Select Currency
Translate this page

A CRITICAL REVIEW OF THE IMPACT OF GOOD ACCOUNTING SYSTEM IN THE GROWTH AND DEVELOPMENT OF INSURANCE INDUSTRY

Format: MS WORD  |  Chapter: 1-5  |  Pages: 77  |  2617 Users found this project useful  |  Price NGN5,000

  DOWNLOAD THE FULL PROJECT

A CRITICAL REVIEW OF THE IMPACT OF GOOD ACCOUNTING SYSTEM IN THE GROWTH AND DEVELOPMENT OF INSURANCE INDUSTRY

 

ABSTRACT

This study survey critical review of the impact of good accounting system in the growth and development of insurance industry. Some problems facing accounting system includes, Good accounting system has not been adequately carried out in insurance, inadequate accounting management. In insurance industry causes fraud, financial statement mis-interpretation also causes a problem. Objective was on the problems of good accounting management. This study critically reviewed the problems of good accounting system in 1G1, leadway and NICON insurance companies. This study made affair contribution towards the understanding of the treatment of various items by insurance companies and their accounting department. Data was sources from primary and secondary data, the primary data used was questionnaire the and observation to the accounting staff of IGI leadway and NICON, while secondary data are annual reports accounts, journals insurance year book etc. in the determining the sample size, Taro Yamani’s was used. Method of data presentation, tabular method was used in data presentation and analysis, it assembles information on the attributes under study in such a way that the relationship between all the information that can be observed and clearly understood at a glance.

PROPOSAL

This study will survey critical review of the impact of good accounting system in the growth and development of insurance industry. Some problems facing accounting system includes, Good accounting system has not been adequately carried out in insurance, inadequate accounting management. In insurance industry causes fraud, financial statement mis-interpretation also causes a problem.         Objective of the study is to find solution to the above problems, to examine why good accounting system has not been adequately carried out in insurance, to evaluate how inadequate accounting management in insurance industry can cause fraud, to explain how financial statement mis-interpretation can cause problem. Research questions are, why is Good accounting system has not been adequately carried out in insurance? How is inadequate accounting management in insurance industry causes fraud? Explain how financial statement mis-interpretation also causes a problem? Reference some information was collected from library and some text books, RAM Olugbega (2004) theory and practice of long terms insurance soace publishers.   This study is an attempt to review the problems of good accounting system in 1G1, leadway and Nicon insurance companies. This study will make affair contribution towards the understanding of the treatment of various items by insurance companies and their accounting department .Sources of data, data was sources from primary and secondary data, the primary data use are questionnaire the conduct of interview and observation to the accounting staff of IGI leadway and Nicon, while secondary data are annual reports accounts, journals insurance year book etc.

Method of data presentation, tabular method will be used in data presentation and analysis, it assembles information on the attributes under study in such a way that the relationship between all the information that can be observed and clearly understood at a glance.      Finally, on the findings, when Its seems that good accounting system has not been adequately carried out in insurance, inadequate accounting management in insurance industry causes fraud and financial statement misinterpretation also causes a problem are due to not shaving qualified accounting staff, inadequate training of accounting staff and lack of interest in this accounting department of insurance industry.

CHAPTER ONE

INTRODUCTION

1.1       BACKGROUND OF THE STUDY

Insurance accounting as related to insurance company is a district and specialized account that is always referred to as ‘specialized account” just like taxation is a specialized area. Though it employs the general accounting principles, concepts and conventions, there are needs for a clear understanding of its preparations.

        In the days of T-form presentation of financial statement an insurance company account could be easily recognized from the sides of the “T” to which income and expenditure items are posted, they are not in conventional form. The convention was placing revenue to the right of the “T” insurance company revenue items to the left of the “T’ and expenditure items to the right.

        Nowadays, there are other features that distinguish accounting system in insurance industry or company or company’s from their accounting system, they are:

i.             Requirement by law for remitting of quarterly and annual returns to central bank of Nigeria (CBN) and Nigerian Insurance supervisory bank (NISB).

ii.             Prescription by law of the type and level of investment of insurance

iii.          Requirement by law for condition of returns to the Nigerian Insurance supervision board (NISB) with stated deadline.

iv.          Requirement by law of the maintenance reserves known as “TECHNICAL RESEARVES” comprising of insurance funds, reserves for outstanding losses reserves for incurred but not reported and contingency reserves.

All these are in addition to rendition of the required returns to the corporate affairs commission (CAC) being and incorporated company under in pursuant to the companies and allied matters decree (CAMD) 1991.

    From the above, it can therefore be seen that without a proper understanding of intricacies involved in both the interpretation of the decree as well as items that makes up insurance accounts and right treatment is afforded to the financial statement as narrated wil not give a true and fair view of the statement of affairs and of profit and loss for the period.

    Having read and studied the above insurance industry, the researcher felt it work bring out a detailed research work in order to benefit the students in higher institutions and readers alike.

1.2  STATEMENT OF THE PROBLEM

    Some of the problems facing accounting system in insurance industry includes:

1.   Good accounting system has not been adequately carried out in insurance.

2.   Inadequate accounting management in insurance industry causes fraud.

3.     financial statement mis-interpretation also causes a problem.

1.3       OBJECTIVES OF THE STUDY

The objectives of this research work is to find solution to the above mentioned problems and at the same time explain and illustrate some of the items so as to practically assist staff of the account department of the insurance industry as follows:

1.   To examine why good accounting system has not been adequately carried in insurance.

2.   To evaluate how inadequate accounting management in insurance industry can cause fraud.

3.   To explain how financial statement misinterpretation can cause problem.

1.4  RESEARCH QUESTIONS.

Some of the research questions are:

1.   Why is good accounting system has not been adequately carried out in insurance?

2.   How is inadequate accounting management in insurance industry caused fraud?

3.    Explain how financial statement mis- interpretation also caused a problem?

1.5       RESEARCH HYPOTHESIS

 In this research work, Null Hypothesis (Ho) and alternative hypothesis (Hi) will be used, Null hypothesis (Ho) will use for rejection while alternative hypothesis (Hi) will be used for acceptance.

1.   Ho: Good accounting system has not been adequately carried out in insurance.

Hi: Good accounting system has been adequately carried out in insurance.

2.   Ho: Inadequate accounting management in insurance industry causes fraud.

Hi: Inadequate accounting management in insurance industry does not  causes fraud.

3.   Ho: Financial statement mis-interpretation also causes a problem.

Hi: Financial statement mis-interpretation does not causes a problem.

1.6       SIGNIFICANCE OF THE STUDY

Industry keeps growing which shows an increase in the public funds placed in another person’s hand in form of premium. There is the need for proper and adequate reporting so that confidence in the industry can be established. Capital market internalization distress in the economy and subsequent need for merger and acquisition as a means of survival calls for proper understanding as well as to treatment is based, which will be used for all these.

The following are the significance of the study

1.   It is important to me in partial fulfillment of HND degree.

2.   It is important to the insurance industry to their accounting section.

3.   It is important to the financial industry on their accounting management.

4.   It is important to the society on their day to day transactions.

5.   It is also very important to the economy special in oil and gas sector.

  DOWNLOAD THE FULL PROJECT

A CRITICAL REVIEW OF THE IMPACT OF GOOD ACCOUNTING SYSTEM IN THE GROWTH AND DEVELOPMENT OF INSURANCE INDUSTRY

Not The Topic You Are Looking For?



For Quick Help Chat with Us Now!

+234 813 292 6373

+233 55 397 8005


HOW TO GET THE COMPLETE PROJECT ON A CRITICAL REVIEW OF THE IMPACT OF GOOD ACCOUNTING SYSTEM IN THE GROWTH AND DEVELOPMENT OF INSURANCE INDUSTRY INSTANTLY

  • Click on the Download Button above.
  • Select any option to get the complete project immediately.
  • Chat with Our Instant Help Desk on +234 813 292 6373 for further assistance.
  • All projects on our website are well researched by professionals with high level of professionalism.

Here's what our amazing customers are saying

Oluchi From Michael Opara University
If you are a student and you have not used iprojectmaster materials, you are missing big time! iprojectmaster is the BEST
Excellent
Musa From Ahmadu Bello University
Thank you iprojectmaster for saving my life, please keep it up and may God continue to bless you people.
Excellent
Peace From Unilag
I cried not knowing how to go about my project but the day i searched online and saw iprojectmaster, i called and got my full project in less than 15minutes, i was shocked!
Excellent
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Abdulrazak Bello Marsha
Usman Dan fodio University
It was quite a better guide for project and paper presentation purpoting. Many thanks.
Average
Abubakar Iliyasu Hashim
Federal college of education pankshin affiliated to university of jos
I am highly impressed with your unquantifiable efforts for the leaners, more grace to your elbow.I will inform my colleagues about your website.
Very Good
Merry From BSU
I am now a graduate because of iprojectmaster.com, God Bless you guys for me.
Excellent
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Excellent
JONNAH EHIS
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Excellent

FREQUENTLY ASKED QUESTIONS

How do I get this complete project on A CRITICAL REVIEW OF THE IMPACT OF GOOD ACCOUNTING SYSTEM IN THE GROWTH AND DEVELOPMENT OF INSURANCE INDUSTRY?

Simply click on the Download button above and follow the procedure stated.

I have a fresh topic that is not on your website. How do I go about it?

How fast can I get this complete project on A CRITICAL REVIEW OF THE IMPACT OF GOOD ACCOUNTING SYSTEM IN THE GROWTH AND DEVELOPMENT OF INSURANCE INDUSTRY?

Within 15 minutes if you want this exact project topic without adjustment

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

What if I want to change the case study for A CRITICAL REVIEW OF THE IMPACT OF GOOD ACCOUNTING SYSTEM IN THE GROWTH AND DEVELOPMENT OF INSURANCE INDUSTRY, What do i do?

Chat with Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

How will I get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 813 292 6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!