THE IMPACT AND ROLES OF ACCOUNTING INFORMATION TO NON-PROFIT MAKING ORGANIZATION

ABSTRACT

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. The applications of Accounting Information have contributed to the growth and development of every business entity. The study was carried out to examine the Roles and Impact of Accounting Information to Non-Profit Making Organization using Redeemed Christian Church of God (RCCG) as a case study. Investigation reveals the problems of the Roles and Impact of Accounting Information to Non-Profit Making Organization research work which entails that the inability of the priest to keep adequate financial information is responsible for crisis and break up of churches, and cases of unqualified personnel handling accounting information of the Redeemed Christian Church of God (RCCG). The research design used in this report is descriptive design, utilizing questionnaire method to obtain information from the respondents for this project. A total of 133 (one hundred and thirty three) respondents were selected for this study to represent the entire population of the study. For null hypotheses were formulated and tested using the one-way ANOVA and the t-test statistical tools at zero point zero five (0.05) level of significance. Primary data were collected from the primary source which questionnaire was used as an instrument of data collection while secondary data were sources from textbooks, journals, newspapers and the internet were employed. The data were presented on a frequency distribution table and analyzed using simple percentage, while hypothesis was tested using chi-square test. The study will serve as a better information guide to churches who wish to apply accounting information, and will also help all to appreciate the impacts of accounting information not to the non-profit making organization but to profit oriented businesses.

CHAPTER ONE

1.1 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. 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.

As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Limitations of the Study and Definition of technical terms.

1.2 Background of Study

Management is frequently faced with the problems of making alternative decisions faced with fact that resources are relatively scarce and limited compared to human wants. management does not only seek to ascertain cost at various stages in the process of providing a product or services, but also to make proper and accurate decisions at all levels on the modern organization. This process is facilitated by utilization of adequate and accurate accounting information policies.

Chris M. Madu (1999) without doubt decision making is one of the highest forms of human and hence management activity. The development of a business and the activity of its potentials very much depend on the existence of entrepreneurs with the present skills, capital and professional advice. These include accurate accounting information provided by accountants and their planning and other decision process. Despite the provision and utilization of accounting information, managers found it difficult to plan accurately. Consequently, results have on most cases been away from decision budget. This can be attributed to inadequate and inappropriate use of information.

This study will examine the use of accounting information in the form. it will delve into the constraint affecting the use of accounting information by mangers in their decision making process.

Also this study will give a related literature that will discuss the nature and sources of accounting information, its importance and the users of this information.

1.2.1 Historical Review of RCCG

The Redeemed Christian Church of God (RCCG) is a Pentecostal mega church and denomination founded in Lagos, Nigeria. The General overseer (most senior pastor) is Enoch Adeboye, ordained in 1981. The church in Lagos has an average church attendance of 100,000 (Wikipedia, 2021).

The RCCG was founded in 1952 by Rev. Josiah Olufemi Akindayomi (1909–1980) following his involvement in other churches. Rev. Akindayomi chose Enoch Adejare Adeboye as the next General overseer. Enoch Adeboye was a lecturer in mathematics at the University of Lagos, Nigeria, as at the time he joined the church in 1973. Adeboye initially became one of the interpreters translating Akindayomi's sermons from Yoruba to English. He was ordained a pastor of the church in 1975, and his appointment as leader (General overseer) of the church was formalized by the posthumous reading of Akindayomi's sealed pronouncement. In 1990, Redeemed Christian Church of God Bible School was founded (Wikipedia, 2021).

In 1981, Pastor Enoch Adejare Adeboye became the General Overseer of the Church. In 1983, the land for the Redemption Camp in Mowe was purchased. In 1988, a students' body known as the Redeemed Christian Fellowship (RCF) was established. It is the youth wing of the church concentrated within tertiary institutions of learning in the country. In 1990, Christ the Redeemer's Friends Universal (CRFU), was established to garner financial and human resources from the very wealthy in the society. In 2005, Redeemer's University was established (Wikipedia, 2021).

Andrew Rice, writing in The New York Times, calls the RCCG "one of Africa's most vigorously expansionary religious movements, a homegrown Pentecostal denomination that is crusading to become a global faith". The church's leaders preach that in the future "In every household there will be at least one member of Redeemed Christian Church of God in the whole world" (Wikipedia, 2021).

In 2008, it had 14,000 churches and 5 million members in Nigeria, in 80 countries. The international church is structured in different areas throughout the world. The local churches are now grouped into regions, with 25 Regions in Nigeria. It is also organised throughout most of the world. Notable special spiritual programs are the Holy Ghost Service which holds on first Friday of every month in Nigeria (Wikipedia, 2021).

Beliefs of RCCG

The official RCCG website outlines its beliefs in the Bible and the Holy Trinity, that the Devil exists, that God formed man in his image, in repentance, in cleansing from sins by God's grace, in sanctification, water baptism, Holy Spirit baptism, restitution and that it is possible for God to heal without medicine (by His divine intervention e.g. through prayer). The church is a strong advocate of peace and holiness ("Follow peace with all men, and holiness, without which no man shall see the Lord. Hebrews 12:14 - KJV). The church forbids "worldliness" (such as reveling and lewd dancing) and rebellion against church authority. The church is also against debt to finance either the church or its activities. It encourages abstention from all evil and reverence to parents and constituted authorities (Wikipedia, 2021).

1.3 Statement of Problem

Investigation reveals the problems of the Roles and Impact of Accounting Information to Non-Profit Making Organization (A Case Study of RCCG) research work:

Inability of the priest to keep adequate financial information is responsible for crisis and break up of churches.
Cases of unqualified personnel handling accounting information of the Redeemed Christian Church of God (RCCG),
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.

1.4 Aim and Objectives of Study

The aim of the study is to examine the roles and impact of Accounting Information to Non-Profit Making Organization using Redeemed Christian Church of God (RCCG) as a case study. In achieving this aim, the following objectives were set out as follows:

To find out the impacts of accounting to non-profit making organization.
To find out importance of accounting information to the church
To investigate how accounting information could be applied in the church
To identity the problem created when accounting information is not used in the church
To find out the problem associated with unqualified hand handling accounting information.

1.5 Research Questions

The following are the questions of the research work:

What are the impacts of accounting to non-profit making organization?
Is there any importance of accounting information to the RCCG?
How can accounting information be applied in the RCCG?

1.6 Research Hypothesis

The following hypotheses were formulated in order to find out the validity and reliability of information gathered.

Hypothesis One

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.

Hypothesis Two

H0: Accounting information may not create problems where unqualified hand handles it.

H1: Accounting information may create problems where unqualified hand handles it.

1.6 Significance of Study

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.

Besides, the study will serve as reference material for subsequent researcher in the field or related topics.

1.7 Scope of Study

This work covers the area of impact of accounting accompanying accounting information to Non-profit making organization with reference to Redeemed Christian Church of God (RCCG).

1.8 Limitations of the Study

During the course of this study, many things militated against its completion, some of which are:

Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
Establishment Policies: Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this project work. There were lots of information needed from the staffs of this institution to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.
Research material: availability of research material is a major setback to the scope of the study.
Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.

1.9 Definition of Terms

Accounting: 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.
Information: This is processed data. Data are merely facts and figures that have little to do with decisions.
Planning: It is setting goals and ways to achieve them
Surplus: It is excess income over expenditure
Deficit: It is excess expenditure over income
Journal: A book of original entry listing transactions affecting general ledger accounts in chronological order in terms of their debit and credit amount.
Ledger: A book containing the individual accounts of a business entity.
Voucher: 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.
RCCG: Redeemed Christian Church of God
Tithes: Calculated 10% of one's income
Board Members: Members of Elders, Deacons and Deaconesses
Church Workers: The Exco of various wings and departments in the church.
Members: Those who do not hold any position in the church but they belong to the church.

…

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …

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TABLE OF CONTENTS
PRELIMINARY PAGES

Title page
Approval page
Dedication
Acknowledgement
Table of Contents
Abstract
CHAPTER ONE
INTRODUCTION
1.1 Introduction
1.2 Background …
⋮
CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction
2.2 Conceptual Review
2.3 Theoretical Framework
⋮
2.4 Empirical Studies
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Population of Study
3.4 Sampling and Sampling Technique
3.5 Validation of Research Instrument
3.6 Method of Data Collection
3.7 Method of Data Analysis
3.8 Questionnaire Administration
3.9 Ethical Consideration
3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
4.1 Introduction
4.2 Presentation and Analysis of Data
4.3 Re-statement of Research Questions
4.4 Test of Hypotheses
4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Introduction
5.2 Summary of Findings
5.3 Conclusion
5.4 Recommendation
5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”

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