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Transcript of Accounting Skills in Entrepreneural Development
ACCOUNTING SKILLS IN
ENTREPRENEURIAL DEVELOPMENT
A SEMINAR WORK PRESENTED
BY:
ANYAFULU CHINYELU O. MSC/2009406048P
ONWUKA FLORENCE U.
MSC/2009406040F
OKORO RAYMOND MSC/2009406010P
IN PARTIAL FULFILLMENT FOR THE COURSE HUMAN RESOURCES ACCOUNTING (ACC 617)
DEPARTMENT OF ACCOUNTANCY SCHOOL OF POSTGRADUATE STUDIES,
NNAMDI AZIKIWE UNIVERSITY,AWKA.
LECTURER: IJEOMA NGOZI.
SEPTEMBER 2010
1
ABSTRACT
Entrepreneurs are the backbone of today’s society-
even more so now than ever. Whenever the economy gets
rough or things begin to tighten up, it is always the
entrepreneurs that are the first to rebound and lead the
way to recovery. In fact, during tough times, is when the
smartest business people become the most profitable and
go through the most rapid growth and expansion. This
cycle has repeated itself many times over and is evident all
the way back to the Great Depression. Yes, many lost a lot,
but a record number of people skyrocket their success
during those very same times. So what’s the secret? Well,
it’s never a simple answer, but in analyzing and studying
today’s entrepreneurs there are many trends that can be
recognized. And, the old saying was never true than it is
today, “If you want to get what a millionaire has, you have
to do what a millionaire does”. The thing that most people
miss, however, is that in order to do what a millionaire does
you have to understand what it is that he or she is doing
and why?
2
TABLE OF CONTENT
Abstract - - - - - - - - i
Table of Content - - - - - - - ii
CHAPTER ONE
Introduction - - - - - - - 1
Objectives - - - - - - - - 3
Statement of problem - - - - - - 4
CHAPTER TWO
Literature Review - - - - - - 5
Entrepreneurial Skills - - - - - - 7
Implications of Accounting to Entrepreneurs - - 8
Developing Entrepreneurial Skills - - - - 10
CHAPTER THREE
Hypotheses - - - - - - - 11
Research Design, presentation and Analysis of Data -
12
3
Date Analysis - - - - - - - 14
Testing of Hypothesis - - - - - - 17
CHAPTER FOUR
Summary - - - - - - - - 20
Conclusion - - - - - - - - 21
References - - - - - - - - 23
Questionnaire - - - - - - - 25
CHAPTER ONE
INTRODUCTION
Accounting skill in entrepreneurial development is the
use of accounting policies, concepts, procedures and
accounting standard in entrepreneurial development.
Entrepreneurial development could be hinged on that early
period in the development of human race when individual
became conscious of the fact that they could not satisfy
themselves by producing all items individually (subsistence
living).Entrepreneurship is the capacity and attitude of a
person or group of persons to undertake ventures with
probability of success or failure. Entrepreneurship demands
that the individual should be prepared to assume
reasonable degree of risks in addition to being highly
innovative.
4
Definition of entrepreneurs
Joseph Schumpeter a theorist in the Austrian School saw
entrepreneurs as innovators. He argues that an
entrepreneur is an innovator that introduces new
technologies into the workplace or market, increasing
efficiency, productivity or generating new products or
services (Deakings and Freel 2009). This cannot be
achieved without an appropriate skill.
Skills according to Longman dictionary of contemporary
English (2003) is defined as the ability to do something well
because you have learned and practiced it. An
entrepreneur needs a broad array of entrepreneur skills to
succeed in today’s competitive market.
According to Kilby (1971:6) entrepreneurship is the
willingness and ability of an individual to seek out
investment opportunities, establish and run an enterprise
successfully.
Leff (1979:524) defined entrepreneurship as the
capacity for innovation, investment and activities
expansion in new markets products and techniques.
Looking at the accounting skills in entrepreneurial
development accounting is the process used to measure
and report various users relevant financial information
5
regarding the economic activities of an organization or unit.
In entrepreneurial development if the skills of the operation
are bad, it will affect the efficiency of the organization but if
the skill of operation is good, it will help in the efficiency of
the organization. Accounting skills will have a way to
influence the operation of the entrepreneurial development
because accounting is the major quantitative information
system in every organization. An effective accounting
system provides information for three broad purposes or
ends.
a. Internal reporting to managers for the use in
planning and controlling routine operations.
b. Internal reporting of managers, for use in strategic
planning, that is, the making of special decisions
and the formulation of overall policies and long-
range plans.
c. External reporting to shareholders, government,
and other outside parties.
Furthermore, accounting system is a formal means of
gathering data to aid management and coordinate
collective decisions in light of overall goals or objectives of
an organization.
6
Finally, this study shall evaluate the importance of
accounting and its skill in entrepreneurial development.
Equitable resources allocation cannot be achieved in any
given management without accounting information.
Accounting information is the best way to communicate
economic facts in business, It therefore, follows that
accounting has become a business language. If it is a
business language, its usefulness cannot be over-
emphasized.
As a good panacea, its proper dose must be
prescribed and taken accordingly.
OBJECTIVES
1. To evaluate the effectiveness and efficiency of
accounting skill in entrepreneurial development.
2. To evaluate the accounting skill application in
entrepreneurial development.
3. To elicit the importance of accounting information in
entrepreneurial development.
STATEMENT OF PROBLEM
Entrepreneurial development is known around the world as
a major cradle of industrialization. Starting such a venture
without a defined mission or focus, limited access to credit,
7
ineffective management, misplaced confidence in the
members of the staff. Other factors include inability to
improve and grow with modern technologies and
management techniques, poor infrastructural facilities,
failure to provide adequate training of managerial and
other staff as well as the flamboyant lifestyle of family
members of the entrepreneur who controls the business.
Inappropriate skills in accounting leads to poor record
keeping and mismanagement of fund.
It is ardently delivered in some academic quarters that
some entrepreneurial ventures do not have sound
knowledge of accounting in their business and this affects
the growth of their business rapidly.
CHAPTER TWO
LITERATURE REVIEW
The Business and its Owners. In the words of Okafor,
Okoye, the relationship between the business and its
owners is very important in accounting. The business is
quite distinct from its owners. It does not matter whether
the owner or proprietor runs the business himself. This is
8
termed his capital which stands as an indebtedness of the
business to its proprietor.
Bekker and Stande has it that generally, a manager
performs four functions to secure results; planning,
organizing, leading and controlling.
Categories of Entrepreneurs.
Having explained the concept of entrepreneur and
skills, it is pertinent at this juncture to discuss the different
categories of entrepreneurs.
Entrepreneur apply their talents in different situations.
These differences give rise to a set of distinct categories of
entrepreneurs. To Boone and Kurtz (2005, there are three
basic categories of entrepreneurs viz:
i. Classic entrepreneurs: This category of
entrepreneur identify business opportunities and
allocate available resources to tap those markets.
ii. Intrepreneurs: they are the naturally oriented
people who seek to develop new products, ideas
and commercial ventures within large
organizations.
9
iii. Change agents, also called turnaround
entrepreneur: they are managers who seek to
revitalize established firms to keep them
competitive in today’s market place.
What is accounting.
Accounting can be described as how a business “keeps
score”. It is how you know if your business is succeeding or
failing. Business accounting is just like balancing your
check book, or looking at your personal bank statement to
give you an idea of where your personal finances stand. By
the end of the process you will not only know if your
business is making money but where and how your
business is making and losing cash.
Financial statements are the reports accounting produces.
The basis of having accurate financial statements is in
keeping perfect records. The easiest way of doing this is by
keeping a general ledger. This includes every source of
income and expenditure. The general ledger can then be
analysed to produce the three pieces to a basic financial
statement. These pieces are comprised of the balance
sheet, the income statement and the cash flow statement.
10
Application of Accounting Skills by Entrepreneur
An entrepreneur need not be an accountant or book-keeper
or a financial expert but rather the knowledge of the skills
has much impact towards the success of the business for,
example a farmer who is an entrepreneur needs to prepare
annual farm profit and loss account. The knowledge of
accounting skill will help the manager (entrepreneur) in the
running of the business. For example, the entrepreneur
needs to prepare feasibility study when going into a new
business (Vesper 1980).
Keeping of Accounting Records
Accounting records play a vital role in decision making
process of any organization in terms of providing adequate,
accurate and timely information (Kanu and Nwaiwu 2010).
Onwukwe (2010) in Kanu and Nwaiwu 2010 highlighted the
relevant accounting information needed by the
entrepreneurs. They include the following:
- record of trading and profit account of the business
- record of assets and liabilities of the business.
- Record of debtors and creditors
11
- Record of information relating to taxes and
government financial policies/regulations.
- record of information as sources of funds and
materials.
Reasons for Keeping Accounting Records by the
Entrepreneur
It is very necessary for the entrepreneurs to know why
accounting records are important for the success of the
business.
Onwukwe (2010) in (Kanu and Nwaiwu 2010) also
listing the following reasons or objectives:
i. to know what the business owns (assets) (and what
it owes (liabilities)
ii. to ascertain the amount of money material or
efforts invested in the business at a particular time
or period.
iii. to know the debtors and the creditors of the
business and the time each debt or credit falls due.
iv. to know the track of raw materials, finished goods
and goods in transit with a view to replenishing
them.
12
v. to draw a realistic plan of obligation such as
payment of salaries and wages, other benefits et-
cet-era.
ENTREPRENEURIAL SKILLS
1. Self-Confidence: Every entrepreneur needs to be
confident in themselves, their product and their
business. You need to know that your product can
truly help people and that you are charging prices that
are both fair to you and your clients.
2. Ethics and Morals: Ethics and morals are the
foundation of every good entrepreneur. Early on you
must decide what you and your business will stand for
and what lines you will refuse to cross.
3. Sales: No matter how much you don’t like the idea of
it, every business has to work with sales. Each
industry and business has a unique way of handling
their sales. As an entrepreneur, it is your job to figure
out what type of sales you prefer and what type is
best for your services or products.
4. Finance: When in business, knowledge of finance is a
must. Knowing how to balance a checkbook and keep
13
tract of numbered invoices is all most small business
need to start out. The most important aspects of small
business finance is scheduling time specifically for
your finance management and doing it.
IMPLICATIONS OF ACCOUNTING TO ENTREPRENEURS
1. Accounting Help in Calculating Profit: The
ultimate object of all business undertaking is to make
a profit. It would be very difficult, if not impossible, to
ascertain whether a business is making a profit or loss
without the help of complete and up-to-date accounts.
An entrepreneur who is unable to ascertain his profit
with a fair degree of accountancy is liable to make
excessive drawing, which could make it very difficult
for him to meet business commitments.
2. Accounts Help in Credit Dealings: Most of today’s
business is conducted on credit basis. Accounting can
help an entrepreneur in both, keeping him informed of
amounts due from his debtors and amounts due to
his creditors.
3. Accounts is a Tool for Control: An entrepreneur
with a sizeable business will have numerous assets. It
14
is imperative that proper records be maintained of
their movements to eliminate possibility of theft and
misappropriation.
4. Accounts – an aid to Planning: Accounts can be of
great assistance in furnishing useful statistics on
sales, purchases, profit, investments etc, which help
the trader form his policies, plan his future
developments, take precautionary measures where
necessary and make wise decision for the profitable
operation of the business.
5. Accounts – of Proof of Financial Position: If an
entrepreneur decides to sell off his business, the
factor that is going to influence the sale price most is
information contained in the account.
6. Accounts are Necessary for Taxation:
Governments in all countries charge taxes of various
types e.g. sales tax, purchase tax, local tax, customs
duty, etc. Naturally, to be able to calculate and pay
the correct amount of tax due, a businessman must
know his exact sales figures.
Common accounting mistakes entrepreneurs
typically make:
15
- they dip into business funds to cover personal
expenses
- they have little idea of where their business stands
with cash flow, projections and profits.
- they do not easily and accurately keep track of
billable hours.
- they do not have reliable systems to track billing or
overdue payment.
- they forget to read the source of checks deposited.
- they regularly neglect to put aside enough money
for taxes, bad debts, depreciation etc.
Entrepreneurship failures and their causes
The goal and objective of an entrepreneur is to
succeed in his business venture but sometimes the reverse
is the case. A lot of factors are responsible for the failure of
entrepreneurs.
Such factors include the following (Kanu and Onwukwe
2008)
Risk Aversion
Sometimes an entrepreneur may be afraid of taking risk.
The saying “nothing ventured nothing gained” seem to be
true. So since he has not ventured, it will be difficult for
him to succeed.
Indecision
Indecision is the bane of many industrialists. The worst
decision is said to be better than no decision at all.
16
Non-employment of experts in special areas
Some business enterprises require specialist attention. For
example the accounting function, the purchasing function,
quality control, the personnel function, to mention but a
few, require qualified persons.
Fund diversion
There is the tendency for some entrepreneurs to divert
funds to non-productive ventures. For example naming
ceremonies, taking of chieftaincy and “Ozo” titles,
celebrating golden and silver jubilees, etc.
Early diversification and expansion
Some businessmen are always in a haste to do one thing or
the other.
Illiteracy
This is another factor that characterizes entrepreneurial
failure.
Lack of delegation
Lack of delegation or improper declaration of
entrepreneurial failure. This is occasioned by lack of trust
and confidence in subordinates.
Get-rich-quick syndrome
This tendency is present in most Nigerian entrepreneurs.
They want quick wealth at the expense of good business
ethics.
Poor management of resources
Some of the problems of the Nigerian entrepreneur are
poor management of productive resources.
17
Entrepreneurs build new skills not by acquiring information
but rather through a process of personal transformation
that involves a deep level of qualitative change. Rarely do
entrepreneur; prior to starting their first venture, already
possess all the skills they need to become successful. At
some stage in their lives or at some point in the process of
forming their business, they have to build the necessary
skills.
DEVELOPING ENTREPRENEURIAL SKILLS
The process is concerned with four main stages.
1. To objectively analyze and identify the current and
foreseeable skills needs of the business, in terms of
management, administrative and technical skills, and
the relative importance of these.
2. To identify the entrepreneur’s own personal goals and
objectives and accurately analyze and evaluate his or
her own skills and resources in relation to those.
3. To produce a realistic personal development plan for
the potential entrepreneur.
18
4. To monitor the on-going performance of the
entrepreneur once the business has started.
CHAPTER THREE
RESEARCH METHODOLOGY
The data used in this research work were collected from
two main sources:
(a) Secondary sources
(b) Primary sources
The primary source employed is mainly questionnaire
approaches that are mostly structured. Consequently, a
very few unscheduled personal interviews were used to
confirm and checkmate secondary sources of data and for
clarification of some responses from primary sources of
data.
19
Secondary sources of data have been collected through the
understudy of existing documents, seminar papers,
textbooks etc.
RESEARCH DESIGN, PRESENTATION AND ANALYSIS
OF DATA
The populations chosen for this work were predominantly
entrepreneurs in public and private sectors of the economy
and professional accountants.
To ensure a comprehensive data collection and
analysis, a sample size of 60 persons were selected from.
1. Centre for entrepreneurial development UNIZIK,
Awka
2. Some small and medium enterprises in Onitsha and
environment eg. GBC Murphy Ltd makers of GBC air
refreshment.
3. Professional accountants comprising accountants
from manufacturing firms and government offices.
Questionnaires were printed and distributed to the
sample population, in addition, personal interview of
same, were carried out. A total of 12 questions are
contained in the questionnaire, some of the questions
20
were structured, while others were unstructured, the
unstructured questions were framed in order to give
room for respondents to express their opinion fully on
the issue and structured questions were for the purposes
of testing hypothesis.
The team of researchers because of want of time and fund
were able to sample a few but seasoned entrepreneurs and
were quite convinced that users of this work will have a
bird’s eye view of the entire gamut of accounting skills as a
prerequisite for entrepreneurial development.
Procedure for data analysis.
The statistical technique employed for analysis or
processing the data collected includes frequency tables and
simple percentage. In addition the t-test is used for the
testing of the hypothesis of the study.
21
CHAPTER FOUR.
Test of Hypothesis One
HO: Accounting skills is not relevant for entrepreneurial
development.
HI: Accounting skills is relevant for entrepreneurial
development.
To test this hypothesis, we used sample t-test. Specifically,
the one-sample t-test model was used. Accordingly, to test
this hypothesis two variables (Skills in Accounting and
Financial Procedures and Financial Decision and Policy
Decision As Hub of Entrepreneurial Growth) were used.
22
While table I shows the summary statistics; however, table
2 shows the detailed statistics. The statistical results are
shown below.
Table 1: One-Sample Statistics
N Mean Std. Deviation
Std. Error Mean
Skills in Accounting and
Financial Procedures
Financial Decision and
Policy Decision As Hub of
Entrepreneurial Growth
54
54
.91
.91
.293
.293
.040
.040
Table 2: One-Sample Test
Test Value = 0
95% Confidence Interval of the Difference
T Df Sig. (2 tailed)
Mean Difference
Lower Upper
Skills in Accounting and
Financial Procedures
Financial Decision and
Policy Decision as Hub of
Entrepreneurial Growth
22.79
0
22.79
0
53
53
.000
.000
.907
.907
.83
.83
.99
.99
23
The decision rule is to accept the alternate hypothesis if the
t-statistic is greater than the t-critical value. The t-statistics
above is 22.790 respectively for each variable. But at 53
degrees of freedom and 5% level of significance, t-critical
value is 1,960. Hence since the t-statistics is greater than
the t-critical value, we reject the null hypothesis and accept
the alternate hypothesis. We therefore conclude that
accounting skills is relevant for entrepreneurial
development.
Test of Hypothesis Two
HO: Accounting skills cannot be applied in entrepreneurial
development.
HI: Accounting skills can be applied in entrepreneurial
development.
To test this hypothesis, we also used the one-sample t-test.
Accordingly, to test this hypothesis three variable items
where used. The variable items that were used are:
Accounting Skills and Rate of Inflow & Outflow of Capital
Structure: Whether Good Business Plan is a Function of
Accounting Skills; and Accounting Skills are important
24
among Entrepreneurs. The statistical results are shown
below.
Table 3: One-Sample Statistics
N Mean Std. Deviation
Std. Error Mean
Accounting Skills and Rate of
Inflow and Outflow of Capital
Structure
Whether Good Business Plan is
a Function of Accounting Skills
Accounting Skills are important
among Entrepreneurs.
54
54
54
.56
.74
.93
.502
.422
.264
.068
.060
.036
Table 4: One-Sample Test
Test Value = 095% Confidence Interval
of the Difference
T df Sig. (2 tailed)
Mean Difference
Lower Upper
Accounting Skills and Rate
of Inflow & Outflow of
Capital Structure
8.139 53 .000 .556 .42 .69
25
Whether Good Business
Plan is a Function of
Accounting Skills
Accounting Skills are
Important among
Entrepreneurs
12.30
6
25.73
9
53
53
.000
.000
.741
.926
.62
.85
.86
1.00
The decision rule is to accept the alternate hypothesis if the
t-statistic is greater than the t-critical value. The t-statistics
above are 8.139, 12.306, and 25.739 respectively for each
variable. But at 53 degrees of freedom and 5% level of
significance, t-critical value is 1,960. Hence since the t-
statistics is greater than all the t-critical value, we reject
the null hypothesis and accept the alternate hypothesis.
We therefore conclude that accounting skills can be applied
in entrepreneurial development.
The ANOVA results below indicates the explanatory power
of the four selected variable as appropriate variables for
explaining the concept of accounting skill in entrepreneurial
development.
ANOVA
Sum of
Square
df Mean
Squar
F Sig
26
s e
Accounting Skills and Rate of Between
Groups
Inflow & Outflow of Capital
Within
Groups
Structure
Total
1.701
11.633
13.333
1
5
2
5
3
1.701
.224
7.602 .008
Whether Accounting Skills Between Groups
Measures Standard with Within Groups
Actual Total
3.023
7.347
10.370
1
5
2
5
3
3.023
.141
21.399 .000
Whether Accounting Skills Between Groups
Detect Financial Losses Within Groups
Total
2.904
.800
3.704
1
5
2
5
3
2.904
.015
188.74
1
.00
Accounting Skills are Between Groups
Important among Within Groups
Entrepreneurs Total
2.904
.800
3.704
1
5
2
5
3
2.904
.015
188.74
1
.000
All the variable items are significant in explaining
accounting skills among entrepreneurs as none has
negative value. Hence, we infer that the variables explain
the construct – accounting skills.
27
CHAPTER FIVE
SUMMARY
Becoming an entrepreneur can be one of the most
rewarding decisions of your life. Understanding how to
separate yourself from the rest of the rat race and put
yourself in control of your own life is incredibly
empowering. By choosing this path, you are giving yourself
the ability to control your own destiny rather than simply
choosing to work for someone else. However, that does not
dismiss your responsibility to have a well-rounded
education and familiarly with various core business topics.
You need to be able to effectively and intelligently
communicate on those topics if for no other purpose than
to properly evaluate those that you hire. If you don’t have
the most basic understanding of accounting, how can you
possibly search for the proper qualifications for a crucial
and strategic business account for your new Endeavour?
The point of this article is to illustrate that an entrepreneur,
while a specialist, must still be very well rounded in his or
her education in order to be able to see all sides of the
issues in front of them. Successful entrepreneurs are able
28
to effectively wear multiply hats and shift from role to role
as necessary. Entrepreneurial Development studies if
embraced will help to provide basic understanding for
running a business outfit.
Conclusion
Entrepreneurs need accounting education. No idea is so
great that you can avoid accounting for it. Proper
accounting is a necessary process for a successful
entrepreneur to employ. You must keep detailed records of
monetary transactions involved in the creation and sales of
your business. Without them, you and your business will
fail.
Learning accounting while building your business is a
smart move. It will provide you with a necessary tool to
help expand your business in the future. Entrepreneurs
need to take a little extra time and effort to master it, and
this will give them an important edge over their
competitors that can assume them success in the long run.
Accounting is something that is useful in your personal as
well as professional lives.
29
Hassan has stressed the crucial roles of education,
training and development in entrepreneurial development
and skills acquisition.
He said that the process of equipping entrepreneurs
with necessary skills is through education, entrepreneurial
training and development.
30
REFERENCES
Boone, L. & Kurtz, D.(2005) Contemporary Business US:
Thomson & South West Publishers.
Louis A. Allen (1969), Professional Managers Guide, Louis
Allen Associates Johannesburg.
Frans Bekker (1988) Starting and Managing A Small
Business Rustica Press (PTY) Ltd NDABENI, CAPE.
Kanu, I.N and Nwaiwu,
B.N(2010)Entrepreneurship:Essential Themes in
Theory and Practice. Owerri:Great Stars Publishers
International Company.
Kanu, I.N and Onwukwe, V(2008).Introduction to Small
Scale Business and Entrepreneurship Education.
Owerri. Great Stars Publishers International Company.
Longman Dictionary of Contemporary English(2003).
England: Longman Nigeria PLC.
31
Okafor K.O. Okoye E.I. (2004), Principles and Practice of
Financial Accounting .Rex Charles and Patrick Ltd.
Nimo.
Onwukwe, V.(2010) Kanu, I.N and Nwaiwu,
B.N(2010)Entrepreneurship:Essential Themes in
Theory and Practice. Owerri:Great Stars Publishers
International Company.
John W. Hanseen (2007) Dictionary of Accounting. Star
Offset, New Delhi.
R.J. Bull Accounting in Business (1980), Butterworth
Scientific London.
Gardner H. (1993) Creating Minds, New York Basic Books
Glasmeier, A.K, Fuellhats K, Feller I. and Mark M. M (1998),
The relevance of financial learning theories to the
design and Evaluation Of Manufacturing Modernization
Programmes, Economic Development Quarterly 12,
107-124.
Uzoma, A.M. Entrepreneurial Development in Nigeria – A
tactical approach for Organization Markers, Onitsha
New Age Educational Publishing Co. 1991.
32
JOURNALS
Accounting Education Change Commission (1990), Position
Statement No, One Objectives of Education for
Accountants. (USA)
Dr. Doyin Hasan Conference of International Academy of
African Business and Development (IAABD) 11th
edition Lagos State University (LASU).
Department of AccountancyNnamdi Azikiwe University,AwkaJuly 20, 2010.
Dear Sir/Madam,
We are post graduate students of the above-named
institution on the department of Accountancy.
We are carrying out a research on Accounting Skills
for Entrepreneurial Development and you have been
chosen as one of our target audience for the study.
Please kindly answer the questionnaires attached to
enable us effectively carry out the study.
The responses received from you are highly believed
to be confidential and would be treated as such.
33
Yours faithfully,
Team of researchers.
QUESTIONNAIRE
1. Which among the list below do you belong?
(a) The public (b) Civil Servant
2. Which profession do you belong?
(a) Accounting (b) Management
(c) Other
3. Accounting skills helps to detect financial losses in
business
(a) Agree (b) Disagree
4. Skills in accounting provides alternative financial
procedures of which business policy is adopted.
(a) Agree (b) Disagree
34
5. Accounting skills measures standards with actual, in
order to apply necessary controls where deviation is
known to achieve the desire business objectives.
(a) Agree (b) Disagree
6. Accounting skills regulates the rates of inflow and
outflow of capital structure of entrepreneur to
preserve the wealth maximization goal.
(a) Agree (b) Disagree
7. Good business plan is a function of accounting skill.
(a) Agree (b) Disagree
8. Entrepreneur needs accounting skills to keep and
update accounting books necessary for successful
venture.
(a) Agree (b) Disagree
9. Relevant business financial decision and policy
decision is the hub for entrepreneurial growth.
(a) Agree (b) Disagree
10. Comment briefly on the relationship between
accounting skills and entrepreneur development.
35
_______________________________________________________
_____________________________
11. Funds for business venture is easier to obtain through
good feasibility study drafting which is a function of
accounting skill.
(a) Agree (b) Disagree
12. Job creation and entrepreneurial idea is born by good
accounting skill. Comment.
36