UNIVERSITY OF ADO-EKITI
INTERNATIONAL JOURNAL OF ACCOUNTING
VOLUME 1, NUMBER 1, 2002
A Publication of
THE DEPARTMENT OF ACCOUNTING
FACULTY OF MANAGEMENT SCIENCES,
UNIVERSITY OF ADO-EKITI
UNIVERSITY OF ADO-EKITI INTERNATIONAL JOURNAL OF ACCOUNTING
Editor-in Chief:
Professor C.S.Ola
Managing Editor:
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Mr. Awe. I.O.
Mr. Osekita
Mr. Adesina
Editorial Board:
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Prof R.O Anao
Prof. I.I. Ihimodu
Prof. I. Oribabor
Prof. D.C. Uguru-Okorie
Dr. A.A. Owojori
Dr J.A. OIoyede
Dr. J.A. Olaogun
Dr. M.L. Nassar
Dr. J.O. Ohijide
Dr. S.A. Adebola
Dr. Bamiduro
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Mr. F.A. Baiyewu
Mr. Oluwakayode
Mr. O. Aduwo
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A PUBLICATION OF THE DEPARTMENT OF ACCOUNTING, FACULTY OF
MANAGEMENT SCIENCES, UNIVERSITY OF ADO - EKITI, NIGERIA.
UNIVERSITY OF ADO-EKITI
INTERNATIONAL JOURNAL OF ACCOUNTING
VOLUME 1, NUMBER 1,2002
Contents
1.
2.
3
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Widening the Revenue Base of Ekiti State
Prof. C.S. Ola………………………………………………
The Hindrances of using the Original Cost Method To Depreciate
Manufacturing Assets in An Inflationary Environment
Dr. H.T. Iwarere & A.R Agbaje (Mrs.)………………….
An empincal Analysis of the Variations in Financial Resources Utilization
Efficiency in the Health Care Delivery System of Lagos State –
A Socio-Economic Perspective
Dr. S.A. Adebola………………………..
Effects of Accounting Theory and Regulation Framework on Nigerian
Accountants
Dr. A.A. Owojori…………………………………………..
A Development Group Model for Bank Forecasting
Dr. (Mrs.) S.L. Adeyemi……………………………………………..
Tax Incentives As Investment Catalyst in the Manufacturing Business.
F.A. Bayewu & Agbaje A.R. (Mrs.)……………………………….
Education Tax Fund: A Necessary Tool for Educational (Structures
Improvement in Nigeria I. R. Akintoye……………………………………
Assessing the Consistency of Auditors Prior Distributions and Sampling Results
S. F. & Dr. M. L. Nassar …………………………………………..
A Comparison of Passenger Vehicle Financing Strategy through Borrowing
and unregulated Hire Purchase Arrangement
Dr. H.T. Iwarere…………………………………………………..
Accounting information as a Strategic Planning tool
Dr. J.O. Olujide…………………………………………………….
Tackling the Expectation Gap in the Audit of Financial Institution.
O. I. W. Awe………………………………………………………..
Measuring the Performance of Local Government Councils in Nigeria:
The Values. Difficulties and Solutions
P.O. Yabugbe & G.T. Akinleye……………………………………..
Community Bunking System in Nigeria: Evaluation of Conduct and
Performance.
Dr. J.S. Sogo-Temi………………………………………..
Nigeria Privatization Exercise and Corporate Governance: What are Future
Challenges
Dr. R. J. A. Bamiduro……………………………………
Accounting for Deferred Taxes: Review of the Changes Arising
from S AS 19
A. A. Owolabi……………………………………………
Evaluation of Loans and Advances Management in Commercial Banks
G.T. Akinleye…………………………………………….
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18
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47
55
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81
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103
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UNAD International Journal of Accounting 81
ACCOUNTING INFORMATION AS A STRATEGIC
PLANNING TOOL
BY
JACKSON, O. OLUJIDE
Department of Business Administration University of Ilorin.
Introduction
Reynolds el at, have defined "Accounting as the systematic recording, analysis and appraisal
of financial data which results from activities undertaken in pursuit of the objectives of the firm". Thus,
accounting systems monitor revenues and expenditures and quickly establish the firms position at
particular lines. Furthermore, firms need to know the values of their fixed Assets (Land, buildings,
vehicles, plant and equipments), and current assets (stocks, debtors, work in progress, and cash in
hand). Because every transaction contributes to an increase or decrease in assets, it must therefore be
recorded accurately and stored in easily retrievable form. From the going, accounts should show areas
of inefficiency, and reveal the exact cost of all the firms’ activities as accurate and detailed accounts,
will make policy formation easier and facilitate the well organized implementation of corporate plans.
Accounting has also been seen by Meigs [1975] as consisting of gathering of financial and
other economic data, just as physical measurements are provided by the metric system, economic
measurements are provided by the accounting system, and are stated in financial terms. These economic
measurements are put together in reports that carry the information essential for planning activities,
control of operations, and for decision making by business units.
Thirdly, accounting provides financial reports that are needed by outside persons who invest
in business units, lend money to them, or extend credit to them. It also furnishes reports to he used by
government agencies which regulate business and by tax authorities such as internal revenue service
which must ensure that the correct amount of tax is collected. When the unit of consideration is a non
profit organization (such as school, hospital, church or other charitable group), its members and those
who contribute to it need to know for what purposes and in what proportions their money is being used.
This important information is furnished by accounting.
Thus accounting can be referred to generally, as a set of rules and methods by which financial
and economic data are collected, processed, and summarized into reports that can be used in making
decisions, relating to the accomplishment of organizational goals.
All organizations, must have a goal or purpose, because without a goal, no organization will
have any reason to exist. Organizations, must also have some programs or method for achieving their
goal; without some plans for what it must do, no organization, is likely to be very effective strategy
represents the action programmes or game plans that organizations use to accomplish
objectives.Strategy can be defined as a broad programme for defining and implementing organizations
mission in order to achieve its goals. It is also the pattern of the organizations responses to its
environment overtime
Strategic management, can be said to be a pattern based on the principle that the overall
design of the organization can he described only if the attainment of the objectives is added to policy
and strategy as one of the key factors in managements operation of the organizations activities. Hofer
and Schendel have proposed six basic tasks in the strategic management process which include.
1.
Establishment of organizational goals:
2.
Environmental scanning
3.
The strategy formulation task.
4.
Evaluation of past strategy and estimation of the success of future strategy.
5.
Strategy implementation, basically administrative task. 6. Strategy control.
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Jackson, O. Olujide
These steps need to be considered in a sequential order they interact, recycle and repeat themselves but
in applying them. Three levels of strategy can he distinguished and these are:
1. Corporate level strategy: Is formulated by top management to oversee the interests and
operations of organizations that contain more than one name of business. Here two questions become
pertinent; what kind of business should the company be engaged in? How should resources be allocated
among these business units.
2. Business unit strategy: Is concerned with managing the interests and operations of a
particular business. It deals with such questions as: how will the business compete within its market;
which customers does it seek to serve how will the various functions [manufacturing, marketing,
finance, and so on] be managed in order to meet market goals? How will resources be distributed within
the business? Business unit strategy attempts to determine what approach the business should take to its
market and how the business should conduct itself given its resources and the conditions of the market.
3. Functional level strategy: Creates the framework for the management of functions such us
Finance. Research and Development, and Marketing etc. so that they conform to the business unit level
strategy.
Having identified the three levels in an organization at which strategy comes into play, the
next section discusses the critical factors that must be considered in order for strategy implementation
to be effective in the management of organizations. These factors include;
1. Clear decisive objectives: All efforts should be directed towards defining clearly
understood, decisive and attainable corporate goals. Specific goals of subordinate units may change in
the heat of campaigns or competition, but the overriding goals of the strategy for all units must remain
clear enough to provide continuity and cohesion for tactical choices during the time horizon of the
strategy. All goals need not be written down, but they must be understood and be decisive, so that they
can ensure the continued viability and vitality of the organization.
2. Maintaining the initiative: Does the strategy preserve freedom of action and enhance
commitment? Does it set the pace and determine the course of events rather than reacting to them? A
prolonged reactive posture breeds unrest, lowers morale, and surrenders the advantages of timing and
initiative to opponents. Ultimately such a posture increases costs, decreases the number of options
available and lowers the probability of achieving sufficient success to ensure independence and
continuity.
3. Concentration: Does the strategy concentrate superior power at the place and time likely
to be decisive? Has the strategy defined precisely what will make the enterprise superior in power, that
is "best" in critical dimensions in relation to its opponents? A distinctive competency yields greater
success with fewer resources and is the essential basics for higher gains [or profits] than competitors.
4. Flexibility: Has the strategy purposely built in resources buffers and dimension for
flexibility manoeuverabilities? Reserved capabilities, planned manoeuverability and repositioning allow
one to use minimum resources while keeping opponents at a relative disadvantage. As corollaries of
concentration and concession, they permit the strategist to reuse the same forces to overwhelm selected
positions at different times. They also force less flexible opponents to use more resources to hold
predetermined positions, while simultaneously requiring minimum fixed commitment of ones own
resources for defensive purposes.
5. Co-ordinated and committed leadership: Does the strategy provide responsible
committed leadership for each of its major goals? Leaders must be chosen and motivated such that their
own interests and values match the needs of their roles. Successful strategies require commitment, not
just acceptance.
6 Surprise: Has the strategy made use of speed, secrecy and intelligence to attack, expose
unprepared opponents at unexpected times? With surprise and correct timing, success can
UNAD International Journal of Accounting
83
be achieved out of all proportion to the energy exerted and can decisive change strategic positions.
7. Security: Does the strategy secure resource basis and all vital operating points for the
enterprise? Does it develop an effective intelligence system sufficient to prevent surprises by
opponents? Does it develop the full logistics to support each of its major thrust? Does it use coalitions
effectively to extend the resource base and zones of friendly acceptance for the enterprise?
These issues discussed above are critical elements of strategy and broad, general decisions
about them define the direction a firm should follow in its relationship with the outside world. These
broad and general decisions are called strategic decisions. They establish organizational objectives and
impose frameworks for controlling a firms activities. Examples of strategic decisions are what products
the firm will produce, how the firm will finance its operations, whether to aim for top or bottom end of
a market. pricing, policies, whether to recognize particular trade unions etc. Strategic decisions are
taken by the most senior level of management within the organization.
Tactical management is concerned with the implementation of strategic decisions. It
determines how the objectives set at the strategic level, are to be achieved. Thus, tactical management
involves the acquisition and deployment of resources, allocation of duties, specification of secondary
objectives, monitoring performance and reporting back to higher levels of authority. Administration of
detailed working practice is normally left to supervisors or fore people.
This discussion so far has demonstrated how strategic management establishes a fit between
an organization's objectives, resources, skills, competencies etc. and its environment, what role does
accounting play in establishing this fit?
.
ACCOUNTING SYSTEM
The major role of financial accounts is the preparation of profit and loss account and the
balance sheet. The former as its name implies shows income expenditure, payments to shareholders,
and transfers to and from reserves during the period covered after allowing for unpaid overdue bills
(creditors) and amounts owing to the business, but not yet recovered. Thus, incomes and expenditures
are recorded in the periods to which they relate and not when they happen or occur. The balance sheet
on the other hand, summarises a firms financial position at a particular date. It is divided into two parts:
Assets and Liabilities. Assets are the possessions of the business (premises, stock, cash e.t.c.):Liabilities show the individuals and groups who own the assets or to whom they owed. Liabilities
include owners capital, bank, loans, tax payable, creditors and dividends due to shareholders. A balance
sheet is an analogue to a photograph of the firms financial status as at a certain moment, it reports the
position at close of business on a particular day.
Thus, accounting has often been called the language of business. In recent years. corporate
profits have become a topic of considerable public interest. What are corporate profits? What level of
corporate profits is necessary to finance the development of new products, new jobs. and economic
growth? Since a language is a means of social communication, it is logical that a language should
change to meet the changing needs of society. In accounting too changes and improvement are
continually being made.
Strategy has been defined as a broad program for defining and achieving an organizations
objective and implementing its mission, in the other to do this, you need to provide useful financial
information about business activities and then summarise the results in accounting reports. The methods
used by a business to keep records of its financial activities and to summarise these activities in periodic
accounting reports comprise the accounting system.
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Jackson. O. Olujide
The first function of an accounting system is to create a systematic record of the daily
business activity in terms of money. For example goods and services are purchased and sold, credit is
extended to customers, debts are incurred and cash is received and paid out. These transactions are
typical business events which can be expressed in monetary terms and must be entered in accounting
records. The recording process may be performed in many ways, that is by writing, printing, with
mechanical or electronic equipment etc. In addition to compiling a narrative record of events as they
occur, transactions and events can be classified into related groups or categories. Classification enables
us to reduce a mass of detail into compact and usable form. To organize accounting information in a
useful form, we summarise the classified information into concise accounting reports designed to meet
the information needs of decision makers.
ACCOUNTING INFORMATION
The three steps of recording, classifying and summarizing are the means of creating
accounting information. Accounting also involves communicating this information to interested parties
and interpreting accounting information as it relates to specific business decisions.
The persons receiving accounting reports are termed users of accounting information. The
type of information that a specific user will require depends upon the kind of decisions that person must
make. For example managers need detail information about daily operating cost for the purpose of
controlling the operations of the business and setting reasonably selling prices.
Fig. 1: User of Accounting Information
(Source: Financial Accounting 4 Edition. Water b. Meigs & Roberts R. Meighs)*
1. Financial Statements are useful to management and are the main source of financial
information to persons outside the business enterprises. These statements are concise and summarise
the business transactions of a specific time period such as a month or a year. Financial statements show
the financial positions of the business at the time of the report and also the operating results by which
the business arrived at this position.
The basic purpose of the financial statements is to assist decision makers in evaluating ho
financial strength, profitability, and future prospects of a business entity. Thus managers, investors,
major customers and labour all have a direct interest in these reports.
2. Income tax returns. The internal revenue services as well as certain state and local
authorities require business and individuals to file annual income and tax returns designed to measure
taxable income.
UNAD International Journal of Accounting
85
3. Managerial data and reports: Management also needs detailed accounting data for use in
planning and controlling the daily operations of the business. Management also needs specialized
information for long range planning and for major decisions such as the introduction of a new product
and the closing of an older plant.
4. Reports to regulatory agencies:- The activities of many business enterprises are regulated
by governmental agencies.
Decisions makers need useful information in the process of trying to attain their investment
objectives. For information to be useful it has to possess certain qualities such as relevance, reliability,
and comparability. Accounting information is believed to have these qualities to make the information
useful for decision makers. Which include [a| -Relevance: This qualitative characteristic relates specific
items of accounting information to particular business and economic decisions. Relevance is a function
of timeliness, predictive value and feed back value.
- Feedback value: The soundness of past decisions effects future predictions. Feedback is the process
of reporting information about the outcomes of past decision to aid a decision maker in making
decisions about the future.
- Timeliness:- It is essential for information to be relevant because information obtained too late cannot
be useful to the decision maker.
- Predictive value:- Users of accounting information are assumed to be interested in predicting the
cash flows and assessing the risks associated with particular business enterprises.
[b] Reliability: The reliability of accounting information is a function of its representational
faithfulness, verifiability and neutrability.
-Representational faithfulness: In accounting means agreement between an accounting measure or
description and the phenomenon that it purports to represent. It is affected by uncertainty and precision,
- bias and completeness. Representational faithfulness also rests on the completeness of underlying
information.
- Verifiability: Contributes to usefulness of accounting information because verification
provides a degree of assurance that the reported accounting information represents
what it purports to represent.
- Neutrality: Means the absence of bias in either direction.
[c] Comparability: Information about a particular enterprise gains greatly in usefulness if it can be
compared with similar information about other enterprises and with similar information about the same
enterprises for some other period or some other points in time. Comparability between enterprises and
consistency in the application of methods overtime increases the informational value o
f comparisons of relative economic opportunities or performance.
Consistency: Means the conformity from period to period in the application of accounting jolicies and
procedures.
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Jackson, O. Olujide
Fig. 2
A Hierarchy of qualitative Character of Accounting Information
4. STRATEGIC PLAANNING IN AN ORGANISATION.
An organization can be described as group of people united together for a common purpose.
A finance house providing financial services is an organization. An organization consists of
people, not physical assets. The common purpose towards which an organization works is called its
objectives. The implementation of an organizations objective is known as strategic planning. In any
organization, strategic planning occurs in 2 phases:
1)
Deciding on the products to produce and/or the services to render.
2)
Deciding on the marketing and/or manufacturing strategy to follow in getting the intended
product or service to the proper audience.
Essentially, the manager carries our four broad functions planning, organizing and Directing,
Controlling, and making Decisions.
These activities are carried on more or less simultaneously and often under considerable
stress, urgency, and pressure.
1)
Planning: In planning managers outline the steps to be taken in moving the organization
towards its objectives. As these plans are made they would be communicated through out the
organization and will serve to co-ordinate together the efforts of all parts of the organization towards
the company's objectives.
2)
Organizing and Directing: In organizing, the managers decide how best to put together the
organizations human and other resources in other to carry out established plans.
In directing managers oversee day to day activities and keep the organization functioning
smoothly. Employees are assigned to tasks, disputes between department or employees are settled,
questions are answered, on the spot problems are solved, and numerous small routine and
UNAD International Journal of Accounting
87
non-routine decisions are made on the spot involving customers and/or procedures. In effect directing is
that part of the managers work which deals largely with the routine and with the here and how.
3)
Controlling:- In controlling managers take those steps that are necessary to ensure that every
part of the organization is functioning at maximum effectiveness. To do this they study the accounting
and other reports coming to them and compare these reports against the plans set earlier. These
comparisons may show where operations are not proceeding effectively or where cenain persons need
help in carrying out their assigned duties. Control in a large part is, a function of obtaining useful
feedback on how well the organization is moving towards its stated objectives. Thus feedback may
suggest the need to re plan, to set new strategies, or to reshape the organizational structure.
4)
Decision Making: The manager attempts to make rational alternative, planning, organizing
and directing, and controlling, and require that decisions be made.
All decisions are based on information, in large part, the quality of managements decisions
will be a reflection of the quality of the accounting and other information which it receives. Bad
information will generally lead to bad decisions.
SOURCE: Managerial Accounting 3rd Edition Ray, H. Garrison.
From the above diagram, it can be seen that decision making is a very important factor in any
organization, and for any decision to be made, it has to be based on information.
Information is the motor that makes management moves forward. In the absence of a steady
flow of information, management would become powerless to do anything. A large part of management
information needs are satisfied within the structure of the organization itself. There are channels of
communication extending through out an organization through which the various levels of management
can communicate. Through, these channels, policies and instructions are submitted to subordinates,
problems are discussed, formal and informal contracts are made, reports and memo's are transmitted
and so on. Without these channels of communication would be impossible for management to function
effectively.
5.
ACCOUNTING AS A TOOL FOR STRATEGIC MANAGEMENT
The management of an organisation also depends on specialists to provide a large part of its
information needs. The information thus provided by accounting is essentially financial in nature
helping the managers to do three things.
1.
Plan effectively and focus attention on deviations from plans.
88
Jackson, O. Olujide
2.
3.
Direct day - to -day operations.
Arrive at the best solution to the operating problems faced by the organisation.
1.
Plan Effectively: the plans of management are exposed formally as budgets. Budgets are
usually prepared on an annual basis and express the desires and goals of management in specific
quantitative terms. Once the budget have been set, the management would need information inflow that
will indicate how well the plans are working out. Accounting assists in this information need by
supplying performance reports that help managers focus in on problems that otherwise might go
unnoticed. If the performance report on a particular department indicates that problems exists, then the
manager will need to find the cause of the problems and take corrective action.
2.
Directing Operation: the manager has a constant need for accounting information in the
routine conduct of day to day operations for examples pricing of new items ensure that cost -price
relationship! are in harmony with the market strategy adopted by the firm and so on.
3.
Solve Problems: accounting information is often a key factor in analysing alternatives
methods for solving a problem. The reason is that various alternatives usually have specific costs and
benefits that can be measured and used as an input in deciding which alternative is best. Accounting is
generally responsible for gathering available cost and benefit data, and for communicating it in a
useable form to the appropriate manager.
It has been noted earlier that one of the main uses of planning is to allocate resources
effectively as possible. To cope with what resources are available, managers use budgets a planning
tool that is a wholly distinct form, but closely related to the objectives - strategies - rules sequence. A
budget is a technique for allocating resources, expressed quantitatively to attain objectives expressed in
the same terms. It is also a detailed plan showing how resources would be acquired and used over some
specific time period. It represents a plan for the future expressed in formal quantitative terms. A budget
also serves as a control standard for the allocation of resources and the evaluation of performance.
Planning involves development of future objectives and the preparation of various budgets to
achieve these objectives. Budgeting is the most wildly used accounting toll for strategic management.
Some of the most significant uses of budgeting are
1. Integration and Comparison of all operations: In preparing a comprehensive budget, management
converts all resources and planned output to Naira. This uniform unit of measurement-a common
denominator-permits radically different operations compared to one another. The budget thus
facilitates the integration of plans by making it easy to see the relationship between the plans and
supporting sub-plans. The resources allocated to every sub-plan must equal what was allotted for
the overall plan.
2. Allocates resources: One of management's most important responsibilities is to allocate resources
in a way that will lead to the attainment of objectives. The budget is a unique technique for doing
this.
3. Guides decision making: The parameters established by the budget channel decisions to
subordinate managers in the direction desired by top management. If the budget is enforced, no
subordinate manager can spend more than top management allocated to his or her activity.
4. Emphasises profit and major objectives: The budget of business is constructed in a way that draws
attention to profit, an essential objectives for many organizations. A good budget for a non profit
organization will similarly stress its primary objectives such as delivering the greatest service
at a set cost.
5. Control: The budget serves as a standard against which actual expenditure of resources can be
compared to planned allocations. It also standard for comparing actual performance to planned
output.
UNAD International Journal of Accounting
89
6.
Motivation: Meeting a budget is an objective standard for evaluation. Organizations therefore often
reward those who meet or improve upon budget standards. This makes budgets a useful tool for
motivating managers to pay close attention to organizational objectives.
Managers are expected to pay the lowest price possible, consistent with the quality of output
desired in attaining the objectives of their firm. In attaining these objectives, the managers are also
expected to consume a minimum quantity of whatever resources they have at their command, again
consistent with the quality of the output desired. In order to do this, managers ha\e to embark on
standard costs, which is another accounting tool, which is indispensable in strategic management.
Among the several causes of business failure, the most common are probably lack of capital
and inadequate control by management. What information does is it tries to detect at once where things
begin to go wrong. Control statements are submitted to the board. Directors want information which is
timely and they want it in a simplified form.
Henri Gayel wrote that the function of control in business was to verify that everything
occurred in conformity with the plan adopted, the instructions, issues and the principles established.
The first step is to set up standards and to appraise performance against them in order to safe guard
progress.
Granted that accounting is not the whole of control, it still remains true that accounting
records provide the lion share of data, their advantage being that facts of great diversity can be
presented in the common denominator of money. From its accounts management acquaints itself with
the financial position of the business and gauges the magnitude of profit made. Accountants have
therefore always been the historians of the business, but today they deal much more with the financial
and legal complications of investment, taxation, the granting of credit and the prevention of error and
fraud.
CONCLUSION
Familiarity with management problems and to some extent with technical processes can make
the accountant an invaluable member of the management team. But accounting information is best
when presented in simple, easily, comprehensible terms, distinguishing between facts and opinion, and
being intelligible beyond accounting and banking circles.
In building human capital, firms also make investment in human assets. Cost are incurred in
recruiting, hiring, training, and developing people as individual employees and as members of viable
interacting organizational groups.
Furthermore. Investments are made in building favourable relationships with external human
resources such as customers, suppliers and creditors. Although such expenditures are made to develop
future service potential, conventional accounting practice assigns such costs to " the "expenses"
classification, which by definition, assumes they have no value to the firm beyond the current
accounting year.
From this, it can be seen that accounting is applied to basically all aspects of strategic
management, hence making accounting an invaluable tool in strategic management.
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