EXTENT OF ADOPTION OF FINANCIAL REPORTING AND ANALYSIS PRACTICES BY OWNERS OF SMALL-SCALE BUSINESSES FOR BUSINESS GROWTH IN ANAMBRA STATE
Abstract
To carry out this study, one research question was raised and two null hypotheses were tested at a 0.05 level of significance. The study adopted a descriptive survey research design. The sample consisted of 500 small-scale business owners out of 1504 small-scale businesses in Anambra State which were selected using purposive and convenience sampling techniques. The instrument for data collection was a validated self-administered questionnaire. Cronbach's alpha formula was used to determine the internal consistency of the questionnaire which yielded an a reliability coefficient of 0.84. The researchers administered the instrument with the help of five research assistants to the respondents. Mean and standard deviation were used to answer the research question and determine the homogeneity or otherwise of the respondents while a t-test was used for testing the null hypotheses. The findings of the study revealed that financial reporting and analysis practices were lowly adopted by small-scale business owners for business growth in Anambra State. Irrespective of their gender and period of existence in the marketplace, small-scale business owners do not differ significantly in their mean ratings on the extent they adopt financial reporting and analysis practices for business growth. The study concluded that small-scale business owners in Anambra State will not have detailed information about the financial strengths and weaknesses of their business empires as a result of their under-utilization of financial reporting and analysis practices in the day-to-day running of their business operations. It was recommended among others that small-scale business owners should undertake technical seminars and workshops to improve their awareness and knowledge of financial reporting and analysis practices. This would encourage them to make use of financial reporting and analysis practices in their business to have a better view of the profitability of their business in Anambra State.
Keywords. Colleges of Education, Curriculum, Accounting Education, Needs Assessment.
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