THE ROLE OF MODERN ACCOUNTING IN MASS MEDIA

CHAPTER ONE

1.0     INTRODUCTION

Accounting can be defined as an act recording classifying, summarizing and reporting of business transaction for preparation periodic statement of performance and caused to provide information to management for decision making. It’s an act of controlling business by keeping records, preparing form those records certain statistics called ‘ accounting ration” and using those rations to detect financial difficulties before they become serious and uncontrolled so that certain measures may be taken. One of the objectives of a business is to make a profit and we defined a profit as a function of how the resources of the business in terms of manpower, raw material, capital are employed. One of the chief aims of accounting is to reveal whether or not a business is been conducted profitably. Accounts, collects from those which relates to past performance and termed is historic accounts and prepared for stewardship purposes that are satisfied in the shareholders, government, creditors as well as the public as large, that the business has been conducted honestly and efficiently over the period of which the account is related.  This aspect is called financial accounting. Management of an organization relies on a sound accounting system to achieve the following:

i.   Preserve and control the operation of the organization.

ii.  To prepare a reliable financial statement.

iii. To ensure proper, firmly and desirable allocation of funds to its’ different sections etc.

Allocation of the fund to its different sections, the accounting system enables for orderly preparation and preservation of accounting data and appropriate analysis for the preparation of a reliable financial statement. Any organization without an accounting system is on the verge of collapse. The importance of accounting system cannot be overemphasized.

 

1.1  HISTORICAL BACKGROUND

The motive that underlined this project is to probe into modern rules of accounting system of the federal radio cooperation of Nigeria (FRCN) with the aim of finding out whether it is efficient and effective as planned working out the system compared to the size of the organization. Furthermore, the station has gone through different names before it finally attained its present name as the federal radio cooperation of Nigeria Kaduna. It was first known as the broadcasting company of Northern Nigeria Limited (BCNN). It was established as a radio and television broadcasting state from which it’s formal name was radio, television Kaduna (RTK) was derived. The cooperation has gone through a lot of various government changes since the station was formed, e.g. The nineteen Northern state of Nigeria as a linguist broadcasting cooperation in which broadcasting was aimed in languages related to the state that owns it as at that period. Languages like, Hausa, Kanuri, Fulfulde and Nupe as well as English language, it was the same nineteen Northern state that financed the cooperation in a form of subventions as a means of revenue to the station. To keep it in operation and it in operation and it wan done annually. In the year 1976, the federal military government took over the television aspect of the station, the present Nigerian television authority, as that part of incorporated into it and while northern states continue with the maintenance of the radio cooperation. In addition, the corporation sources its’ fund from the government under that act that established the existence of the cooperation in the active state. If that corporation should establish a fund which shall be provided to it by the government of the federation for the smooth running of its activities that is all the expenses of the corporation and shall order assets form time to time that the corporation might need. A method was developed as to how this fund should be accounted for and where and what the fund has been used for. The method introduced is the accounting code. This coding schedule helped and specified where and how expenditure has been incurred. Each department is a budget centre and expected to prepare its budget and pass it to the budget control committee to its merger with the other sub budget for its flow of funds. Currently, the cooperation has been allowed by the federal government to do commercial services which were stopped by the government some years back. It is to enable the cooperation to raise money instead of depending solely on government subventions which usually come every month after the returns to the preview expenditure which has been sent to Abuja. The fund raised is as a result of commercial bank account which makes the account to be accommodated without withdrawal of the account is to enable. The government know how much the corporation can generate a substantial amount which is reasonable, the government makes it policies that such a corporation will be expected to maintain itself and as such should not enjoy form government subventions. the cooperation will be expected to maintain itself with the money in the account to refuse the inflow from the government and to concentrate partly on the commercial fund. More so, the responsibility in the accounting department of the corporation being with the chief executive of the zone as the managing director and he reported to the director-general at the headquarters. The deputy dissector assists the managing director closely followed by the assistant director who reports to the deputy director on their department policies and also reported to the managing director. Assistant director for finance, he supervises and coordinates the whole activities of the department, proposes operational activities and development to suit the department. He makes reports on the activities of the department and individuals of the department to the managing dissector to positive control and also on the prospect of their decision to the director-general and the chief accountant.

i.   He is the head of the account.

ii.  He makes sure the policies of the department are followed and he initiated some policies.

iii. He introduces the accounting procedure to be followed in times with accounting principles.

iv.  He is the zonal adviser on financial matters funds in the corporation.

v.   He is in charge of the budget and budgetary control.

 

1.2  STATEMENT OF PROBLEMS

There is that basic fact that the present economic recession periods need proper accounting for every kobo that the government may spend  likewise  the inflow and outflow of funds for that reason, there is the need for a sound accounting policy or system has been emphasized and carefully followed up by the department concentrated with the control of finance of any organization whether public or private sector. When the accounting procedure has been laid down and followed properly and effectively. It could cut out redundancy programmes or expenditure and thereby creating some substantial amount of savings.  It is, therefore, of a great concern that the reservations made which followed the general claims that the accounting system is not kept properly in most of the public sections or corporations, where a large sum of public funds is pumped. In a year. Research should go some extent to find out why or what is the principal factors that course this ineffectiveness in public corporations, the improper keeping of accounting records. The contribution in this research is not to fetch the researcher but will be able to federal radio corporation Nigeria Kaduna federal and state government education circle and the public in general.

 

1.3  STATEMENT OF HYPOTHESIS

Ho:  Accounting does not help in the proper record-keeping for a

corporation.

Hi:  Accounting helps in playing a vital role in the keeping of proper

records for the corporation.

In this case, we say that Ho is accepted and hi is rejected.

As a result of the guidance of this study, the writer will evaluate the problem so tested by using assumption and intelligent guess statement. This assumption is the variance in the accounting system.

 

1.4   AIMS AND OBJECTIVES OF STUDY

i.   To know the types of accounting system in operation and to be able to come out with a conclusion that will neither be negative or positive.

ii.  To also aim at knowing the section where the accounting system is inadequate or not accountable at all then make likely possible recommendation that will be useful to be organization.

iii.  To also find cut whether or not proper attention is paid towards the financial transaction, maintenance or accounting records and internal control system use carried out in accordance with the laid down rules and regulations of accounting standard policies as stipulated in the system (SAS).

iv. To find out how the accounting information will be useful to the third pasty.

v. To identify areas of ineffectiveness in the accounting system, with a view of recommending corrections.

vi.  Analyzing the entire accounting system of the organization 

 

1.5  SIGNIFICANCE OF THE STUDY

The significance of this study is to high light the effectiveness or otherwise of the accounting system of a public corporation.

This study would enable the department to update itself with the accounting system.

-Procedures for keeping record and related information concerning the organization finances.

-The study would also highlight areas of weakness in the control system or otherwise.

-It would be of prime guide to the employers and the third party to have knowledge on the system of keeping and maintaining records of the account and to establish a relationship between the finance department and other departments in recording financial transactions. Finally, the study will make a useful suggestion on the accounting system of financial reporting and management information flow in the organization.

 

1.6   SCOPE OF THE STUDY

The project seeks to highlight the modern vales of accounting system in public corporations. In order to enable readers to understand and benefit from the operations of the public corporation.

Furthermore, it is the intention of this project to bring into limelight the problems faced by the accounting system in public corporation (the old system of accounting ) and to find the lasting solution to the problems.

 

1.7   LIMITATION OF THE STUDY

To undertake a research work is not an easy task, the researcher has to encounter one problem or the others, the researcher faced some problems in the cause of carrying out this exercise among the major problems faced include the following:-

MONEY

The cost uncovered for carrying out this project is not a small amount. As a result of this, the student carrying out the research could afford the money and so the. The study was narrowed down.

TIME

The research is a very important aspect of the academic programme of the polytechnic but still, the researcher has to share the limited time available to meet some of their equally important academic work. The period to the project coupled with other academic exercise is not enough for the study of this type. The best use the available time was however made by the researcher.

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