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