IDEAS home Printed from https://ideas.repec.org/a/hur/ijarbs/v7y2017i7p29-39.html
   My bibliography  Save this article

A study of Financial Accounting Practices of Small and Medium Scale Enterprises (SMEs) in Ho Municipality, Ghana

Author

Listed:
  • Justice Stephen Tetteh Zotorvie

Abstract

This paper examined the financial accounting practices of SMEs drawing on a survey of 225 ownermanagers in Ho Municipality. The results revealed that majority of SMEs failed to keep proper accounting records pertaining to their businesses. Consequently, it was difficult for the owner-managers to determine the profit earned or loss suffered in the business during a particular accounting period in addition to the position of assets and liabilities to be able to strategize and make certain adjustments on their businesses.The major reasons for the entities failure to maintain proper accounting records and prepare a complete set of financial statements included high cost of hiring qualified accountants and lack of accounting knowledge on the part of some owner-managers. It is recommended that the National Board for Small Scale Industries (NBSSI) in collaboration with the accounting bodies should organize accounting training programmes for owner-managers of SMEs on proper bookkeeping and accounting practices.

Suggested Citation

  • Justice Stephen Tetteh Zotorvie, 2017. "A study of Financial Accounting Practices of Small and Medium Scale Enterprises (SMEs) in Ho Municipality, Ghana," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(7), pages 29-39, July.
    • Handle: RePEc:hur:ijarbs:v:7:y:2017:i:7:p:29-39
    as

    Download full text from publisher

    File URL: http://hrmars.com/hrmars_papers/A_study_of_Financial_Accounting_Practices_of_Small_and_Medium_Scale_Enterprises_(SMEs)_in_Ho_Municipality_Ghana.pdf
    Download Restriction: no
    File URL: http://hrmars.com/hrmars_papers/A_study_of_Financial_Accounting_Practices_of_Small_and_Medium_Scale_Enterprises_(SMEs)_in_Ho_Municipality_Ghana.pdf
    Download Restriction: no
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hur:ijarbs:v:7:y:2017:i:7:p:29-39. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Hassan Danial Aslam (email available below). General contact details of provider: http://hrmars.com/index.php/pages/detail/IJARBSS .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.