stewardship accounting in government parastatals
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CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In every succeeding or successful organization either small or large,
important information of the business day-to-days operation is kept for future
usage. The cumulated information recorded so far by management is used as data
base for management analysis, policies formulation, planning and control of
available resources foe effective and efficient operation of the business.
Information recorded aid decision makers to make effective analysis I achieving a
predetermined goal of the organization efficiently.
The essence of accounting is centered on book keeping of account and
making analysis of this information recorded to issue a valid and unbiased report of
financial statement to interested users for decision making. It is therefore essential
to set up a strong and effective accounting control system for effective and efficient
utilization of available resources so as to show the effect of managerial actions and
qualify of management performances on the organizations operations.
It is pertinent to note here that an effective accounting system opt to function
effectively in the operation of any organization that would succeed maximally in
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her dealings. This will necessitate the optional efficient utilization of limited
resources available to the organization. The successful going concern any
organization depend immensely on the potentiality and quality decision making
analyst in the application of his technical know how! and to allocate available
resources appropriately. "ccounting information provides the basis for analysis to
help management in her day-to-day and long-term planning.
The analyzed accounting information provided are needed by investors who
invested their money in business for dividend, the government for the purpose of
tax, creditors for interest on loans, e.t.c. #or accounting information to be useful as
a basis for decision making, it must be relevant, complete, reliable, understandable
and timely as well.
The establishment of accounting system and its implementation as well in
any sector of business enhances the appropriate, effective and efficient use of
scarce resources for the benefit of organizations and the society of irregularities.
Therefore the purpose of this research work is an attempt to examine the role
accounting play in government parastatals with reference to the $ower %olding
&ompany of 'igeria ($.%.&.') *apele undertaking as a case study for this work.
The history of electricity development in 'igeria can be trace back to the
end of +thcentury when the first generating power plan was installed in the city of
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agos in +, from then to +/0 the pattern of electricity development was in the
form of individual electricity power undertaking scattered all over nations. *ome
of the few undertaking was federal government bodies under the public work
department, some by the 'ative "uthorities and others by 1unicipal "uthorities.
The then colonial government passed the 2.&.' ordinance '0 +/ of +/0. 3ith
this ordinance in place, the electricity department and all those undertakings which
were in control came under one body.
The 2lectricity &orporation of 'igeria (2&') and the 'iger 4am "uthority
('4") were merged to form the 'ational 2lectric $ower "uthority ('2$") with
from the +stof "pril +56. The actual merger did not take place until the 7thof
8anuary +59 when the first general manager was appointed.
4espite the problems faced by '.2.$." the authority has played an effective
role in the nation socio-economic development thereby steering 'igeria into a
greater industrial society. The success story is a result of careful planning and hard
work. The statutory function of the authority is to develop and maintain an
effective economy system of electricity supply throughout the federation.
4ecree '0 +/ of +/0 ordinances states that the monopoly of all commercial
electricity supply shall be en:oyed by '.2.$." to the exclusion of all other
organization. This however, does not prevent private individual who wish to buy
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and run thermal plants for domestic uses from doing so. '.2.$." has from +
gained partial autonomy and by implication is it to feed itself. Immediately after
civil war the management changed the nomenclature of 2.&.' of '.2.$." which
was later changed to the $ower holding &ompany of 'igeria ($%&') on the +9th
8une 600/.
In spite of considerable achievement of recent time with regard to $.%.&.'
generating capacity, additional power plants would be needed to cover expected
future loads. "t present, efforts have been made to complete the on-going power
plant pro:ects. $lants are already nearing completion for the extension and
reinforcement of the existing transmission systems to ensure adequate and reliable
supply of electricity to all parts of the country. #or several years, despite the
persistent perceived cash invested by the federal government, power outage has
been the standard for the 'igerian populace.
;enerally, the tariff has been criticized as being too low compare to the cost
of generating power. The #ederal government of 'igeria has recently increased the
tariff to attract foreign investors into the sector since the +stof 8uly 60+0 in order to
meet up with going concern for foreign investors into the electricity sector.
1.2 STATEMENT OF THE PROBLEM
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operation, '2$" was charged with the responsibilities of generating, transmitting
and distributing of electricity power. *apele undertaking in particular with the view
of coming out with recommendation on its improvement.
1.3 OBJECTIVES OF THE STUDY
+. To boost the efficiency and effectiveness in the operation of government
corporations.
6. To ensure the efficient distribution and utilization of available resources.
9. To encourage accountability accounting of individual officers entrusted with
public offices.
?. To reduce if possible eliminate impropriety (irregularities) in government
sectors.
/. To improve accountability in public sector thus by rewarding sincere public
officers.
1.4 RESEARCH QUESTIONS
+. Is the accounting system in $%&' equipped with modern facilities@6. 3hat does accountability accounting contributes towards electricity
generation and distribution@
9. &an accounting qualified personnel contribution add to the efficient
improvement of electricity in 'igeria@
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1.5 STATEMENT HYPOTHESIS
+. %iA "ccounting system has significant relationship with government
parastatals and can enhance productivity and efficiency.
%oA "ccounting system has no significant relationship with government
parastatals it therefore has no impact on productivity and efficiency.
6. %iA accounting has a significant relationship with electricity generation
and distribution.
%oA "ccounting has no significant relationship with the electricity
generation and distribution.
9. %iA Bualified accounting personnels services has significant relationship
with efficient generation and distribution of electricity.
%oA Bualified accounting personnels services have no significant
relationship with generation and distribution of electricity.
1. SIGNIFICANCE OF THE STUDY
The significance of this research work in the accounting system in
government parastatals with respect to $ower %olding &ompany of 'igeria
($%&') special focus on the *apele undertaking in particular will be useful to the
government. It will also be found useful to $%&' in improving the effective
operation of electricity power management and to the benefit of the public at large.
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1.! SCOPE OF THE STUDY
The scope or delimitation of this research work is restricted to the $ower
%olding &ompany of 'igeria $%&' *apele undertaken in particular as
government parasatals, and as such whatever way this work might be looked at in
order to broaden it, it shall be limited to the following area of concern to this
research work.
+. ;eneral financial position6.
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CHAPTER T#O
2.0 LITERATURE REVIE#
2.1 AN OVERVIE# OF GOVERNMENT PARASTATALS
;overnment parastatal is defined as enterprise own by the government
established with the interest of profit making. It is normally used in 'igeria
synonymous with public corporation.
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The basic reason for the establishment of the parastatals is to provide certain
essential goods and services for the general public and void of profit motive to
citizenry or the public, and it is different from government ministries or extra-
ministerial department. 3hile ministries under the control of ministries in charges
of ministries such as the ministry of defence, ministry of education e.t.c. while
parastatals are directly under the control board of directors appointed by the
minister in charge of a particular ministries. These enterprises are therefore legal
entities such as the 'igeria "irways "uthority, 'igeria Cailways &orporation e.t.c.
It is clear here that in 'igeria, both the #ederal and state government are
empowered to own a corporation, for instance, the 4elta *tate Transport *ervices,
delta 3ater Doard e.t.c. 1a:ority of these parastatals are set up to strike balance in
the price determination of goods and service which may likely be inflated by
unsuspicious businessmen in the private sector and to avoid the private sector from
exploiting the member of the public. It can also be used as machinery for economic
development. Their sources of funding were formally granted from government
which is now established to loans and aids from other sources.
*ince parastatals are autonomous, there is a need for proper planning and
control to avoid mismanagement. Esually their annual reports are presented to the
parliament for debate. The board of directors should check the managing directors
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the ministries who are the overall check boss should as well checkmate the
activities of the board of directors to ensure proper efficiency performances of the
personnel. There should be :udicial control during a review as well as public
control criticism.
2.2 PROBLEMS OF GOVERNMENT PARASTATALS
There are numerous problems facing the 'igeria parastatals today which
have been in existence for decades now. The most and lasting problem of these
parastatals is bribery and corruption. These officers holding government positions
see it as an opportunity to embezzle public funds listed of using it for the purpose
itFs meant for. The attitude of 'igerias towards public service of officers is not
encouraging, which shows the negative nomenclature of 'o be my father
business!.
The lack of qualified personnel appointed into fitting officers is another
ma:or problem. $ersonnel are appointed by politicians who base on favourism and
finally limiting resources or capital into these created monopoly sector. $oor
financial management arising from poor accounting system resulting to distress
and folding up of some parastatals in recent time, all these problems shields these
parastatals.
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2.3 AN OVERVIE# OF PHCN
#or several years, despite consistent perceived cash investment by the
federal government power outages have been the standard for the 'igerian
populace, however citizens of country still do not see this as normal because of
such outage, the government has divided the current $%&' distribution sector into
separate companies or entities that will be called ocal 2lectric 4istribution
&ompanies or ocal 4istribution &ompanies (4&) among the regions.
"s of "pril 60+? there are ++ 4istribution &ompaniesA
"bu:a 4istribution &ompanies
Denin 4istribution &ompanies
2ko 4istribution &ompanies
2nugu 4istribution &ompanies
Ibadan 4istribution &ompanies
Ike:a 4istribution &ompanies
8os 4istribution &ompanies
=aduna 4istribution &ompanies
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=ano 4istribution &ompanies
$orthacourt 4istribution &ompanies
>ola 4istribution &ompanies
1ost of these distribution companies now stand as parent distributors to
some near-by towns, such as Denin 4istribution &ompany serves as a parent
distributor to *apele. Emez bedford 'wabueze (600/), Ifedi.v. (600/).
2.4 ORGANI$ATIONAL STRUCTURE
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supervision of staff, who does what and when, and who is to head the financial
matters. The implication of this entire question is the structuring of activities to be
set up by $%&' board.
There should be explicit delineations of responsibilities and authority in all
activities of $%&' known as organizational structure. The organizational structure
of parastatals in 'igeria has the ministers as the highest ranking officer at the most
top followed by the board of directors appointed by the minister. The board usually
has a chairman as well as other members who over sees the day-to-day affairs of
the parastatals in accordance with laid down policies and procedures to follow. The
boards are usually responsible for the recruitment of staff and personnelFs and the
provision of remuneration while the managing directors and other extensive
director execute policies to achieve a predetermined goal.
The diagram below shows the organization structure of parastatalsG
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1inisters
Doard of 4irectors
1anaging 4irectors
2xecutive 4irectors
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gather are very important to guiding in decision making towards optimal
performance for achieving management goals.
It is generally believed that most significant distinguished factor between a
successful and functional system. This necessitated the serious attention to private
entities to the development of good and efficient accounting system. Their basic
rudiment is not recognized in government parastatals that is $%&' in particular.
2. POLICY FORMULATIONS
In policy formulation for an organization to be regarded with the accounting
system must operate in accordance with the ;enerally "ccepted "ccounting
$ractice (;""$) as well as the accounting concept and convention. The sub:ect of
accounting provide rules, regulation and guidelines on how to treat transaction in
difference *pheres of human endeavor, be it private or government entity, it is
generally practice that most parastatals and organizations restricts themselves to
those conventions and principles in formulating policies. #or instance, the use of
double entry system of accounting does not actually base on accounting in
formulating policies for government entity. The actual basis of accounting is not
the underlying principles to be adhered.
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2.! ACCOUNTING PROCEDURE AND METHOD
In a bit to look into the accounting procedures and method, according to
Terry and #ranklin (+6, pg +5) a procedure is a series of related taker that
make up the chronological sequence and the establish ways of performing and to
be established!.
" procedure is therefore specific and dailored made planned to achieve
certain work.
There are different methods for the calculation of profit, depreciation, stock
evaluation e.t.c. it is therefore a usual practice for management to use the
appropriate accounting method in their usefulness and providing reliable and
accurate accounting information. Doth the procedure and method of accounting are
to be adopted by any organization management which should be spelt out in the
organizational accounting manual.
2." INTERNAL CONTROL AND AUDITING
The basic purpose of internal control is to provide efficient operation of an
organization. The system of internal control consist of all the measure employed by
an organization to safe guard asses from waste, fraud, promote accuracy and
reliability in the accounting record, encourage and evaluate effectiveness of
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operation. In other words, internal control consists of all measure taken to provide
management with assurance that everything is functioning well as it should.
Internal control cannot be narrow to only a segment of the organization. The
relevant of principle of internal control system is to measure the practice of internal
control to boost the effectiveness and efficiency in $%&'. The convention of the
internal control system includes the followingG
+. Internal &heckA This is defined as the delegation of authority and in such a
manner as to effect check on the routines transaction activities which means
the proving of one persons work dependently by another person or
complimenting one person work to another! (%oward +5 pg 67). &ertain
key factor can be identified from the day-to-day and continuously internal
check is the continuous checking in order to ensure that mistakes and frauds
are defeated in its earliest possible occurrence.
6. Independent &heckA The work is so sub-divided that one person
independently has to check and verify the work of another person.
9. &omplementary dutyA This is completely division of labour where the check
of two, three or more responsible officers are involved in, for instances
various stage in the computation of salaries and wages so to avoid one
person carrying out a whole work from the beginning to the end.
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Internal auditing is quite different from the required statutory audit whose aim is to
verify data. 4etermine the accuracy and reliability of accounting statement
reported by an independent auditor to state whether the financial statement shows a
true and fair view.
Internal audit is a part of the accounting department in an organization. It is an
independent appraisal functioning within an organization. Its ob:ectivity is to
examine, evaluate and report on the adequately of control in contribution to the
proper, economical, effective and efficient use of resources! (1illichang +0 pg
?9?). The relevant of internal audit control measures established management is to
make sure that the internal auditor report to management any detect or
incomplianceFs with the organizational accounting procedures and policies.
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"n accounting system itself cannot generate meaningful information and
report without complete staff. The effectiveness of any parastatals inevitable
depends largely upon the quality of staff it employed. *taffing involve the process
of recruitment, selection pricing, appraisal and developing the people to carry out
various function in the organization. These processes have a lot of complexities
state belowA
+. The selection of the right persons
6. $lacement into right positions9. Training scheme to enhance quality and effective performance.
2.10 MAN PO#ER PLANNING
#or $%&' as government parastatals to achieve its aims, there must be the
need for man power planning. 1an power planning seems to maintain and improve
an organization capacity to achieve its corporate goals by developing strategies
which are designed to increase the present and future contribution. 1an power
planning is particularly relevant because of the changes in the
following areasA
+. Technological changes in materials, technical system and method of power
supply.
6. 2conomic, marketing and capital formation.
9. *ocial, population trends, social mobility and education.
?. $olitical industrial legislation (wages and salaries), monetary policy.
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2.11 HUMAN DEVELOPMENT
Training for human development is of relevant in order to get the right staff
equipped after staff recruitment and selection must have been made. Training is
important for staff efficiency needed at all level of management of any
organization. It gives new techniques for broader outlook.
2.12 THE EFFECT OF TRAINING SCHEME
+. Improve efficiency and effectiveness
6. Increase staff morale
9. Introduce new techniques
?. 2nabling quality personnel for replacement
/. Cate the standard of qualified staff in helping to overcome labour shortage.
"ccounting system as a bed rock of any successful organization is very
paramount if effectively established and managed. 2very organization needs
capital as an inter-wire to survive and it also need the efficient utilization of
available resources (money) and proper allocation of these scarcely available
resources under effective control by management. "ccounting information are
gathered and analyzed which could be need for policy formulation in decision
making. Therefore, with accounting system properly established and managed by
qualified personnelFs (accountants) who would use the information gotten to
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ascertain cash flows and emanate pro:ects to embark on, in the $%&', the problem
face by $%&' would eradicate totally or reduced to the minimum.
This is because accounting produces the basis for any financial policy
formulation which is the first factors backing up the going concern concept.
3ithout capital and it proper management, no organization would survive in a high
competitive business environment.
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REFERENCES
"ppleby, C.& 1odem Dusiness "dministration (++). ondon $itman $ublishers
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CHAPTER THREE
RESEARCH METHODOLOGY AND PROCEDURES
3.0 INTRODUCTION
4ue to the peculiar nature of this research study which cannot relent itself to
wholly scientific experiment and test. It was considered to adopt the internal
auditing system to approaches on techniques of investigation for gathering,
analyzing, summarizing data and facts necessary to draw a valid conclusion on the
study.
3.1 RESEARCH DESIGN
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The researcher in his research decided in collection and the analysis of data
to use the experimental and description method to design and present his findings.
The data gathered so far by the researcher from the $%&' was examined and
tested to prove validity of its findings at the end of the work.
3.2 POPULATION OF THE STUDY
This is the totality of data collected and available from $%&' stations in
'igeria. The $%&' as government parastatals operates and functions all over the
federation with equal legal capacity and back up. The data collected and selected
from all reliable sources whose validity were also tested and confirmed by different
researcher on this same field.
3.3 SAMPLE AND SAMPLING TECHNIQUES
4ue to time and financial constrain, out of the pollution of data gotten from
$%&' in 4elta *tate. The researcher took a sample of it for is work. %e used a
simple sample random sampling technique to get and arrive at a valid result. These
samples of data are also valid and reliable to use and in forming decision and more
appropriate conclusion on the impact of accounting in government parastatals with
special focus on the *apele undertaking.
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3.4 RESEARCH INSTRUMENT
In conducting this research work, the researcher employed the tools of
questionnaire, personal observation and also a personal brief interview with the
staff of $%&' to information from respondents.
3.5 METHOD OF DATA COLLECTION
The researcher elicited this research work data from two sources which are
the primary and secondary sources.
+. In search for primary information, the researcher distributed a number of
questionnaires to staff.
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CHAPTER FOUR
DATA ANALYSIS PRESENTATION AND INTERPRETATION
4.0 INTRODUCTION
In sourcing for data to be used for this research work, a total number of a
hundred questionnaire copies were distributed to the $%&' staff (management and
subordinates) of the *apele Endertaken. "nalyses were made based on the
information elicited and presented with vivid interpretation to enhance
understanding of any interested party of this research work.
%0A There is no significant relationship between accounting system and
government parastatals ($%&') for efficiency.
%+A There is a significant relationship between accounting system with
government parastatals ($%&') for efficiency.
4.1 DATA ANALYSIS
The table below shows the relationship between the parastals ($%&') and
accounting system for efficiency operation.
evel of 2fficiency *enior *taff 8unior *taff Cow total
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*atisfactory +/ 7 6+
#airly *atisfactory / +0 +/
Ensatisfactory 60 90 /0
&olumn Total ?0 ?7 7
The above figure is observed frequency (#o) from the field. The expected
frequencies (#e) can be arrived at by multiplying each column total by the row total
and dividing by the grand total.
2xpected for +/ J=9.76
2xpected for / J J 7.5
2xpected for 60 J=23.25
2xpected for 7 J=11.23
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2xpected for +0 J=8.02
2xpected for 6 J=26.74
In order to apply the real formulate for chi-square, the real expected frequencies
have to be imputed into the table.
evel of 2fficiency *enior *taff 8unior *taff Total
#o #e #o #e
*atisfactory +/ . 7 ++.6 6+
#airly *atisfactory / 5 +0 +/
Ensatisfactory 60 6/.9 90 67.5 /0
?0 ?7 7
The formula for arriving at the calculated value in chi-square is thisA
2
= o e
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.
=2.76
=0.57
.
=0.46
. J 6.?+
=0.50
.
=0.40
J 5.++
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The total value or critical value can be arrived at by determined the degree
of freedom (df) and relating it to the level of significance which is /K (0.0/) in
chi-square table.
df J (r-+) (&-+) J (6-+) (9-+)
+ x 6 J 6
df J 6
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4.2 DATA PRESENTATION AND INTERPRETATION
The table value of degree of freedom 6 and level of significance 0.0/ (/) is
equal to /. in chi-square table.
4ecisionA
*ince the calculated value is more than the table value, we re:ect the null
hypothesis (%o) and accept the alternative hypothesis (%i). That is to say that is a
significant relationship between accounting system and government parastatals for
efficient operation this result and the analysis can be put in a table to be seen at a
glance as shown below.
evel of
2fficiency
*enio
r *taff
8unio
r
*taff
Total 4
f
Tab.al
Tab.&al
4ecision
*atisfactory +/ 7 6+
#airly / +0 +/ 6
*atisfactory 60 90 /0
Ensatisfactor
y
?0 ?7 7
Total /. 5.++ *ignifican
t
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CHAPTER FIVE
SUMMARY OF FINDINGS& CONCLUSION AND RECOMMENDATIONS
5.0 INTRODUCTION
Deing conversant with the knowledge of accounting system functions and
impact on productivity and the implementation of same on existing power supply
before and during the course of carrying out this research work, the researcher
came out with findings to the summarized here as he conclude his work on the
sub:ect matter on $%&'. *he also came up with recommendations which if strictly
adhere to would help in the enhancement of effective and efficient power supply of
$%&'.
5.1 SUMMARY OF FINDINGS
"t the time of this research study, it was discovered that $%&' (*apele
undertaking) has a good recording system, an appropriate and timely recording of
books of account and a sound internal control system through the internal audit
system is weak, in spite of the sound internal control system, daily transactions and
revenue receipts were not fully documented for analyzing books of account to
produce a true and fair financial statement. There was no internal audit in different
branches which is very important because of the functions it performs such as pre-
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payment audit. There is a centralization of authority on branch, district or
undertaking operating an independent office.
Defore any decision is taken at the lower level it has to be referred to the
head office for approval.
"nother aspect the findings of this work relates to the quality and quantity of
staff in the accounting department. The number of staff engaged is relatively few.
1a:ority of staff working in the accounting field therefore, they do not have the
full knowledge of accounting but left with the choice of debiting and crediting
daily transactions. 3ell trained, qualified and competent staff in accounting
profession who could engage better planning for a proper recording resulting in
resource allocation to achieve a set goal is lacking.
5.2 CONCLUSION
The impact of accounting system in $%&' is examined and analyzed in this
research work. The correlation between accounting system and the present $%&'
is positive and this could be improve upon if $%&' could employ and implement
recommendations stated in this research work for the improvement of power
supply in 'igeria.
5.3 RECOMMENDATIONS
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#rom the observation analysis and the findings on this research work so far,
the following recommendations are considered imperative in order to stream-line
ma:or defects in the whole system.
Buality of staff could be enhanced through training scheme for the existing
staff and recruitment of great advantage for management. " qualified accountant
uses his professional know-how and skill to prepare and present information to
assist management in decision making for the purpose of formulating policies in an
organization. If the service of such personnel can be employed into $%&' it will
effect positive changes.
*imilarly, salary and allowance can be improve on to attract the service of
qualified worker into government parastatals to prevent the incident of defective
planning which could give room to waste, impropriety and financial irregularities.
"ccounting manuals should be revised regularly to help meet current changes in
accounting and the manual should contain a procedure for cash collection.
'evertheless, there should decentralization of authority so to facilitate decision
taking at the lower level without resulting to the usual practice of referring minor
issues to head office when it require an urgent attention that the lower level could
handle.
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REFERENCES
"ppleby C.& 1odern Dusiness "dministration (++). ondon $itman $ublishers.
&using and Darry "ccounting Information *ystem and Dusiness
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I am a final year student of the above mentioned institution currently undertaking
a research with a topic *tewardship accounting in ;overnment $arastatals!. "ttached
here is a questionnaire designed to elicit information to help in the course of this research
work.
This pro:ect is a requirement for the partial fulfillment of the %igher 'ational
4iploma (%'4) in accountancy. "ll information sought for are exclusively for academic
purpose and will be treated with utmost faith and confidential.
>ours #aithfully
=232 .&. ;D";
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*atisfactory (*)
#airly *atisfactory (#*)
Ensatisfactory (E*)
*2LA 1"2 ( ) #emale ( )
1"CIT" *T"TE*A *ingle ( ) 1arried ( )
BE"I#I&"TI
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+6.The tariff rate is too low ever since an increase will solve the problem of
$%&' * ( ) #* ( ) E* ( )
+9.The cost of generating power is higher than the revenue generated * ( ) #*( )
E* ( ) etc.