THE PROBLEM OF FLOODING OF ACCOUNTANTS
IN THE JOB MARKET
The problem of flooding of accountants in the job market cannot be over-emphasized. As we can see in Nigeria today, there are many graduates in the field of financial studies from our various institute of higher learning in our country.The influx of the unqualified accountants in the job market today in Nigeria creates unemployment which is the greatest problem facing an over populated country. Because the number of people in this class of accountants are too much for the available job, many of them who wish to work in a bank or other related field may not be able to get apiece of work to do.This term paper is written in response to the desire to findout the ineffective control and poor accountability in our job market. The finance available in the job market is very small and it specified objectives are to be achieved, there must be proper control of flooding of accountants in the job markets. This term paper equally looked at the various causes of the problem of flooding of accountants, such as low per capital income, shortage of modern amenities and social disorder.From the above, this term paper is written under three chapters. Chapter one deals with the introduction to the problem, purpose of the study, significance of the study, scope and limitation of the study and definition of terms. Chapter two looked into the review of various literature and I further looked into the design of the study, selection of population, development of research material, procedure and data treatment. Chapter three deals with analysis, interpretation and data presentation and finally deals with summary of findings, Discussion findings conclusion and recommendation.
TABLE OF CONTENTS
1.1 Purpose of the Study
1.2 Significance of the Study
1.3 Scope and Limitation of the Study
1.4 Definition of Terms
2.0 Literature Review
2.1 Definition of Accounting
2.2 Origin of Accounting
2.3 Roles of Accountants in the Society
2.4 Roles of Accounting to the Society
2.5 Accounting Profession
3.0 Summary of Finding
3.1 Discussion of Findings
According to Lexicon universal Encyclopedia (1980 edition) “Accounting” is defined as the mechanism and the body of principles by means of which business activities that are capable of being expressed in terms of money are recorded, classified and periodically summarized and interpreted. Also according to the principles of cost accounting written by J.C Eze, W.U Ani and F. Okechukwu, financial accounting is defined as “the classification and recording of monetary transactions of an entity in accordance with established concepts, principles, accounting standards and legal requirements and presentation of a view of those transactions during and at the end of an accounting period”Accountants observed the activities of business and from the welfare of events and transactions that take place identify that are evidence of these events and transactions. From this point of view, the problem of flooding of accountants in the job market cannot be over emphasized. The influx of accountants in the job market today in Nigeria creates unemployment which is the greatest problem facing an over populated country. Because the number of people in the field of accounting are too great for the available job, many of the accountants who wish to work in a bank or other related field may be unable to get a piece of work to do.We can see that the discipline of accounting included the following field: financial accounting, management accounting, taxation, public accounting, accounting system of non-profit and social accounting, with the public sector in Nigeria now controlling directly and indirectly the bulk of the country’s economic resources. Financial management in the public sector is much more embracing than is generally realized. The expansion of the public sector and the direct involvement of the government at all levels of the economy calls for sound systems and as a requisite for an effective control of the influx of accountants in the job market.
1.2 PURPOSE OF THE STUDY
It is a clear fact that accountants are faced with so many problems ranging from the method of importing it to the students. The purpose of this term paper is to investigate and give recommendations on how these problems should be tackled. Besides it is also paramount to note that the study of accounting is a major way of improving the commercial and business word hence all efforts should be made to handle it with genuine effort.
1.3 SIGNIFICANCE OF STUDY
This will offer relevant information about the study of accounting to the accounting option students o the department of accounting which helps to contribute immensely to our business activities since most literate and illiterate individuals are from the accounting process or the other in terms of business transactions. The resect of the finding will specifically reveal the problem areas faced by accountants in the job market.
1.4 DEFINITION OF TERMS
Financial Accounting: This concerned with reporting to person outside the enterprise such as owners, creditors and government agencies.
Transaction: This means exchange of value in which one is giver the other is receiver.
Job: This is the act of making a living by doing any bits of work one is asked to do.
Problem: This is defined as question to be sowed.
Taxation Accounting: This focuses on tax planning and preparing tax returns.
Managerial Account: It is concerned with furnishing information that will assist management in budgeting and planning and in controlling operations, managers use.
Book keeping: It is act of recording business transaction in such a way that the financial position of a business can be know at any point of time.
Social Accounting: It is concerned with measuring the cost and benefits of public programmes or corporation activities that affect the public well being.
Public Accounting: They offer their services to the general public for fee.
Non-Profit Accounting: This is accounts of clubs, society, organization etc.
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