THE IMPACT OF ACCOUNTING STANDARD ON THE DEVELOPMENT OF SMALL SCALE BUSINESS

ABSTRACT

This study examined the practical impact of accounting standards on the development of small scale business in Akwa Ibom State, with a particular focus on P-MAT table Water Company as the study area. The researcher used the objectives of the study to identify the problems created by the non-existence of accounting records and inadequate accounting information, due to the fact that most small scale businesses does not obey accounting standards. To show the impact of accounting standards on small scale business, a random sampling technique was used in questionnaire administration. Findings revealed that P-MAT table Water Company maintains accounting standards which is the bedrock to which it develops. The study further disclosed that the success of any small scale business depends immensely on the ability of its management to deals effectively with the present changing conditions of the business environment. It also recommends that management should adopt a good accounting system that meets with the general accepted accounting principles which is used in identifying the advantages of accounting standards to which it brings to the development of a business.

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