internal audit were mentioned in the write up. I employed interview, questionnaire and personal observation in collection of data from the treasury department of Ekiti State Water Corporation.
Chapter four contains research finishing organization of the department, cash office was visited and matter related to cash management were exhaustively discussed ledger unit was also visited and ledgers were examined with a view to see how transactions were recorded and the differences observed between it and companies were briefly explained.
Also, expenditure unit, capital project unit, payroll unit, loan and advances, budget, report and statistics were visited. Activities were examined and finishing in each unit were discussed in the project.
Chapter five, centres in conclusion and recommendation is the last write up to the whole study, suggestions and recommendation and improving the account system and procedure in Ekiti State Water Corporation were comprehensively discussed.
TABLE OF CONTENTS
Table of Contents ix
1.0 Introduction 1
1.1 Background of the Study 1
1.2 Objective of the Study 4
1.3 Limitation of the Study 5
1.4 Delimitation of the Study 6
2.0 Literature Reviewed 7
2.1 Definition of Accounting 7
2.2 Accounting as a System and Procedure 9
2.2.1 Elements of the System and Procedure to Accounting 10
2.3 Forms of Accounting 12
2.4 Principles of Accounting 15
2.4.1 Accounting Concept 15
2.4.2 Accounting Convention 17
2.5 The Roles of Accounting 18
2.5.1 Measurement 18
2.5.2 Control 18
2.5.3 Decision Making 19
2.6 Characteristic of Good Accounting Information 19
2.6.1 Relevance 19
2.6.2 Accuracy 19
2.6.3 Centralization and Decentralization of Accounting 20
2.7 Peculiarity of Accounting System in Public Sector 20
3.0 Research Methodology 23
3.1 Methods of Data Collection 23
3.2 Procedure for the Collection of Data 24
3.3 Processing of Data 24
3.4 Questionnaire Format 25
4.0 Research Finding 27
4.1 Organization Structure 27
4.2 Accounting Services 29
4.3 Cash Office 30
4.4 Control Measures Institutionalized in the Cash
Office Operations. 31
4.5 Ledger Unit 33
4.6 Expenditure Unit 34
4.7 Capital Project Unit 34
4.8 Payroll Unit 35
4.9 Loan and Advance Unit 36
4.10 Budget Reports and Statistics 38
5.0 Recommendation and Conclusion 40
5.1 Recommendations 40
5.2 Conclusion 41
1.1 BACKGROUND OF THE STUDYRecord keeping, by whatever means is as old as man himself. Modern system of keeping accounting records developed from, and is, in fact an improvement on the old system which