ACCOUNTING SYSTEM IN PUBLIC AND PRIVATE FIRMS (A FOCUS AT NIGERIA STOCK EXCHANGE (NSE) AND GMO GROUP OF COMPANIES ONITSHA)

Abstract

The status of a firm, irrespective of form, at any point in time depends on the adequacy of the accounting system initiated by the management.  This research was carried out to examine the accounting system existing in the public and private enterprises in Anambra State with GMO group of companies Onitsha and Nigeria Stock Exchange (NSE) Awka as study points.  The research work highlighted the importance of accounting system.  The study tools employed include questionnaires and oral interview addressed to accounting officials of both enterprises.  In analyzing the data collected percentages was used.  Karl Pearson’s correlation co-efficient was used to also test the formulated hypothesis.  Findings of the analysis showed that these two enterprises strive to maintain sound accounting system though they highlighted the problems encountered in their effort to do so, some of these problems include: lack of accounting staff, improper documentation of such documents, large volume of transaction, delay in correlating other return. From the findings the following recommendations were made: that there should be training program for accounting staff through service, workshops, seminars is essential etc to make them better equipped to meet with the challenges of the job organization with large volumes of transactions (EDP system) computerized accounting system should be employed so as to enable them meet the demands of the job and increased efficiency.