THE EFFECT OF FINANCIAL ACCOUNTING REPORTING OF THE MANAGEMENT OF A BUSINESS.
This project work will help in studying the effect of financial accounting reporting on the management of a business with particular reference to City park Luxury Hotel Date will be sources through questionnaire interview and other related literature will be reviewed out the research there will be limitations the constant that will be encountered are as follow. Time constraint timer apportioned for this study is not enough or the researcher to seek for all the needed information financial constraint: Due to limitation by the scarcity of fund all the data to be used will be collected in Enugu State. Lack of co-operation –the worker usually of co-operate with the researcher during interview. In conclusion therefore the research will suggested that financial accounting reporting will help a business in profit planning.
The essential feature of the liability companies is that ownership is separate (shareholders) across the globe invest in companies. With a few director are elected to manage these companies this particle development gave impetus to the evolution of auditing as an aspect of accounting. Also the size of these companies and the stiff competition for funds. Markets new ideas and products gave rise to more rigorous accounting techniques like cost and management accounting to aid management in decision making. Taxation is another branch of accounting enquired to and management in decision making tax has a lot of implication for management decision on one hand and is an important source of revenue on the other.
Even in the public sector it has been observed that accounting is indispensable as a result government public sector accounting has now evolved to take care of this information need one can not do a comprehensive review of the history or evaluation of accounting with has that have been in use. They are the change and discharge system and the double entry in the charge and discharge system the change is made up of the balance held at the begging of a period to which is added any receipts from the owner discharge is the one flays made to or on behalf of the owner.
It has been cleaned that the double entry system evolved in the 14th century however, it was in the book writing by a monk (luca pasioli) in 1494 titled sumaca de arithmetic gamma tri proportion that the double entry system was first documented.
1.1 BACKGROUND OF THE STUDY
This project is one that studies the effect of finical accounting that relates to the preparation of certain reports which are known as financial statement.
These statements report the financial status of a firm at a particular time.
The practice of accounting stated since organized life evolved. The early man lived in caves from where he developed into living in communities, later arose the concept of specialization that is each person went about doing those activities of life for which he was most gifted. This gave rise to individuals producing certain goods in quantities in excess of what they needed while there were other goods which the need but they did not produce them the result was exchange the first system of exchange was by barter later money evolved and replaced barter.
During the stage of barter recording were done but only the quantity of goods exchanged were recorded. For example in the things fall apart used white marks drawn on the walls as record of his indebtivess to others another perspective worthy of note about the history of organized business on accounting skills in credit and developed the quid system. Here the job was done by one man to most with the aid of members of his family. At most with aid of members of his family. The guilds system grew and outsides were employed to work for the owner.
The industrial revolution expanded the output and gave rise to the factory system of working as these factions grew it because impossible for one person to set up a factory alone this gave rise to partnership and of course the joint stack companies. The joint stock at of 1544 is a very important landmark in the evaluation of accounting. It marked the evaluation of accounting it mark the beginning of auditing.
The result of this act is what is known to day as limited liability or pubic limited liability companies.
1.2 OBJECTIVES OF THE STUDY
The main objective of this study is to determine the effect of financial accounting reporting on the management of a business. Apart from this major aim the study will also find out the following.
1. To ascertain whether there is a direct relationship between the performance of City park luxury hotel and effective use of financial accounting information.
2. To ascertain whether there is a direct relationship between financial accounting information and the decision making in City park luxury hotel
3. To ascertain whether there is a diverse relationship between financial accounting information and profit planning in City park luxury hotel
1.3 RESEARCH QUESTION HYPOTHESIS
What are the relationship between the performance of City park hotel and effective use of financial accounting information?
ii. What are the relationship between financial accounting information and decision making.
iii. What are the relationship between financial accounting information and profit planning.
Ho: There are no relationship between performance of City park hotel, effective use of financial accounting information.
H2: There are no relationship between financial accounting information and decision making.
H3: There are no relationship between financial accounting information and profit planning.
1.4 SCOPE OF THE STUDY
The focus of this study will be on City park hotel with reference to effect of financial reporting on its management.