Background of the Study

Education in whatever form, aims at equipping the recipient with knowledge, skills and competencies for solving lifelong problems and challenges. It is also the greatest investment that should be made by a country in order to bring about quick and effective national development in the areas of economic, political and human resource. This implies that a sound and qualitative education would make a country to attain its heights in development. It is also expected that sustainable development would make the citizens of a country to live happily and comfortably. Education forms the bedrock of any nation’s development. Effective teaching must not be taken for granted if a nation will boast of being economically, technologically and educationally developed, Daniel (1998).The content and philosophy of Nigeria education must reflect the past, present and drive into the future of Nigeria society in term of the role the individual is expected to play in the present national building process (Vision 20:2020)

Education is an important aspect of economic development. When citizens of a country are educated that is a key to social, economic and political stability (Ojiambo, 2009). The Nigeria government has considerably invested in education which is evidenced by the free secondary  education and the free day secondary education (Ojiambo, 2009). The main purpose of education is to transmit wisdom and knowledge from one generation to another, this prepares young people to be members of the society, maintain it and develop it. Education also has positive influence on population, health nutrition and also increases value and efficiency for labour (Kising’s, 2012).The unemployment problems facing the country can best be addressed through equipping the young people with skills that can lead to self-employment, the curriculum therefore should equip the learners with skills and more so entrepreneurial skills and this therefore indicates the importance of Financial accounting in the school curriculum.

Accounting education is a type of education that gives skills for business rated occupations. Accounting education trains learners or provides learners with information or competencies needed by all in the management of personal business affairs. However, Accounting education according to the American Vocational Association in Osuala (2004) is a programme of instruction which consists of two parts: the first part is office education; a programme for office careers through initial refresher and upgrading education, leading to employment and advancement in office occupation. The second part is general Accounting education ; a programme to provides students with information and competencies which are needed by all in managing personal business affairs and in using the services of the business world.

Accounting  education is the sum total of human activities directed towards providing and acquiring specialist knowledge, skills and attitude that are required for successful promotion of business enterprise (Osuala, 2004). Anao (2006) defined Accounting education as an educational process or content which has its primary aim as the preparation of people for roles in business enterprise.

“Entrepreneurs as individuals who exploit the market opportunity through technical and organizational innovation” employed (Adeyemo, 2009). “Entrepreneurship is about taking a risk” so it takes entrepreneurship skills and Good Business Idea in entrepreneurship (Scott, 2017). Educational institutions can develop good entrepreneurship skills (Zhou & Xu, 2012; Lackeus, 2015).

Skills refer to the abilities and capacities of people who perform tasks demanded of them in a work environment. Skills can be generic, referring to general transferable skills, computing, dealing with risk and uncertainty, or developing a new product or service. Skills in good entrepreneurship will be able to increase business profits (Irawan, 2016; Agbim, 2013) so that creativity and innovation are very important for entrepreneurs.

The concept of employability has in recent times remained the focus of government, employers, job seekers and educators. Brown and Hesketh (2004) explained that employability is the relative chances of getting and maintaining different kinds of employment. For individuals, employability depends on the Knowledge, Skills and Abilities (KSA) they possess, the way they present those assets to employers and the context (e.g. personal circumstances and labour market environment) within which they seek employment. A major concern of graduates is what constitutes employability skills. According to Kazilan, Hamzah and Bakar (2009), employability skills which are synonymous with entrepreneurial skills refer to a group of important skills instilled in each individual to become a productive workforce. According to Hillage and Pollard as cited in Imeokparia and Ediagbonya (2012), employability refers to a person’s capability for gaining and maintaining employment. Employability skills or entrepreneurial skills are the skills needed by an individual to function effectively and efficiently in the world of work either as an employee or an employer of labour. Specifically, entrepreneurial skills are very important for success in self-employment. Presently, skills possessed by graduates seem to be different from what they need to function effectively in employment.

Statement of the Problem

The purpose of every business entity is to maximize profit as well as increase firm’s share price. However, this would not be attainable if appropriate steps and measures are not in place in achieving this in business. For any organization to function effectively (Small and Medium Scale Enterprises), it requires strong leadership and accurate decisionmaking. Unfortunately, many of our entrepreneurs fail to succeed because of lack or absence of accounting skills.

The problem of the study is that entrepreneurs who are deficient in these skills cannot do well in business, hence, sustainable performance and economic development would not be achieved. In Nigeria, most of the jobs, especially those in non-urban areas are provided by small and medium scale enterprises. However, students of accounting struggle to gain access to fundamental accounting skills that they need in a timely manner for improved productivity, profitability, customer satisfaction and improved cycle time. It is for this and other reasons adduced above that this paper which centers on the fundamental accounting skills needed for sustainable performance and economic development is specifically undertaken.This is the knowledge gap this study seeks to fill.

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Updated: 4th March 2021 — 4:37 pm