The objective of this study is to effectiveness of public corporation and identifies its problems to over view of the historical background and organization chart of the case study. Review of the related literature research methodology is discussed. The chapters of this project are written in a simple form and language that will make it easy for a lay man to understand. It is hoped that this project will open the eyes of many public corporations for efficient management of resources available and will enhance development through adherence to the recommendation and suggestion offered in this work.
Accounting can be defined as an act recording classifying, summarizing and reporting of business transaction for preparation periodic statement of performance and caused to provide information to management for decision making. It’s an act of controlling a business by keeping records, preparing form those records certain statistics called ‘ accounting ration” and using those rations to detect financial difficulties before they become serious and uncontrolled so that certain measures may be taken.One of the objectives of a business is to make a profit and we defined a profit as a function of how the resources of the business in terms of manpower, raw material, capital are employed. One of the chief aims of accounting is to reveal whether or not a business is been conducted profitably.
Accounts, collects from those which relates to past performance and termed is historic accounts and prepared for stewardship purposes that is satisfy in the shareholders, government, creditors as well as the public as large, that the business has been conducted honestly and efficiently over the period of which the account is related. This aspect is called financial accounting. Management of an organization rely on a sound accounting system to achieve the following: 1. Preserve and control the operation of the organization. 2. To prepare a reliable financial statement. 3. To ensure proper, firmly and desirable allocation of funds to its’ different sections etc. Allocation of fund to it’s different sections, accounting system enables for orderly preparation and preservation of accounting data and appropriate analysis for the preparation of a reliable financial statement. Any organization without an accounting system is on the verge of collapse. The importance of accounting system cannot be over emphasized.
The motive that underlined this project is to probe into modern rules of accounting system of the federal radio cooperation of Nigeria (FRCN) with the aim of finding out whether it is efficient and effective as planned working out the system compared to the size of the organization. Further more, the station has gone through different names before it finally attained it’s present name as the federal radio cooperation of Nigeria Kaduna. It was first known as the broad casting company of Northern Nigeria Limited (BCNN). It was established as a radio and television broadcasting state from which it’s formal name was radio, television Kaduna (RTK) was derived. The cooperation has gone through a lot of various government changes since the station was formed, e.g. The nineteen Northern state of Nigeria as a linguist broad casting cooperation in which broadcasting was aimed in languages related to the state that owns it as at that period.
Languages like, Hausa, Kanuri, Fulfulde and Nupe as well as English language, it was the same nineteen Northern state that financed the cooperation in a form of subventions as a means of revenue to the station. To keep it in operation and it in operation and it wan done annually. In the year 1976, the federal military government took over the television aspect of the station, the present Nigerian television authority, as that part of incorporated into it and while northern states continues with the maintenance of the radio cooperation. In addition, the corporation source its’ fund from the government under that act that established the existence of the cooperation the act state. If that corporation should establish a fund which shall be provided to it by government of the federation for smooth running of its activities that is all the expenses of the corporation and shall order assets form time to time that the corporation might need.
A methods was developed as how this fund should be accounted for and where and what the fund have been used for. The method introduced is the accounting code. This coding schedule helped and specified where and how expenditure have been incurred. Each department is a budget centre and expected to prepare it’s budget and pass it to the budget control committee to it merger with the other sub budget for their flow of funds. Currently, the cooperation has been allowed by the federal government to do commercial services which were stopped by the government some years back. It is to enable the cooperation raise money instead of depending solely on government subventions which usually come every month after the returns to the preview expenditure which has been sent to Abuja. The fund raised is as a result of commercial bank account which makes the account to be accommodated without withdrawal of the account is to enable. The government know how much the corporation can generate a substantial amount which is reasonable, the government makes it policies that such a corporation will be expected to maintain itself and as such should not enjoy form government subventions. the cooperation will be expected to maintain itself with the money in the account to refuse the inflow from government and to concentrate partly on the commercial fund. More so, the responsibility in the account department of the corporation being with the chief executive of the zone as the managing director and he reported to the director general at the headquarters. The deputy dissector assist the managing director closely followed by the assistant director who reports to the deputy director on their department policies and also reported to the managing director.