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THE ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURES IN NIGERIA (A STUDY OF CENTRAL BANK OF NIGERIA ENUGU STATE).
1.1 BACKGROUND OF THE STUDY
In most developing countries including Nigerian government participation in economic activity is usually significant. One of the ways through which government has intervened in Nigerian economy is
through the establishment of public enterprises and statutory bodies operating service of an economic or social character on behalf of the government.
Since the colonial era, especially after independence 1960, Nigerian public enterprises have witnessed a steady growth unit recently. Its Olisa (1988-133) pet it. Beginning as a trickle in the period between this era of the second world war and Nigeria risen to flood level since independence the establishment of public enterprise in
Nigeria are many add to available rational capital for the support of development and welfare programme, making to be controlled by a few individual, it possible for important profitable enterprise to be controlled by a few individual or group organization certain critical activities national survival and economic stability and providing employment opportunities (Ademolukun 1983). However, after a long
period of growing starts intervention in the Nigeria economy through public enterprises, the 1980’s onwards had witnessed a reversed which has sometimes been dramatic in public opinion therefore public policy.
This has been brought by the persistent losses which state enterprises that trivet been running over fears. Consequently, there has been a willingness to look at alternative policy strategies for the
achievement of economic development. At the forefront of these strategies is the minimization privatization of public enterprises.
In Nigeria, public enterprises are engaged in a while spectrum of economic activities including agriculture, mining, construction, manufacturing, commerce and services. The classification of public
enterprises in Nigeria has been made according to varieties of criteria by different authorities. The public service review commission (1975:101) classified public sector int.
Regulatory of service body
Commercial and industrial enterprises
Being a mixed economy, individuals also own and operate private enterprises. A firm classified as private enterprises when it is founded and managed by an individual and or a group of individual. These firms are expected to be registered in the local government within which they operate.
The rational for the establishment of private enterprises are numerous just like establishment of public enterprises. They include amongst others; provision of employment opportunities
generating income for the owner of the enterprises government interest in profit growth of the enterprises which performance of the public sector through competition. Moreover, the general
public is concerned with contribution which makes towards social enlistment which is exhibit to the environment in which the business is loaded and its willingness to contribute to the development of the environment.
The activities of the public enterprises have been on the increase in recent times which necessitated the introduction of the accounting practice to check and monitor the financial activities of these
enterprises. In this book, titled principles of accounting, by Bimage (1985) Accounting is defined as a process by which data relating to the economic activities of an organization are measured recorded and
communicated to interested parties for analysis and interpretation. The earliest methods of accounting records were kept in physical quantities. These records came from the Eastern (early) civilization
which involved in the countries around the Mediterranean Sea such as Mesopotamia, Egypt, Crete, Italy etc. Money was recorded as soon as money took the place of barter as a medium of exchange and unit of accounting practice has been closely related to the economic
development of the country. If the business organizations grows in size and complexity management and outsiders groups which include owners of the firm (stock holder) creditor, government, employer and the general public.
The differentiation necessitated the need to have accounting department in the enterprises to give accurate financial of the management and to satisfy the outside demands or the general public
who are already interest on whether the enterprises in growing or not.
The role of accounting in public enterprises in Nigeria is primarily to ensure accurate accountability in these sectors and present the time and fair financial position of the enterprises. The role is of utmost
importance in any organization. An organization can only grow or profit when the resources can only be well managed if accounting department of the organization give accurate financial information to
know how much the enterprises having. It only when this is done that the firm allocate its resources and knows what is to be done. The role of accounting seems to be more pounced in the public enterprises. In recent times, there are cases of mis appropriation of funds in the public enterprises and improper accountability. These factors have led to a lot of public enterprises go into Obiwon, if the government has reorganization the role of accounting, all these feeble should not have risen. No enterprises can more forward without having a well organized financial department to give accurate financial, information about the firm. This is because if improper accounting records are not minimized or where possible eradicated these is bound to be cases of public enterprises failure. Consequently, staff of such enterprises will force out of their job. This will result to economic and social activities in the society.
1.2 STATEMENT OF PROBLEM
Obviously, every privates and public entries in Nigeria has their accounting department and there are increase cases of financial mismanagement in virtually all the public and private organization in
Nigeria. The problem of this study lies on how the manages of these enterprises are able to recognizes the role of accounting in their enterprises so that these cases of improper accountability will be
minimized or if possible its total eradication in our society.
1.3 PURPOSE OF STUDY
This study aims at investigating the role of accounting in the control of public enterprises in Nigeria. The purpose of this study include among others:
To determine the extent to which accounting records has controlled the effect of expenditures in public enterprises.
To find out factor that affects the accounting department preventing them from carryout their function as expected.
To determine government policies which promote accountability in public enterprises in Nigeria.
1.4 SIGNIFICANCE OF THE STUDY
In this study, the researchers have set out to examine the role of accounting in the public sector in this country. Nigeria with the aid of highlighting the inherent problem encountered in the account
department of most organizations. It is expected that this work will be of interest to the owners of business enterprises, the government, students and the general public.
To shareholders, owners of enterprise, interested persons and the government, this study is expected to en kindle their interest the more and they will take note of various recommendations mentioned
here and help steer the management team towards forming a study organizations to present an accurate