Importance Of Accounting To Non Profit Making Business

Importance Of Accounting To Non Profit Making Business

Chapter One

Preface

The operations of Accounting Information have contributed to the growth and development of every business reality. Non-profit making association on the other hand has immensely served from counting information to survive, integrate and stabilize in this current profitable recession in the country. Any of thenon-profit making association that neglect the places and impacts of counting information will at the end of the day fold up.

numerous churches moment have resolve, folded up, intermingled with another due to claims that the church finances has been embezzled, diverged and misruled where the commission or the clerk concerned fails to present and validate fiscal records of the church. This has created loopholes for the spreading of churches at every road and corners, hence churches are seen as the fastest means of making plutocrat.

literal BACKGROUND

Grace of God Mission started in the late seventies, but was registered as a commercial body under the “ Land Perpetual Succession Act Lap 98 ” on 14th October, 1980.

Grace of God Mission as one of the leading and dynamic Pentecostal churches in Nigeria has a network of branches across each region of Nigeria and some branches outside Nigeria.

still, Awkunanaw began as a original church branch in 1984 under the pastoral care of lateRev. Raymond Iwundu. The church at Awkunanaw grew like mustard seed to its peak as a Division Headquarter in 1997 having five( 5) quarter churches and 23 original churches under her control.

Statement Of Problem

The patient increase in cost of ineffective operation of counting information in church has caused schisms, folding up, breaking down and springing up of mushroom churches.

This design proposes to examine whether the church can survive, grow, stabilize under this atmosphere.

1. To examine whether the incapability of the clerk to keep acceptable fiscal information is responsible for extremity and break up of churches.

2. To find out the problem that could probably be encountered or created where unqualified hand handles counting information of the church.

Statement Of Thesis

The following thesis were formulated in order to find out the validity and trustability of information gathered.

H0 Church can not break away where the clerk doesn’t keep acceptable fiscal information.

H1 The church can break away where the clerk keeps shy fiscal information.

H0 Account information may not produce problems where unqualified hand handles it.

H1 Account information may produce problems where unqualified hand handles it.

Ideal Of The Study

Noted hereunder are specific objects, which the design is designed to achieve

1. To find out the impacts of account to non profit making association.

2. To find out significance of counting information to the church

3. To see how accounting information could b e applied in the church

4. To identity the problem created when counting information isn’t used in the church

5. To find out the problem associated with unqualified hand handling account information.

Significance Of The Study

The critical analysis of this work will be veritably salutary tonon-profit timber associations especially the churches.

It’ll serve as a better information companion to churches who wish to apply account information. It’ll help all to appreciate the impacts of counting information not to thenon-profit timber association but to benefit acquainted businesses.

Compass And Limitation Of The Study

This work covers the area of impact of counting accompanying counting information toNon-profit making association with reference to Grace of God Mission Awkunanaw.

During the course of the exploration, the experimenter faced the following problems.

1. Financial constraint

2. Time constraint

3. Dearth of statistical information

4. Lack of acceptable exploration installations

5. 1. Financial Constraint For the fact that the experimenter is a pupil, the demanded the necessary finance to carryout expansive exploration on the content,

1. 2. Time Constraint The experimenter as a pupil also have academic conditioning which limited the time used for the design other than what it would have been. Also considering the briefness of the semester and the time of submission of this design, there wasn’t enough time left for the design work.

1. 3. Death of Statistical Information Data weren’t easy to come about during the course of the design work. I was subordinated to gratuitous protocol at the charges of my limited time before getting some data.

1. 4. Lack of Acceptable Research installations The exploration was faced with lack of acceptable exploration installations like over- to- date information andnon-availability of applicable handbooks. utmost of the handbooks used for the design bandied onnon-profit making association as it affiliated to social clubs, institutionorganizations., and cheatable association.

Abstract Description Of Terms

The terms used in this design work has been simplified to enable indeed the least knowledgeable person to understand fluently. To this end nearly complete elimination of specialized workshop or expressions has been made. This has been made in order to make sure that the information sought for from this work is got at a regard. nonetheless, some many specialized words may include

1. Account

This is the act of recording, classifying and recapitulating in a methodical manner and in terms of plutocrat, deals and events which are, in part at least, of a fiscal character, and interpreting the result thereof.

2. Information

This is reused data. Data are simply data and numbers that have little to do with opinions.

3. Planning

It’s setting pretensions and ways to achieve them

4. supernumerary

It’s redundant income over expenditure

5. deficiency

It’s redundant expenditure over income

6. Journal

A book of original entry listing deals affecting general tally accounts in chronological order in terms of their disbenefit and credit quantum.

7. Ledger

A book containing the individual accounts of a business reality.

8. Voucher

A written authorization to pay individual or company whose name appear in the validations. generally contain the name of the individual or company to be paid, the quantum of payment, hand authorizing of payment, the reasons for payment, hand authorizing the payment and the accounts to be debited or credited as a result of the payment.

9. GGM

Grace of God Mission

10. Tithes

Calculated 10 of one’s income

11. Board Members

Members of Elders, dominies and Deaconesses

12. Church Workers

The Exco of colorful bodies and departments in the church.

13. Members

Those who don’t hold any position in the church but they belong to the church.

Association Of The Study

In order to have comprehensive approach towards the impacts of counting information onnon-profit making association the experimenter divided this work in five( 5) chapters.

Chapter one deals with the preface, brief history of the association, statement of thesis, ideal of study.