Entries on Capitalism
CASH ACCOUNT: cash account is an account in which money transactions are recorded. Cash account can also be seen as a accounting method that records income when it is received and records expenses in the period in which they are paid. Under cash accounting, revenues and expenses are recorded at the time that cash is exchanged when cash is received from a sale, it is recorded in the account as a sale, and when payment is made on an expense, and it’s recorded as an expenses. PERSONAL ACCOUNT: personal accounts are accounts relating to persons or organisation with which the business has transaction with e.g customer, supplier and money lender. The rule of personal account is debit the receiver, credit the giver. The personal accounts comprise debtors, creditor’s account, and capital account, drawings account and bank account. REAL ACCOUNT: Are the accounts relating to all asset and properties, the rules of real account is debit what comes in. Credit what goes out. Examples of real account are cash, bank, building, loans creditors. NOMINAL ACCOUNT: is an account relating to expenses, loses, incomes and gains. Examples of nominal account are sale account, dividend account. They rule of nominal account is debit all incomes and losses, credit all income and losses, credit an income and gains. Nominal accounts also relates to revenue/income and intangible assets.
Research shows that poor governance, illiteracy, disease and lack of political will are the major factors hindering development. Our government need act now!
PREFACE The book “Public Enterprises Management in Nigerian” has three parts with twenty-two chapters. In part, one we have defined the concept public enterprises, the origin of Public Enterprises, the justifications, objectives and reasons for the creation of public enterprises are enumerated and the criteria for identifying public enterprises were equally addressed. This part also discussed the classification of Public Enterprises based on Functions and Objectives. The Second part presents a brief history of public enterprises in Nigeria. We also discussed and drew the organisation structure of public enterprises; listed the sources of finance, staffing, control and accountability of public enterprises. Also we contend that the control functions of the key actors in the evaluation of public enterprises performance; enumerated performance measures of public enterprises and the problems of public enterprises in Sub Saharan Africa. This part concludes by positing that the success of public enterprises depends on the strict application of management principles and practices. There is no short cut to efficiency and effectiveness. The resort to sale of public enterprises confirms the fact that inefficient management cannot produce the desired results. The problems of public enterprises in Sub Saharan Africa should be addressed as a means of improving their performance. The concept of public enterprises as a developmental strategy cannot be overruled. However, the management of these enterprises in Sub Saharan Africa and in Nigeria in particular leaves much to be desired. The success of public enterprises in Nigeria is a function of the will of government. Part 3 exposes the student to the concept of privatization and commercialization of public enterprises. The forms, strategies, objectives, legal and institutional framework of privatization and commercialization are discussed. The reasons for the privatization and commercialization of public enterprises among which are poor performance of these enterprises are highlighted. This part also discusses privatization of public enterprises in the Sub Saharan Africa in general and Nigeria in particular. It listed the factors that led to the emergence of privatization; enumerated the modalities for privatization; listed and discussed the different types of privatization as well as explained the problems of privatization in Nigeria.
Abstract. This paper examines the Nigerian education system vis-à-vis the quality of Nigerian graduates in the labour market. It argues that Nigeria’s education curriculum places undue emphasis on the possession of certificates, and that this undue emphasis on certification has made every other value about education secondary to the acquisition of certificates. While noting that it is through education that knowledge or skill is acquired for the development of the individual and the society, the paper contends that the placement of undue value on certificates without the requisite knowledge to defend them has cheapened the pursuit of knowledge, learning and acquisition of relevant skills. It appears that every Nigerian aspiring to go into education has, as his immediate concern, the acquisition of certificate. In a related development, the paper notes that it was the quest to possess certificates at all cost that led to the entrance of “expo” (examination leakage) into our education system. It further argues that besides making nonsense of the noble aims and objectives of examination, examination malpractice has resulted in bad consequences for both the Nigerian education system and the labour sector. Firstly, it has bastardized the image of Nigeria’s education system and that of the graduates it produces before the international communities. Secondly, the high level of intellectual emptiness displayed by most Nigerian workers that are products of this bastardized system has resulted in work inefficiency and low productivity. Seen thus, the paper concludes that education which is supposed to be an instrument for poverty reduction and national development has now been turned into a veritable instrument for human and national underdevelopment. As a solution to the quagmire, the paper suggests that in terms of employment, our government and human resource managers should shift emphasis from paper qualification to the possession of requisite knowledge or skill. Again, there should be massive campaign aimed at value re-orientation of the Nigerian masses.
For some years now, there have been series of researches focusing on Nigeria`s development. Many of these researches tend to focus more on how bad and poor the Nigeria economy and the nation as a whole have performed in its 50 years of independent. Although there are no doubt as to whether these claims by researchers that Nigeria as a country have failed in many ways and have disappointed its citizens as far as ensuring economic development, social order and peace and tranquillity is concerned. However, many of these researches failed ability(from the beginning)to recognize the facts that unique experiences shapes and reshapes both people and nations and that these experiences tends to impact and affects nations both positively and negatively. In the case of Nigeria, it was a negative impact due to the long period of civil war, series of the military coup and an era of unpatriotic and visionless elites who constituted themselves as leaders.These factors have led to an economic, social, political and educational downturn and breakdown of infrastructure, social and cultural forces and the collapse of both political and economic structures and institutions.