Improving The Effectiveness Of Accounting System In Education Sector

IMPROVING THE EFFECTIVENESS OF ACCOUNTING SYSTEM IN EDUCATION SECTOR

Chapiter 1 1

1.0 Overview

1.1 Study Background

As an information system, accounting seeks to satisfy the various needs of its users by offering a variety of valuable information. As a result, accounting aims to make the most of the current situation in order to enhance the quality, volume, and method of information transmission to users. In the 1960s of the previous century, the relationship between accounting and computers was established. Due to the growth of networks and decision-support systems in the 1980s, this relationship continued to develop and grew, becoming more flexible and taking on a wider scope, which is known as the computerization of accounting. As a result, various accounting software recently designed to be well-liked on the shelves (off the shelf) shops to be available to those who are most interested in them at affordable prices. (Page 9 of Mashhour, 2002). On the other hand, multi-enterprise organizations have recently adopted the usage of complete business systems that incorporate numerous sub-systems, including accounting system, despite the fact that some firms prefer to design their own programs, either by themselves or through specialists.

Even though there may be a good policy and accounting system, when it comes to execution, there are a number of aspects that need to be taken into account. The accounting system that was assessed will be used in the management of income and resource disbursement throughout the duration of this study. The fundamental truth is that theft or mismanagement, regardless of the deed, will occur in one of these two ways. One of those areas of concentration is how the accounting system functions and how it complies with the profession’s guiding principles. If so, how are the principles applied? There are various types of accounts that are maintained, including balance sheet, income and expenditure, statement of cash flow, fixed assets accounts, income from academic operation accounts, debtors and creditors account, in order to understand the scope of services required from the accounting and management staff. This study seeks to analyze how to increase the efficacy of the accounting system in the educational sector.

Statement Of The Problem

The information age has given way to the knowledge age, during which time knowledge has been acknowledged as the most valuable resource (Curtis, 1995). In actuality, knowledge does not exist in a book, a data bank, or a piece of software; it is not impersonal like money (Choe, 1996). According to Choe, a person constantly embodies information and that person is the one who uses or abuses it. Accounting data is a dependable instrument for efficient management. Managers become administratively undernourished as a result of poor accounting information, notably in the Nigerian construction business. This has led to the current troubled situation that the Nigerian education sector is experiencing. Huber (1999) emphasized that in order for organizations to thrive and compete in the “knowledge society,” they must learn to manage their intellectual assets, or knowledge. The utilization and expansion of knowledge assets are, in fact, at the heart of knowledge management (Chang, 2001). On the basis of these assumptions, the study seeks to assess the effectiveness of the accounting system in the field of education.

1.3 Study’s Goals And Objectives

The primary goal of the study project is to look at approaches to increase the accounting system’s efficacy in the educational sector. Additional study-specific goals include:

1. to investigate how Nigeria’s accounting system affects resource distribution in the education sector

2. To investigate the part a strong accounting system plays in Auchi Polytechnic’s fraud detection and prevention.

3. to investigate the connection between Nigeria’s accounting system and the expansion of the educational sector.

4. To research the elements influencing an efficient accounting system in Nigeria’s educational sector.

5. to propose a solution to the issues mentioned above

1.4 Research Problem

To determine the aforementioned goals, the study developed research questions. The following are the research questions for the study:

1. How does the accounting system affect the distribution of resources in Nigeria’s education sector?

2. How does the effective accounting system help Auchi Polytechnic identify and prevent fraud?

3. How does Nigeria’s educational sector development relate to the country’s accounting system?

4. What are the elements influencing an efficient accounting system in Nigeria’s educational sector?

1.5 Research Hypothesis Statement

H0: Nigeria’s education sector is not improved by an efficient accounting system

H1: Nigeria’s education sector is improved via an efficient accounting system

1.6 Importance Of The Study

The study on enhancing the efficiency of the accounting system in the education sector is important because it will discuss all the areas of accounting shortcomings in Nigeria’s educational sector and offer solutions to the challenges it faces with respect to proper record keeping and resource allocation. The study will, in the end, be very helpful to the existing literature as well as to other research students who aspire to conduct comparable research on the aforementioned subject.

1.7 Aim Of The Study

The Auchi Polytechnic in Auchi will be the sole subject of the study on enhancing accounting system effectiveness in the education sector. The study will focus on the importance that accounting systems have in proper record keeping at Auchi Polytechnic in Auchi.