Background of the Study
Accounting is an old profession that had existed during the early civilization of the Egyptians, the Greek and Romans. It was mainly concerned with records that were just single entry account of what had occurred. There was little attempt to summarize the overall implications of a series of transaction that took place from the late thirtieth century when there were tremendous increase in trading activities in Europe, the existing methods of accounting were not sufficient to effectively deal with various transactions that took place.
The history of accounting is not complete without mentioning the name of an Italian Monk and mathematician LUCCA PACCILO.
There is no accurate records as to when accounts started, but available information suggested that record keeping started in the Bablonian and Assyrian civilization about 400 BC. The modus operendi for keeping record was to make marks on the wall or stone or papyrus or wax tablets. The method of keeping financial records was highly primitive. In 1994, the crucial event in accounting was the introduction of double entry system in Italy described as “Italian method” in 1494, Reverend father Lucca Paciolo described the double entry system by giving insight into the reasoning behind accounting records. He post lated that all entries must have double entry one a debtor, and the other one a creditor. Even through during this period the records were prepared to show statement for the business rather than the owner the yearly preparation was still lacking.
During the industrial revolution, there was need for sophishcated accounting method. Different professional bodies were formed for example, ICA English and wales in 1880 and association for public accountants in USA in 1887.
In Nigeria records keeping has antecedents in the ancients kingdoms and the entire prominent was the periodic contribution which were recorded on the wall, but the granting of royal character to royal Nigeria company was the turning point in record keeping in Nigeria. The governing accounting principle was almost the same as the one in Britain.
The development of modern accounting from 1840 was influenced by:
- The development of joint stock company
- The terms have accounting processes as distinct from the most underlying principles.
The fundamental idea upon which the intellectual structure of the discipline rests from the foregoing, the role of a accounting in a developing country like Nigeria cannot be underestimated in the present day societies. Egunjobi (006) pointing out the following as the usefulness of account
- It is used to show the sources and uses of funds to all business organizations.
- It gives management opportunity of assessing their level of performance
- Business owners are liable to know the return on their investment (profit or loss).
- Employees use accounting information as a measure of the firms performance thereby negotiating for better welfare package.
- The worth of the firm is made know to the creditor.
The curriculum planner having identified the importance of accounting as listed above introduced it as a course of study in schools, specifically in secondary school and tertiary institutions. This was done in order to train students as bankers, accountants and auditors, for the purpose of building a solid foundation for student studying accounting as a course of study in institution of learning assessment programmes were developed for students of which examination is the most important students knowledge in accounting is assessed regularly when they move from one level to another.
During the time they are in first semester (100 level) the institutions will conduct their semester examination for the students. College of education Ikere-Ekiti commence the B.Ed regular degree programme in affiliation with university of Nigeria, Nsukka (UNN) from 2004/2005 academic session with different department namely accounting education, Economics education, Biology education, Geography education, Agricultural education, Chemistry education, English education, Physics education, Education Integrated Science, Health education, Political science education, Computer science education, education and Religious studies, Education and French, Industrial Technical Education, to mention but a few. Accounting education department offers courses as account, statistics, cost accounting, management accounting, auditing, taxation to mention but a few. The department has two different levels, those that are admitted by entrance examination who are holders of the senior school certificate called O’ Level they are expected four years and those that are admitted by direct entry that is, holders of Nigeria Certificate in Education (NCE) who are expected to spend three (3) years. At the end of their degree programme in Education they are both certified with either B.Sc (Ed) or B.Ed.
The major focus of this study concern the appraisal of final year students performance in financial accounting from 2012-2014 in the university of Nigeria, college of education Ikere-Ekiti Campus.
How to get complete project materials
Step 1: make payment of N3000 to any of the bank below
NAME: TITUS AYANI SOLA
BANK: FIRST BANK PLC
ACCT NO: 3111741042
ACCOUNT TYPE: SAVINGS
NAME: TITUS AYANI SOLA
BANK: WEMA BANK
ACCT NO: 0237422220