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

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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

Title Page II

Approval page III

Dedication IV

Acknowledgement V

Abstract VI

Table of content

CHAPTER ONE

1.0 Introduction 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

2.0 The 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

3.0 Research 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

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

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