ACCOUNTING SYSTEM AND PROCEDURE IN PUBLIC SECTOR: (A CASE STUDY OF EKITI STATE WATER CORPORATION) - UNIPROJECTS

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ACCOUNTING SYSTEM AND PROCEDURE IN PUBLIC SECTOR: (A CASE STUDY OF EKITI STATE WATER CORPORATION)



ACCOUNTING SYSTEM AND PROCEDURE IN PUBLIC SECTOR:
(A CASE STUDY OF EKITI STATE WATER CORPORATION)

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 IN ACCOUNTING


ABSTRACT
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
                                                                                            Page
Title                                                                                         i
Certification                                                                            ii
Dedication                                                                               iii
Acknowledgements                                                                 iv
Abstract                                                                                  vi      
Table of Contents                                                                             ix
CHAPTER ONE
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
CHAPTER TWO
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
CHAPTER THREE    
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     

CHAPTER FOUR
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     
CHAPTER FIVE         
5.0     Recommendation and Conclusion                                 40
5.1     Recommendations                                                                   40     
5.2     Conclusion                                                                     41     
Bibliography                                                                  43

CHAPTER ONE
1.0     INTRODUCTION
1.1     BACKGROUND OF THE STUDY
          Record 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