Abstract
This study is on importance of accounting to non profit making business. The total population for the study is 200 members of selected churches in Awkunawna, in Isiagu local government of Enugu state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made human resource cashiers, elders, brothers and sisters were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
CHAPTER ONE
INTRODUCTION
The applications of Accounting Information have contributed to the growth and development of every business entity. Non-profit making organization on the other hand has immensely benefited from accounting information to survive, integrate and stabilize in this current economic recession in the country. Any of the non-profit making organization that neglect the roles and impacts of accounting information will at the end of the day fold up. Many churches today have split, folded up, merged with another due to claims that the church funds has been embezzled, diverged and mismanaged where the committee or the priest concerned fails to present and document financial records of the church. This has created loopholes for the spreading of churches at every street and corners; hence churches are seen as the fastest means of making money. Grace of God Mission started in the late seventies, but was registered as a corporate body under the “Land Perpetual Succession Act Lap 98” on 14th October, 1980. Grace of God Mission as one of the leading and dynamic Pentecostal churches in Nigeria has a network of branches across each region of Nigeria and some branches outside Nigeria. However, Awkunanaw began as a local church branch in 1984 under the pastoral care of late Rev. Raymond Iwundu. The church at Awkunanaw grew like mustard seed to its summit as a Division Headquarter in 1997 having five (5) district churches and 23 local churches under her control.
1.2 STATEMENT OF PROBLEM
The persistent increase in cost of ineffective management of accounting information in church has caused schisms, folding up, breaking away and springing up of mushroom churches.
This project proposes to examine whether the church can survive, grow, stabilize under this atmosphere.
Noted hereunder are specific objectives, which the project is designed to achieve:
1.4 RESEARCH HYPOTHESES
H0: Church cannot break away where the priest does not keep adequate financial information.
H1: The church can break away where the priest keeps inadequate financial information.
H0: Accounting information may not create problems where unqualified hand handles it.
H1: Accounting information may create problems where unqualified hand handles it.
The critical analysis of this work will be very beneficial to non-profit making organizations especially the churches. It will serve as a better information guide to churches who wish to apply accounting information. It will help all to appreciate the impacts of accounting information not to the non-profit making organization but to profit oriented businesses.
1.6 SCOPE AND LIMITATION OF THE STDUY
This work covers the area of impact of accounting accompanying accounting information to Non-profit making organization with reference to Grace of God Mission Awkunanaw.
During the course of the research, the researcher faced the following problems.
1.7 DEFINITION OF TERMS
The terms used in this project work has been simplified to enable even the least literate person to understand easily. To this end almost complete elimination of technical works or expressions has been made. This has been made in order to make sure that the information sought for from this work is got at a glance. Nevertheless, some few technical words may include:
This is the act of recording, classifying and summarizing in a systematic manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the result thereof.
This is processed data. Data are merely facts and figures that have little to do with decisions.
It is setting goals and ways to achieve them
It is excess income over expenditure
It is excess expenditure over income
A book of original entry listing transactions affecting general ledger accounts in chronological order in terms of their debit and credit amount.
A book containing the individual accounts of a business entity.
A written authorization to pay individual or company whose name appear in the vouchers. Usually contain the name of the individual or company to be paid, the amount of payment, signature authorizing of payment, the reasons for payment, signature authorizing the payment and the accounts to be debited or credited as a result of the payment.
Grace of God Mission
Calculated 10% of one’s income
Members of Elders, Deacons and Deaconesses
The Exco of various wings and departments in the church.
Those who do not hold any position in the church but they belong to the church.
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