Full Project-ANALYSIS OF SOURCES AND USES OF FUND IN GOVERNMENT INSTITUTIONS (A CASE STUDY OF KADUNA POLYTECHNIC, KADUNA )
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TABLE OF CONTINENTS
Title – – – – – – – – – – – i
Declaration – – – – – – – – – ii
Approval – – – – – – – – – – iii
Dedication – – – – – – – – – – iv
Acknowledgement – – – – – – – – v
Abstract – – – – – – – – – – vi
Table of Continent – – – – – – – – vii
CHAPTER ONE
1.0 Introduction – – – – – – – – – 1
1.1 Background of the Study – – – – – – – 1
1.2 Statement of the Problems – – – – – – – 6
1.3 Objectives of the Study – – – – – – – 6
1.4 Research question – – – – – – – – 7
1.5 Significance of the Study – – – – – – – 7
1.6 Scope of the Study – – – – – – – 8
1.7 Historical Background of the Case Study – – – – 8
1.8 Definition of Terms – – – – – – – 12
CHAPTER TWO
2.0 Literature review – – – – – – – – 13
2.1 Introduction – – – – – – – – – 13
2.1 Definition of Accounting- – – – – – – – 13
2.2 Revenue Resources Available to Higher Education – – – 19
2.3 Revenue Utilization in Accounting Procedure – – – – 23
2.4 Revenue Utilization in Tertiary Institution – – – – – 25
2.5 Sources of Revenue in Kaduna Polytechnic – – – – 26
2.6 Usage of Revenue in Kaduna Polytechnic – – – – 29
2.7 Efficiency of Revenue Generated – – – – – 30
2.8 Adequacy or otherwise of Revenue – – – – – – 31
2.9 Conclusion – – – – – – – – – 32
CHAPTER THREE
3.0 Research Methodology – – – – – – – – 34
3.1 Introduction – – – – – – – – – – 34
3.2 Population and Sample Size – – – – – – 34
3.3 Sampling Techniques – – – – – – – 35
3.4 Sources and Methods of Data Collection – – – – – 35
3.5 Methods of Data Analysis – – – – – – – 35
3.6 Justification for the Choice – – – – – – – 35
CHAPTER FOUR
4.0 Introduction – – – – – – – – – 36
4.1 Data presentation, analysis and interpretation – – – – 36
4.2 Data Presentation – – – – – – – – 37
4.3 Data analysis and interpretation – – – – – – 37
4.5 Summary of findings – – – – – – – – 39
CHAPTER FIVE
5.0 Summary, Conclusion and Recommendations – – – 41
5.1 Summary – – – – – – – – – 41
5.2 Conclusion – – – – – – – – – 42
5.3 Limitation of the study – – – – – – – – 44
5.4 Recommendations – – – – – – – – 44
Bibliography – – – – – – – – – 47
Appendix/Appendices- – – – – – – – – 48
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Money is an organization tool which is used for proper management, control and co-ordination.
Economically, it is said to be scare in supply and the scare nature of it makes it necessary for good and effective management. Every organization whether small or large, requires good Accounting system for efficient management and control of her finances which may be done through a specified method as:
i. Controlling of Assets
ii. Internal/External Auditing
iii. Keeping of Proper Books
iv. Preparation of Financial Statement
v. Compliance with Legislation/Statutory Requirement.
A good Accounting System would provide orderly assembly of Accounting Information and from the basis of continuity. Polytechnics though tertiary institutions like any other organization are required by law establishing them to prepare accounts which are in conformity with general accepted principles of accounting so also with Kaduna Polytechnic which form the basis of this study.
Higher institution of learning established by Decree/Act (Kaduna Polytechnic) been one, operate accounting system some how similar to a great extent. It is of paramount importance at this juncture to have a broad knowledge of accounting system and funds accounting as it applies to tertiary institution.
Accounting system is the art of recording and controlling an organization by keeping accurate book-keeping of business transactions articulate to form an accounting process.
Finney and Miller (1971) define Funds Accounting as “an independent fiscal and accounting entity with a self-balancing set of recording cash and other resources together with all related liabilities, obligation, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restriction or limitation.
Public funds accounting tends to vary due to management policies differences. Though this higher institution of learning which are established for objective reasons are not profit oriented , there accounting systems are based on Historical cost concept, which indicates that Assets and liabilities are shown in the accounts at their Historical cost rather than current market value.
It is a common knowledge that all businesses and non business organizations including government runs on money equally, like there are wide range or ways of spending (expending funds). So also there are also variety of ways of generating it.
Source of fund refer to the different ways available to business enterprises through which it can mobilize money (fundsO to finance its operation i.e. from planning, conception, take up buying of fixed assets to day to day operations. Example of this are:
a. Decrease in assets i.e selling off your business assets such as land, building equipments, machineries to raise funds which can be recycled back into the business.
b. An increase in liabilities i.e borrowing from banks and other financial institutions in a form of loans, overdraft and debentures.
c. Plough back profit (Net profit re-injection). Instead of paying dividend to shareholders, the •profit is recycled back into the business.
d. Reserves and depreciating: This is an amount kept aside for some special purposes and for the rainy day. It is normally taken out of the net profit yearly during appropriation.
e. An increase in equity holding: That is creation and issuance of additional common stock and preferred stock to raises more funds.
f. Sales of stock of goods: By stock of goods, we mean both raw materials, work in progress and finish goods. Any of them, can be disposed off, to a willing buyer to raise additional funds.
g. Grants, Aids and Donations from government and nongovernmental agencies both local and foreign donor agencies, multi-lateral organizations, economic and financial institutions across the world.
h. Internal sources, sale of forms, transcript forms employment forms, sales of bread and tender fee.
Just like funds are generated through different means and way, so also its usage. Organizational funds are primarily spent in any or combination of the under listed ways:
a. An increase in assets i.e buying more assets such as land, buildings, equipment and machineries etc.
b. A decrease I liabilities, that is paying off debts, debentures and other sundry liabilities and commitments.
c. Payment of dividend to equity holders — funds generated can be used to settle dividend darning payable to shareholders of the business firm.
d. Purchase and or retirement of shares, stock and bonds. That is a business concerned investing its surplus funds to buy shares and bonds of another company, with a view to diversifying its investment portfolio and risks.
e. Net operating loses. Net operating loses when recorded has the potentials of eroding firm or business assets base. If the enterprise therefore, want to maintain its former position, it will then have to source for additional funds to bridge the gap.
f. Purchase of stock i.e raw materials and other inputs that are necessary for day to day operation in the firm (inventories).
1.2 STATEMENT OF PROBLEM
The key to success of an organization is the development of its source of revenue and effective use of the acquired revenue. Therefore the above statement will guide the researcher in the adopted approach to get answers to the following questions. What are the sources of fund available to Kaduna polytechnic? After acquiring the funds, how does Kaduna polytechnic utilized these funds?
1.3 OBJECTIVES OF THE STUDY
The main objectives of the study is to examine how revenue is generated and utilize in Kaduna polytechnic.
1. To find out whether there is a good accounting system in Kaduna polytechnic.
2. To examine the effectiveness of internal control system in Kaduna polytechnic
3. To determine whether the revenue generated by Kaduna polytechnic are utilize properly
4. To find out ways of improving the management and control of funds in Kaduna polytechnic.
1.4 RESEARCH QUESTION
1. Is there good accounting system in Kaduna polytechnic?
2. Is the internal control system in Kaduna polytechnic effective?
3. Is the revenue generated by Kaduna polytechnic utilized properly?
4. How can Kaduna polytechnic improve the management and control of funds generated?
1.5 SIGNIFICANCE OF THE STUDY
Kaduna Polytechnic has been in existence for more than 50 years, and there is no gain-saying that school has made any contribution in the area of staff development for the northern states, and the country at a whole.
This project will serve as a guide to the management, staff of any institution where planning, budgeting, forecasting, directing and co-ordinating the activities of the institution concerned. Also, this project will be of greater importance to both the policy makers, the executives and the colleges respectively.
A good designed accounting system and control of public funds of any organization, forms a good basic for management and utilization of the available resources.
1.5 SCOPE OF THE STUDY
The study will pay attention on one of the highest institutions of learning that is Kaduna polytechnic, with emphasis on Bursary department as they are the operator of all accounting system. The project intends to look at the rang & significant of good accounting system since the establishment of the polytechnic and controlling of public funds to enhance good management of the institution
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