CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Proper accounting: The word proper means strict decorous of decent. It could be actual in conformity to the expected rule. Then accounting entails responsibility, answerable for or held in charge. Therefore merging these two words proper accounting we can coin them to be decorous or decent responsibility. In this case, the question may be is there any proper accountability in our private and public sectors from the very beginning of our independence till this very moment. These few words proper accounting have been very vital in the restructuring of any economic system of any nation. The cause of every coup detats in Nigeria and the world at large is nothing but mainly for the sales of proper accountability. General Buhari and general idiagbon aggressive came into power for the quest of proper accountability. And general Abacha crowned the whole thing up by his wide speed of improper accountability. The doom in our banking sector and other financial institutions are matters of attention. Is it the failed contracts, failed parastatals and even the external and internal crisis in our business sectors? All these and many other embezzlement problems that rake the counting have made the writer to probe into some of the matters and look for possible solutions.
For the past ages, man as a rational and devine animal, has been struggling with procurement of a reasonable standard of living the ways of managing his perpetual inadequate human and material resources to give him its expected maximum utility. The eventful development of a well organized society gave birth to the institution of government. During the 15th century, when mercantilism was the order of the day, government had the right to interfere with the economic process to protect the interest of the nation as then seen in the view point of international trade mainly. During the 18th century, Adams Smith and other great authors came out with the system of lasses faire”. The system suited its own period but the general depression of the 20th century showed that it was not aer all an economic panacea ( i.e. economic universal cure) people have to look for other economic solution. At this point, the economic scientists have to enter into the field and researches. Thus, it was during this time that Keynes out with his own postation. To be precise, during the 1930’s Keynesian economics development and emphased the cyclical movement of economic and the need to tamper such movement by artificially manipulating the through and depressions in the cycle in order to facilitate a better economic order. In fact, it was policy implication of Keynesian economies that have contributed to the trends which led to economic planning and budgeting as a tool in political administration. Presently Nigeria as a nation is moving towards the 50th age of independence. Within the previous 39 years, so many budget have been pronounced and many of them are policies. All these budgets and polices were made to enhance the Nigerian standard of living which is presently nothing to talk about. We had fully experience the poor living standard of the citizens from the date of the nations independence till the present as government promisingly budgets.