AN ASSESSMENT OF THE IMPACT OF ASSET AND LIABILITY VERIFICATION IN A COMPANY (A CASE STUDY OF GLOBAL SOAP AND DETERGENT INDUSTRY NIGERIA LTD)


AN ASSESSMENT OF THE IMPACT OF ASSET AND LIABILITY VERIFICATION IN A COMPANY (A CASE STUDY OF GLOBAL SOAP AND DETERGENT INDUSTRY NIGERIA LTD)  

TABLE OF CONTENTS

Certification

Dedication 

Acknowledgment

Table of contents  

 CHAPTER ONE

1.1 Introduction 

1.2 Statement of the problem 

1.3 Objective of the study 

1.4 Scope of the study 

1.5 Limitation of the study 

1.6 Plan of study.

1.7 Definition of terms 

CHAPTER TWO

2.0 Review of related literatures

2.1 Introduction 

2.2 Verification procedures 

2.3 Principles of verification of fixed asset and liabilities

2.4 Types of evidence available for verification 

2.5 Verification procedures of fixed asset

CHAPTER THREE

3.0 Research methodology 

3.1 Introduction 

3.2 Population of the study 

3.3 Sample and sampling desicin 

3.4 Source of data

3.5 Method of data collection.

3.6 Limitation of the study 

CHAPTER FOUR

4.1 Introduction

4.2 General  discussion 

4.3 Verification of fixed assets

4.4 Verification  of motor vehicle cost 

4.5 Verification 

4.6 Verification of building cost

4.7 Verification  of bank loan 

5.0 Summary, coclussion and recommendation 

5.1 Summary 

5.2 Conclusion

5.3 Recommendations

Bibliography

CHAPTER ONE

1.1 INTRODUCTION 

Traditionally accounting of asset and liability verification is different from application of economic theory. In the past fixed asset and liability were of ten verified in term of their market value. But recently, historical method has been in use by referring to invoices and primary date available. However, this method suffers for major limitation of liability to consider price change created inflation which at present had been affecting our economy greatly.                                              

           Despite the supremacy of market value which in dictates the current replacement                                                  

Cost, htsforical  cost method of cost ascertainment would be used . this simple                                            

Because inability to obtain market value and due to the fact that market value has been changing at an alarming and irregular  manner, moreover, such method may not be useful  for purpose  of  preparing annual financial statement, but useful for presentation .

Appropriate verification enable correct financial position to be disclose and also help in knowing  where a  company presently stands such information do reveal general strength his and weakness of a company. 

However over the past years, most company were not verifying their asset and liabilities, the deficiency had lead too problems 

Inability of discover the effect of manipulation of the asset and viability by staff and management personnel inability to show actual financial position and many other understanding the value of asset were an assets purchase in a particular tear maybe recorded in the book  of the company 

If the asset and liability are not accurately verified in accordance with accounting principles, and discourse is made it may lead to wrong figures being given to the 

Inland, revenue Revenues board, if discovered, it may lead to count case with all the problem lightened above, it could be seen that verification is an important aspect of any business that intent to successfully operation in the modern and culture business environment. 

A flow chart of the system of authorization custody and record leaping may be constructed in order to explain control over leaping may be constructed in order to explain control over our asset and liabilities transaction at each point in flow chart where an explanation of some action given, documentary evidence must be available.

   Verification of asset and liabilities is also relevant to the economy in that, it reduces the level of fraud to be performed in the company

1.2 STATEMENT OF THE PROBLEM 

          Asset and liabilities verification is a means by which asset and liability of a company are determined by of relevant proof. 

Die to unrealistic of the market value method in verifying asset    and a liability, historical method is now adopted. Some problems are often faced in the absence of verifying asset and liability, such as false declarations of ownership and existence of fixed asset and declaration of liabilities incurred    

 The above mentioned problem are been reduce to the ninimum with the impact of assets and liabilities verification. 

1.3 OBJECTIVE OF THE STUDY 

  The purpose of the study is to provide useful and material as to correct people with erroneous believe and to educate such people on the importance of fixed asset and iiability and how it aid management goal and objective its also intended to correct the wrong speculation of show mimded individual or as a resuit of  their ignorance that asset of publk. 

Organization are not always cared of internal audit or the role. Internal audit  plays in the formulation of managerial 

1.4 SCOPE OF THE STUDY 

This stud will focus it attention on the assessment of the impact of asset and liabilities verification of global soap and detergent industries (Nig) limited ilorin and it with cover area relatives to cost, authority valuation, existence beneficial, ownership and presentation of asset and liability. The study will be try to ascertain the impact of verification methods if any adopted by the company in the past.

1.5 SCOPE OF THE STUDY 

This study will focus it attention on the assessment of the impact of asset and liabilities verification of global soap and detergent industries (Nig) limited ilorin and it will cover area relatives to cost, authority valuation, existence, beneficial, ownership and presentation of asset and liability. The study   Will be try to ascertain the impact of verification method, If any adopted by the company in the past. 

1.5 LIMITATION OF THE STUDY 

Certain limitation of the study needs to be recognized from on set.

The research is limited to a private company in ilorin the quaintly of this research depends fully in the nature and quality of data obtains from the company. Their fore, secrecy in realizing requires data will badly affect the output to be obtained. Other limitations include shortage of Find and timing. 

1.6 PLAN OF STUPY.

This project will divide into five chapter one, discuss the introduction, statement of problem, objective of study scope, limitation and plan of the study as well as definition of some term.

Review of related literature will examine in chapter two. Chapter three discusses research methodology and given historical background of the study a case study of global soap and Defer ground industrial limited ilorin 

Chapter four will discuss presentation and analysis of data while chapter five will be on summary of findings, conclusion and recommendation

1.7 DEFINITION OF TERMS 

ASSTS : Asset may define as a specific right which can be acquire as a current result past transaction.

Asset classified into this one accounting period. eg freehold land and buildings plant and machinery. Furniture and fittings motor vehicles

2. Current asset: These are asset produce or acquire for resale. These are the category of asset are either inform of cash or rate meant to be converted into cash e.g cash at hand stock in hand at the end of asset are either inform of cash or rate meant to be convert into cash e.g cash at hand, at the end of the period, sundry debtor repayment etc asset can be tangible or intangible. Tangible asset are the asset that have material existence and can be seen or touch and they are real in nature, intangible asset have on material existence eg. Good will,copyright patient, preliminary expanses. 

    Asset can be also faction. These is a fiction asset is andtangible asset that have no values. Goodwill and patient through intangible. They are not valueless; they have values that can be exchanged for money. 

LIABILITIS; THESE are the obligation that a business has to meet depending on the tunes span of such obligation. Liabilities are divided into two ;

1. Current Liabilities; these are the obligation that must be met within a short period of time which should not exceed one year. They are bank overdraft short term loan, trade creditor 

2. Log-term  LIABILIKES; these liabilities have longer life time liabilities more than one year are rgarded as long term liabilities e.g long ter loan on mortgage, bond etc.

.

AN ASSESSMENT OF THE IMPACT OF ASSET AND LIABILITY VERIFICATION IN A COMPANY (A CASE STUDY OF GLOBAL SOAP AND DETERGENT INDUSTRY NIGERIA LTD)



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.ORG
Researchwap.org is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.org guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.org is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.org" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "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 researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "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!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.