For correspondence:-
Received: 3 November, 2018 Accepted: 23 June, 2019 Published: 30 June 2019
Citation: Accounting Records and the Performance of Small and Medium Scale Industries (A Case of Karu L.G.A. of Nasarawa State). Account Tax Rev 2004; 3(2):85-96 doi:
© 2004 The authors.
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Abstract
This study evaluates the impact of accounting records on the performance of Small and Medium Scale Industries in Karu LGA of Nasarawa State. The research design is survey method comprising of opinions, impressions and perceptions of the respondents. The sampling technique was simple random sampling and proportionate stratified random sampling. The findings show that most of SMEs do not keep accounting records. Some of the reasons as to why they do not keep accounting records were: time consuming, lack of knowledge and skills, poor documentation, ignorance and poor support from the workers responsible with records in the organizations. The study recommend that the owners of SMEs to participate in different business matters, like seminars, international meetings, conferences where they can get different information, business skills on how to manage the business. Public and private organizations should increase effort on SME sector, especially in educating members how to improve their business in case of performance which requires good accounting records. Each SME owner, trader, supervisor should make sure that he or she is aware of the importance of accounting records towards the business growth.
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