ACCOUNTING SYSTEM AND PROCEDURE IN PUBLIC SECTOR: (A CASE STUDY OF EKITI STATE WATER CORPORATION)

ACCOUNTING SYSTEM AND PROCEDURE IN
PUBLIC SECTOR:
(A CASE STUDY OF EKITI STATE WATER CORPORATION)

FOR COMPLETE PROJECT CALL 07064961036

BY

BEING A RESEARCH PROJECT SUBMITTED TO
THE DEPARTMENT OF ACCOUNTING, FACULTY OF THE MANAGEMENT SCIENCES, EKITI STATE
UNIVERSITY, ADO-EKITI, NIGERIA
IN PARTIAL FULFILLMENT OF THE
REQUIREMENTS
FOR THE AWARD OF BACHELOR OF SCIENCE

(B.Sc)
DEGREE IN ACCOUNTING

ABSTRACT

This project is designed to study
accounting system and procedure in public sector with reference to Ekiti State
Water Corporation.
The introduction aspect
of the project discussed  about the
historical background of accounting in Ekiti State Water Corporation such as
date of creation and administration of the Water Corporation, land space covered
and other things. Also objectives and analysis of the study was well explained,
the limitation and delimitation of the study was also discussed. Areas covered
and areas unable to cover were also mentioned in the study.
Chapter two of the
project considers the literature review, under the literature review, I
discussed fully about accounting as a profession, the definition of accounting,
the system and procedure of Accounting in Ekiti State Water Corporation.
Thereafter, the prospects and problems facing the accountant in the public
sector with reference to Ekiti State Water Corporation were also discussed. The
principles of accounting were also included with forms of accounting, roles of
accounting, characteristic and peculiarity in Ekiti State Water Corporation.
Chapter three centres on
the research methodology and limitation. My source of data like treasury
department, rates section and internal audit were mentioned in the write up. I
employed interview, questionnaire and personal observation in collection of
data from the treasury department of Ekiti State Water Corporation. 
Chapter four contains
research finishing organization of the department, cash office was visited and
matter related to cash management were exhaustively discussed ledger unit was
also visited and ledgers were examined with a view to see how transactions were
recorded and the differences observed between it and companies were briefly
explained.
Also, expenditure unit,
capital project unit, payroll unit, loan and advances, budget, report and
statistics were visited. Activities were examined and finishing in each unit
were discussed in the project.
Chapter five, centres in
conclusion and recommendation is the last write up to the whole study,
suggestions and recommendation and improving the account system and procedure
in Ekiti State Water Corporation were comprehensively discussed.     



TABLE OF CONTENTS
                                                                                            Page
Title                                                                                         i
Certification                                                                            ii
Dedication                                                                               iii
Acknowledgements                                                                 iv
Abstract                                                                                  vi      
Table of Contents                                                                             ix
CHAPTER ONE
1.0     Introduction                                                                            1
1.1     Background
of the Study                                                        1
1.2     Objective
of the Study                                                   4
1.3           
Limitation
of the Study                                                  5
1.4     Delimitation
of the Study                                              6
CHAPTER TWO
2.0     Literature
Reviewed                                                       7
2.1     Definition
of Accounting                                               7
2.2     Accounting
as a System and Procedure                         9       
2.2.1 Elements of the System and
Procedure to Accounting   10
2.3     Forms
of Accounting                                                     12
2.4     Principles
of Accounting                                                15
2.4.1 Accounting Concept                                                       15
2.4.2  Accounting
Convention                                                 17
2.5     The
Roles of Accounting                                               18
2.5.1  Measurement
                                                                18
2.5.2  Control                                                                          18
2.5.3    Decision Making                                                            19
2.6           
Characteristic
of Good Accounting Information            19
2.6.1   
Relevance                                                                       19
2.6.2   
Accuracy                                                                        19
2.6.3   
Centralization and Decentralization of Accounting                 20     
2.7     Peculiarity of Accounting System in Public
Sector                  20
CHAPTER THREE    
3.0           
Research
Methodology                                                  23
3.1     Methods
of Data Collection                                           23
3.2     Procedure
for the Collection of Data                             24     
3.3     Processing
of Data                                                                  24     
3.4           
Questionnaire
Format                                                    25     



CHAPTER FOUR
4.0     Research
Finding                                                           27
4.1           
Organization
Structure                                                  27
4.2     Accounting
Services                                                      29
4.3     Cash Office                                                                              30     
4.4     Control Measures Institutionalized in the
Cash                      
Office Operations.                                                                   31
4.5     Ledger
Unit                                                                             33
4.6           
Expenditure
Unit                                                           34     
4.7     Capital Project Unit                                                       34     
4.8     Payroll Unit                                                                   35
4.9     Loan
and Advance Unit                                                          36     
4.10   Budget
Reports and Statistics                                       38     
CHAPTER FIVE         
5.0     Recommendation
and Conclusion                                 40
5.1     Recommendations
                                                                  40     
5.2     Conclusion                                                                     41     
Bibliography                                                                  43
CHAPTER ONE
1.0     INTRODUCTION
1.1     BACKGROUND OF THE STUDY

          Record
keeping, by whatever means is as old as man himself. Modern system of keeping
accounting records developed from, and is, in fact an improvement on the old
system which
 

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