THE PLACE OF PROPER AND ADEQUATE FINANCIAL RECORD KEEPING IN THE SUCCESS OF SMALL SCALE BUSINESS

ABSTRACT: This study investigated the proposed that favour this proper and adequate financial record keeping in the success of small scale business. also discussed is a documentation of the research findings carried out among merchandizing oriented small business with the aim of charging the assertion among our small business proprietors that there is no relationship between sound accounting practices and profitability in business. In began with under surveying the effects and cause of inadequate or complete lack of proper financial record among our small scale business proprietors. It also underlined the benefit of good financial record keeping. Discussed also is the extent to which simple companies maintained proper and adequate financial records. Lastly, a relationship was established between proper and adequate financial records and success of small business. Recommendation outlined a system of financial records for merchandizing oriented small scale businesses.

TABLE OF CONTENTS

CHAPTER ONE

1.0Introduction                                                                            1

1.1       Historical development of book-keeping                                2

1.2       Statement of problems                                                                        3

1.3       Objective of the study                                                                        4

1.4       Significance of the study                                                                    5

1.6       Definition of terms                                                                 23

CHAPTER TWO

2.0The review of related literature                                               26

2.1       Concept of small scale business                                              26

2.2       Constituents of proper and adequate financial record keeping in business.                                                                                       27

2.3       Benefit of proper and adequate financial record keeping business 30

2.4       Causes of inadequate record keeping in small scale business.33

2.5       The task of designing financial record keeping system.         36

2.6       Measurement of success in small business.                             40

2.7       Small business and auditing                                                    43

CHAPTER THREE

3.0Research design and methodology                                         47

3.1       Method and procedures                                                                      47

3.2       Sources of data                                                                                   48

3.3       Research instrument                                                                48

3.4       method of data analysis                                                                      49

3.5       Data analysis of techniques.                                                   49

CHAPTER FOUR

4.0       Data presentation and analysis                                                           50

CHAPTER FIVE

5.0       Summary of findings, recommendation and conclusion

5.1       Summary of findings                                                              67

5.2       Recommendations.                                                                 68

5.3       Conclusion                                                                                          75

5.4       Limitation of study                                                                 75

CHAPTER ONE

1.0       INTRODUCTION

DEFINITION, NATURE OF BOOK-KEEP AND ACCOUNTING

Book-keeping may simply be defined as an art of recording all money transactions of an organisation so that its relationship to both its proprietor and outsider can readily be ascericuned for a particular point in time. Book-keeping cannot be easily differentiated from accounting in general.