CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Accountancy embraces the installation of book-keeping and accounting systems. The writing up of account and the preparations of every kind of financial statement from the simplest receipts and payments of small club to the published accounts of large public companies. It is one of the main works of the accountant in practice to provide client both large and small with necessary advice as to the most appropriate accounting system to entail what will provide management with up to date information. Accounting is always said to be the language of business. Every organization including bank registered under the Nigerian Company Law, having statutory responsibility of profit of the assets and liabilities at the end of its accounting period, to its members’ shareholders, the public and other users including the government. Accounting system means the system of recording financial transactions in an organization. It could also be referred to as an internal control system in an organization depending on the nature of business undertaken by the organization. This is because financial transactions are qualified in monetary terms and thus requires proper recording of receipts and payment of funds. It is worthy to note that any default in the accounting system of an organization could lead to business failure. In addition, banks by virtue of nature of its services dealing with money are expected to maintain up-to-date records of its transactions with or on behalf of its customers.
However, in microfinance banks, this responsibility can be effectively discharged if put in place for recording day to day transactions of the bank. Beside, accounting is not only concerned with recording of transactions but also with the use to which the records are put, their analysis and interpretations for use in making decisions not only for the management usefulness but also to the members and would be investors, government agencies e.t.c.
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