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THE FUNCTION OF ACCOUNTING INFORMATION IN DECISION MAKING IN BUSINESS ORGANISATION (A CASE STUDY OF FIRST BANK PLC, ONITSHA)

5,000 2,500

Topic Description

CHAPTER ONE

INTRODUCTION

 1.01        GENERAL DESCRIPTION OF THE AREA OF STUDY

Accounting is a very interesting course and accountants are well placed in the society. Perhaps, there is a lot of misunderstanding of this course ‘accounts’. Probably more powerful today than it has ever been. At the same time rarely has there been more criticism of the function of accounting with business organisation reporting apparently healthy profits per minute yet finding themselves in financial difficulties momentous while later. This has in most cases been due to adequate account information for efficient management decision making.

 

DEFINITIONS OF ACCOUNTING

        According to F. O. Okechukwu defined accounting as the art of recording, classifying and summarizing; analyzing, interpreting and reporting on the financial transactions and position of an organisation to interested persons or bodies.

Generous I: Define accounting as an art which consist of recording, classifying and summarizing, analyzing, interpreting and reporting of the results to the manager.

Therefore, the aims of this research at highlighting the various function of accounting in decision making in business organisation with particular reference to First Bank of Nigeria Plc, Onitsha.

The information needed by managers for control of operations and decision making is derived from accounting data which assess a company’s financial health by the outside world.

 

  • HISTORY OF CASE STUDY ORGANISATION

The organ of First Bank can be traced to a property, which organized by Elder Dempster lines, the British shipping concern. Along the West Africa coast when the gains of having a banking presence in Nigeria was spotted and initated in 1893.

When the formal operation stated in 1894 in Nigeria as British Bank for West Africa (BBWA). According to the Nigeria Banking Annual incorporation who’s who in banking “1984 – 1985”.

When the British Bank for West Africa continued operation in Nigeria until 1956, before the name was changed to Bank of West Africa (BWA). During the Nigeria civil war in 1969 the BBWA began to answer Standard Bank of West Africa (SBWA), then in 1971, indigenization led to a change in the name of the bank again to Standard Bank of Nigeria limited. In 1979 the bank changed its name to First Bank of Nigeria presently the bank has about 328 branches spread all over the country with its headquarters at Lagos. As any other form of business the motive behind the formation of the bank is profit making development. Right from inception, First Bank Plc has always enjoyed the considered and patronage of the government of Nigeria. This bank is activity involved in the  promotion of national development policies by mobilizing funds for investments into priority sectors of the economy. It has been a major sources of securing employment for thousands of Nigerians.

Over the years First Bank has assisted in the development of business from retail and distributive trades to the acquisition and management of large factors by successful businessmen. First bank with many branches all over the country, offers the benefit of its experience in overseas business transactions, funds transfer by means of telegraphic funds transfer, extension of loans and advances, and friendly advisory services to businessmen through the country.

Presently, the bank is one of the private limited liability companies that have gone public in Ogbaru local government, Onitsha of Anambra State. It actually took off on the third of May 1979 through the effort of the Federal Government.

1.03 PROBLEM ANALYSIS

Accounting information is needed to make any decision in a business organisation, owners, workers, those who keep and borrow money from first bank plc Onitsha and many who transact business, in one way or the other, all have a need for accurate information about the business. Hence, without such accurate accounting information as to their turnover, profit before and after taxation and perhaps divided recommended by the shareholders during the year random instinctive decisions when made could have disastrous consequences thus spelling down on the users of information afore mentioned. The rational decisions of this types can only be based on objectives data which is typical of adequate and proper accounting information.

But numerous information is needed for rational business decision making especially in such organsiations as first bank plc. Onitsha. No doubt much processing is done before they are suitable in decision making. The processing include collection of data on the banks activities, conversion of this data into monetary values and the classification and presentation of this data into a form suitable for the user.

 

1.04 PURPOSE OF THE STUDY      

        The purpose of this research work is to find out the function of accounting information in decision making in first plc. Onitsha. To illustrate purpose of this work one could rightly ask such question as; How does business executive known whether the company is solvent or insolvenet and whether it will probably be solvent a month from today. The answer to these questions is “Accounting information”.

According to Davidson and Weill (1977) Accounting is the process by which the profitability and solvency of a company can be measured” it also provides information that will enable management to make other routin decisions. To this impact, this study at offering meaningful suggestions and recommendations based on major findings on the function of accounting information in decision making first bank plc onitsha.

 

1.05 RELEVANT RESEARCH QUESTIONS (TENTATIVE)   

The relevant research question asked in the course of this work to help identify the function of accounting information in decision making in First Bank Plc, Onitsha. Where are follows;

  1. Does First Bank Plc, Onitsha have an accounting system?
  2. What category of staff are involved in gathering data for accounting purpose?
  • Does the bank make use of professional accounting?
  1. How does the First Bank plc, Onitsha obtain information on the factors that determine lender decision?
  2. Can the management of the Bank take effective without the accounting information?
  3. Does the use of accounting information in decision making affect the profitability of the business?
  • How long is a price of information relevant for decision making in the organisation?
    • DEFINITION OF “UNFAMILIAR” TERMS/CONCEPTS
  1. Accounting: Is defined as an art which consist of recording, classifying and summarizing; analyzing, interpreting and reporting of the financial results to the manager.
  2. Capital: Is defined as the total funds invested in the business.

Vouchers: It is a documents designed internally by organisation so that a responsible officer can express his

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