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THE ROLE OF ACCOUNTING INFORMATION IN THE MANAGEMENT OF AGRICULTURAL BUSINESS: A CASE STUDY OF ILAJI FARM IN IBADAN

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 61 ::   Attributes: Questionnaire, Data Analysis ::   645 people found this useful

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CHAPTER ONE

1.0   INTRODUCTION:

1.1   BACKGROUND OF THE STUDY

Accounting is an information system that communicates information regarding resource formation and usage of an enterprise, increase or decrease in those resources resulting from financial transactions and financial situation of the enterprise to related individuals and institutions.

Accounting has four basic functions: recording, classifying, reporting and interpreting. Within this framework, accounting is defined as a science and art of recording, classifying, summarizing, reporting and interpreting financial and monetary transactions (Sevilengül, 2008).

Field of activity and branch of activity of enterprises may differ. These differences are liable for the existence of different accounting types. Within that framework, accounting is comprised of three main parts. Those are financial, cost and managerial accounting.

However, there exist some other specialty accounting types apart from the scope of the main parts listed above. Construction accounting, bank accounting, insurance accounting, tax accounting, hotel accounting and agricultural accounting are examples of such types (Özulucan, 2009).

The difference between the two sub-sectors is mainly attributed to the adoption of improved technologies, including improved tea clones (Tea Research Foundation of Kenya, 2011).

Owuor et al. (2008) noted that the low declining crop yield among the small holder tea farmers is probably because the improved production technology and innovations are not reaching the farmers or that they are not being adopted. This is linked to limited access of information related to such innovations.

        User awareness, adaptation and adoption of improved technology affect yield. Kinyili (2003) noted that access to information is a potential avenue for improving yield among the small holder tea farmers. Production and productivity of farm produce is largely dependent on the awareness and the use of appropriate technologies (Tea Research Foundation of Kenya, 2011).

Farmer’s access to information makes them aware of improved technologies and enhances the adoption of new innovations. It has been established that access to information influence the adoption of technologies (Daberkow and McBride, 2003).

Sudath (2008) noted that agricultural innovation diffusion is largely affected by information available on the innovation. Utilization of relevant, accurate and up-todate information would therefore ensure increased productivity (Banmeke and Ajayi, 2008).

1.2   STATEMENT OF THE PROBLEMS

Agricultural sector became an indispensable and strategic sector for all societies. Decision-making practices concerning agricultural activities in such an important sector, comprised of operating enterprises and farmers, necessitate the consideration of data obtained from accounting information system.

Most at times, agricultural business suffers due to incompetency on the part the agriculturalist, in terms of not taking the business as important as an enterprise by keeping count and taking down all the necessary accounting records to really understand if the business is yielding interest or not; so that in the aspect the business isn’t yielding it can be improved and the aspect it is yielding, more ways can be looked for to further increase the business the more.

Finally, several research has been carried out on the role of managerial accounting in cost control in agricultural companies but not even a single research has been carried out on the accounting information and its role in the management of agricultural business. A case study of Ilaji farm in Ibadan.

1.3   AIMS AND OBJECTIVES

        The main aim of the study is to examine accounting information and its role in the management of agricultural business. Other specific objectives of the study include;

  1. to determine the effect of accounting information on the management of agricultural business in Ilaji farm, Ibadan.
  2. to determine the extent to which accounting information affects the management of agricultural business in Ilaji farm, Ibadan.
  3. to determine the factors affecting the access to agricultural information by Ilaji farmers in Ibadan.
  4. to proffer possible solutions to the problems.

1.4   RESEARCH QUESTIONS

  1. What is the effect of accounting information on the management of agricultural business in Ilaji farm, Ibadan?
  2. What is the extent to which accounting information affects the management of agricultural business in Ilaji farm, Ibadan?
  3. What are the factors affecting the access to agricultural information by Ilaji farmers in Ibadan?
  4. What are the possible solutions to the problems?

1.5   STATEMENT OF RESEARCH HYPOTHESIS

HO:   Accounting information has no significant effect in the management of agricultural business.

HI: Accounting information has a significant effect in the management of agricultural business.

1.6   SIGNIFICANCE OF THE STUDY

        The study on accounting information and its role in the management of agricultural business will be of immense benefit to the entire Ilaji farm in Ibadan in the sense that it will through the instrument of accounting information system, enterprises and farmers will be able them to estimate agricultural production costs more accurately, productivity measurements could be facilitated and problems encountered in agricultural production process could be solved. Finally, the study will contribute to the body of existing literature and knowledge to this field of study and basis for further research.

1.7   SCOPE OF THE STUDY

        The study on the accounting information and its role in the management of agricultural business is limited to Ilaji farm in Ibadan.

1.8   LIMITATION OF THE STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.9   DEFINITION OF TERMS

Accounting     Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities

Information    Facts provided or learned about something or someone.

Management   The process of dealing with or controlling things or people.

Agriculture     The science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.

Business Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).


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Paper Information

Format:ms word
Chapter:1-5
Pages:61
Attribute:Questionnaire, Data Analysis
Price:₦3,000
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