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TRATEGIES FOR IMPROVING ACCOUNTING PRACTICES OF SMALL AND MEDIUM ENTERPRISES IN AWKA-SOUTH LOCAL GOVERNMENT AREA OF ANAMBRA STATE

Abstract

This study identified the strategies for improving accounting practices of Small and Medium Enterprises in Awka South Local Government Area of Anambra State. The study was guided by two research questions. The research utilized a descriptive survey design. The population of the study comprised 1,396 owners and employees of SMEs in Awka South Local Government Area of Anambra State. Proportionate sampling technique was used to select 10% of the population in the study area thereby making a total sample size of 140 respondents. A 24 items structured questionnaire was used as the instrument for collecting data from the respondents. Three experts validated the instrument and a reliability test using Cronbach Alpha method yielded 0.89.  Data collected from the study was analyzed using mean scores and standard deviation. The findings revealed that to enhance accounting practices for Small and Medium Enterprises (SMEs), the key strategies include maintaining systematic records for budgeting, keeping business records separate from personal records and ability protect sensitive financial information. The study recommended that SMEs’ owners should learn to practice record keeping as keeping well-maintained records show improved financial activities of their businesses.

Keywords

Accounting Practices, Records Keeping, Accounting Technological Tools, Small and Medium Enterprises

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