The Need for Accounting Education in Small Scale Enterprises in Nigeria (a Case Study of Uyo LGA)
CHAPTER ONE
Objectives Of Study
The general objective or main objective of this study is to assess the need for accounting education in small scale enterprises in Nigeria by using Uyo Local Government Area as a case study. The specific objectives are:
- To examine the impacts of accounting education in small enterprises in Uyo Local Government Area
- To investigate the challenges of accounting education in small enterprises Uyo Local Government Area
- To study the success level of entrepreneurs that acquired accounting education and their counterparts that did not receive accounting education.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
This chapter reviewed some literatures related to this study as well as some empirical studies under the following headings:
- Theoretical Framework
- Conceptual Framework
- Empirical studies
- Theoretical Framework
Management is of utmost importance to all human organizations. It focuses on the ability of an organization to plan, organize, direct and control the available human and material resources at its disposal in order to realize its goals and objectives. In line with this, the theoretical framework for this study was the Management Theory of Entrepreneurship. As put forward by Mawoli and Aliyu (2010), the theory was championed by Kilby (1971) who stated that the theory was based on the understanding of market opportunities and skills required in running an enterprise. Mawoli and Aliyu (2010) also reported that the theory explained entrepreneurship as comprising of routine management duties, relationship with venture capitalists as well as other external sources of finance, product development and marketing. On the other hand, it describes an entrepreneur as a person who manages resources and business based on the risks he takes up in order to make profit. This is because poor management, poor decision making and weak marketing were reported to be among the factors responsible for business failure. This theory is appropriate for this study because inculcation of management skills is a very important aspect of business education. It is therefore expected that good management ability would lead to effective application of book-keeping/accounting, office technology and management, marketing, leadership and business management skills that would promote SMEs.
Conceptual Framework
The conceptual framework was looked at under the concept of Business Education and Concept of Small and Medium Scale Enterprises.
Concept of Business Education
The term Business education is viewed differently by scholars and institutions based on their notions and orientations. This implies that there are numerous definitions of Business education. According to Adeniji (2002), Business education is a part of total education which trains the recipients in business related skills as well as general education at specific levels with the aim of preparing the youths for work in business, industry and the office. This shows that business education aims at equipping its recipients with skills that will make them to function effectively as entrepreneurs, office or factory workers. In the same vein, to make the recipients to be responsible and functional members of their societies, business education also gives them general education based on their age and specific level of education. It should however be noted that despite the fact that youths constitute the active proportion of a country’s population, business education is not only restricted to the youths. The elderly can also acquire business education and contribute positively to the growth and development of their societies.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
POPULATION OF THE STUDY
According to Udoyen (2019), a study population is a group of elements or individuals as the case may be, who share similar characteristics. These similar features can include location, gender, age, sex or specific interest. The emphasis on study population is that it constitute of individuals or elements that are homogeneous in description.
This study was carried out to examine the Need For Accounting Education In Small Scale Enterprises In Nigeria. Selected SMEs in Uyo LGA form the population of the study.
CHAPTER FOUR
ANALYSIS AND PRESENTATION OF RESULTS
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of hundred and twenty (120) questionnaires were administered to respondents of which 100 were returned. The analysis of this study is based on the number returned.
CHAPTER FIVE
SUMMARY, CONCLUSIONS AND RECOMMENDATIONS:
Introduction
This chapter summarizes the findings on The Need For Accounting Education In Small Scale Enterprises In Nigeria, A Case Study Of Uyo LGA. The chapter consists of summary of the study, conclusions, and recommendations.
Summary of the Study
In this study, our focus was on The Need For Accounting Education In Small Scale Enterprises In Nigeria, A Case Study Of Uyo LGA. The study is was specifically focused on examining the impacts of accounting education in small enterprises in Uyo Local Government Area, investigating the challenges of accounting education in small enterprises Uyo Local Government Area and investigating the success level of entrepreneurs that acquired accounting education and their counterparts that did not receive accounting education.
The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are entrepreneurs and SME operators in Uyo Local Government Area of Akwa-Ibom state.
Conclusions
With respect to the analysis and the findings of this study, the following conclusions emerged that business is an economic act/endeavour which is being carried out in other to achieve a target(s) such as production excellence, product innovation, and/or profit making. From the study, it is seen that accounting knowledge/skills has a major and crucial role to play in entrepreneurial success especially in areas such as accurate revenue/profit determination, effective budget preparation, application of financial management techniques, such as working capital management and capital investment decision. In other words, accounting knowledge and skills are indispensable and essentially the life wire of any business for sustainability and excellent performance. This is evidenced by the business success level (high turnover and profit) being experienced by entrepreneurs that acquired accounting experiences/skills which is higher than that being experienced by the entrepreneurs that did not acquire accounting experiences/skills.
Recommendation
Based on the findings the researcher recommends that;
- The SMEs owners as well as their employees should strive toward the acquisition and effective application of book-keeping/accounting, office technology and management, marketing, leadership and business management skills. This is because these skills are instrumental to organisational success. However, since it may not be possible for a single person to master all these skills, SMEs operators should strive towards engaging specialists in the different areas, or at least seek for professional advice from specialists for the betterment of their businesses.
- The government at all levels (Federal, State and Local) through the relevant ministries such as the Federal Ministry of trade and commerce, States’ ministries of commerce and industry and agencies such as The National Directorate of Employment (NDE) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), should organize training or workshops for the SMEs operators so as to equip them with the business education skills that would enhance the success and survival of their businesses.
- Non-Governmental Organizations (NGOs) and development partners should also help in training the SMEs operators and their employees. This is because the training/workshops are expected to widen their horizon on the necessities of such skills and as such lead to business success and survival.
- The score card of the SMEs in terms of how they apply the business education skills should be a pre-requisite for their ability to secure financial assistance from the government, NGOs, development partners and financial institutions. Through this, the skills would be effectively and efficiently used.
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