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Education Accountancy

Accounting Information And The Management Of Secondary School Finance In Owerri Municipal Council, Imo State

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ABSTRACT

This study examined “Accounting information and the management of secondary school finance in Owerri Municipal Council of Imo State”. Four research questions guided the study. The study adopted the ex-post factor design. The population for the study was formed by all the principals and bursars in Government owned secondary schools in Owerri Municipal Council of Imo State. There are altogether thirty one (31) principals and bursars in the 9 secondary schools in Owerri Municipal Council of Imo State. The sample size was thirty one (31) principals and bursars 100%. A census sampling technique was used to sample all the respondents from the population. There are twenty four (24) principals and seven (7) bursars from all the secondary schools in the LGA. A 20-item, 4point scale was used to collect for answering the research questions. The instrument was validated by three research experts. The findings of the study shows that accounting information in providing accurate information in managing of school finance, helped to prevent fraud in school, enhanced stakeholder’s knowledge on financial management and update through effect accounting information. Based on the findings, the researcher recommended among others that, all school administrators should be adequately trained through frequent seminars and forums to disseminate the ideas and skills of effective financial management.

CHAPTER ONE

INTRODUCTION

This chapter, the researcher presents the Background of the study, followed by Statement of the Problem, Scope of the study, Purpose of the study, Significance of the study and Research Questions and hypothesis.

Background of the Study

Education is an instrument that is used worldwide for transformation of the various sectors in any nation. The roles being played by education in Economics, Sociology Political and Technological development cannot be over emphasized. Educational Program is provided to help all principals, teacher attain the basic knowledge, skills, abilities, understanding and attitudes that will enable them to become worthy human beings and effective members of the society (Osuala 2004). Due to the complex nature of our education system, it is imperative to bring in the idea of information technology in our day to day activities. The Accounting Information in Management of Secondary schools finance have played enormous role in the control of making decision concerning the operations of the school enterprise.

Minors (2012) posits that accounting Information as being essential to the efficient management of school financial affairs within a school’s organization, accounting information is produced by a system with many elements. These elements include Journals, Ledgers and other records as well as the people who carry out the procedures necessary to the operation of the system. Knowledge of accounting is not complete without an understanding of accounting information system. There are three (3) questions to be taken in observation when we are discussing about accounting information systems, as how to account, how to report and how to audit the information. Ushing, (2010), the information used by accountants, Manager, Auditors requires a close involvement with the information system, nowadays based on contemporary computer based technology. In particular, the Public Finance Act 1989 introduced changes to accountabilities and requirements for managing financial matters. School BOTS were required to develop accounting structure and information systems which enabled internal and external reporting.

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School Financial Management comprises the planning and implementation of financial plan, Accounting Reporting and the protection of asset from loss, damage and fraud. Schools can regulate their financial management with internal rules, there is a risk that internal controls are not set. The school leaders (principals) are accountable for setting the internal controls and inter auditing. The main products of financial management are the financial plan and the animal report. The reporting process is closely linked to the planning process, the definition of objective and measuring. If the school has no financial plan, there is risk that the fraud for the action of the school are not properly planned and harmonized with the schools work program.

In this context, this is equally a basis for preparing a financial plan as their explanations are not correspondingly shown (Bryce. J. Herington 2010). It is impossible to report on achieved objectives and results at the end of the year if there are no correspondingly adopted plans. All items of financial management, which is particularly reflected in the accounting control of an institution. Schools can regulate their accounting with at least two internal rules; Accounting rules and instruction on inventory rules, these is a risk that internal controls are not set and this means a great risk that for incorrect and ineffective management as well as unintended use of schools public or private financial resources. The internal control system comprises a system of procedure and methods with the objective to ensure compliance with the principles of legality transparency, efficiency, effectiveness and management economy (Hughes, 2012). According to Mestry and Glober (2008), principals should possess the necessary skills, knowledge and attitude to manage their schools finance effectively. They mention that principals are often not well enough prepared for the management of the resources of the school and ensuring that the facilities of the school are properly maintained. According to them, is an information system that accumulates record, classifies, summarizes and reports commercial transactions with the aim of showing the financial condition of the school system.

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Accounting information is essential to the efficient management of economic affairs of secondary school. For better management of school financial report there should be effective accounting to be relevant, complete and reliable (Heindricks, 1996). The primary purpose of the financial transaction in a school is in order to make better decisions for users particularly the administrator (Germon and Meek 2001). It should also increase the knowledge of the user and give a decision maker the capacity to predict further actions. Therefore, relevance accounting information can be described as an essential prerequisite for stock management of secondary schools growth (Oyerinde 2009). It is on this premise the researcher investigated accounting information and the management of secondary schools finance in Owerri Municipal Council of Imo state.

 

Statement of the Problem

In the day-to-day administration of their schools, heads of schools face myriad administrative problems which militate against the effective running of their schools. These may range from lack of qualified and dedicated bursar and principal to manage the finance of the school. There have been problems of financial mismanagement and embezzlement of secondary school funds. If the school does not have the above mentioned internal rule, there is a risk that internal control system comprises system of procedures and methods with the objective to ensure compliance with the principles of legality, transparency, efficiency, effectiveness and management of financial transaction of the school. It is on this note that accounting information serves as bases for planning and decision making. It provides the various users the necessary data and assistance to manage the financial transaction of the secondary schools finance. It is on this premise that the researcher is horned and posed following questions, how effective and efficient is the accounting information in management of school finance, how qualified are the bursar in managing the school finance. The researcher is therefore posed to investigate the accounting information and the management of secondary school finance in Owerri Municipal Council of Imo State.

Scope of the study

The researcher work focuses on accounting information and the management of secondary school finance in all public schools in Owerri Municipal Council of Imo State. This research work covers all public secondary school principals and bursars in Owerri Municipal Council Imo State. However, all public secondary schools will be as a case study.

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Purpose of the Study

The general purpose of this study is to investigate accounting information and the management of secondary school finance in Owerri Municipal council of Imo Sate but specifically the study attempt to;

  • To find out the use of accounting information in management of the school finance
  • To ascertain the effectiveness of accounting information in the management of school finance.
  • To determine the constraints management face in making use of the accounting information.
  • To find out the possible solution to the constraint facinf the use of accounting information in management of secondary school finance.

Significance Of The Study

The finding of this study will be of benefit to the government, education stakeholder, principals and policy makers. The study will help government in making for reaching decision on how to improve on record keeping system which is currently used in secondary schools.

To the education stakeholders the teaching of the study will benefits the stakeholders in education so as to know how important accounting information is in the management of secondary school finance. This research is aimed at highlighting the need for school principals to equip themselves with the necessary financial and managerial skills that will enable them to deliver quality education and attaining all educational objectives.

The finding of the study will serve as a useful reference materials material or policy maker of education to embrace the new move of using accounting information system in the management of school finance. The researcher hope that this study will able to stimulate further research in the education involving the use of accounting information prepare both principals students and bursar of the world of technology.

Research Questions

  • What are the uses of accounting information in management of the school finance
  • How effective are accounting information in the management of school finance?
  • What is the constraints management face in making use of the accounting information?
  • What is possible solution to the constraint facing the use of accounting information on management of secondary school finance?

Research Hypothesis

Null Hypothesis 1:- There is effectiveness between accounting information and management of secondary school finance.

Hypothesis 2:- There are constraints faced in making use of accounting information and management of secondary school finance.

Hypothesis 3:- There are possible solution to the constraints facing the use of accounting information and management of secondary school finance.


Pages:  62

Category: Project

Format:  Word & PDF               

Chapters: 1-5                                          

Source: Imsuinfo                                     

Material contains Table of Content, Abstract and References.  

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