Accounting Education and the Growth of Legal Firms in Nigeria

Accounting Education and the Growth of Legal Firms in Nigeria

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Chapter One of Accounting Education and the Growth of Legal Firms in Nigeria

INTRODUCTION

BACKGROUND OF THE STUDY

The role of accounting in the promotion and growth of legal firms is essentially needed in view of its relevance in fostering accurate record keeping of financial transactions and ensuring financial accountability. Many legal firm owners do not have accounting qualifications and knowledge, However, this legal firms handle huge financial transaction on a daily bases. This is the reason behind the setback of many legal firms. The lack of financial literacy and accounting knowledge has subjected many of this firm to financial irregularities and fraudulent acts which has retarded the growth of many. According to (Purwati, Suparlinah, & Putri, 2014) Accounting and business decision making play complementary roles. Many legal firm owners lack the accounting education to maintain appropriate accounting records for tax compliance (Amoako, 2013). Financial illiteracy constitute the fundamental reason for the inability to  maintain accounting records  by legal firms owners given that they do not have a basic knowledge of accounting or fail to implement appropriate accounting strategies; Hence, their financial management is less effective (Carsamer, 2012). This legal firms  operate at a suboptimal level because of accounting issues (Dahmen & Rodriguez, 2014). Accountancy refers to the practice and body of knowledge focused on the use of   methods for recording transactions, maintaining financial records, reporting and analyzing financial information to the management, advising on taxation matters and performing internal audits. These functions are essentially required by legal firms to enhance safe guard and accurate financial records which is pivotal for the stability and growth of legal firms. Accounting education is an experience, practice, learning of accounting techniques. The objective of accounting is to provide insight into the results of management decisions and build proffessional accountants. The study seeks to proffer an appraisal on Accounting Education and the growth of legal firms in Nigeria.

STATEMENT OF THE PROBLEM

The risk of managing a firm for profit is quite high in Nigeria. Many legal firms have folded up due the inability to understand accounting techniques applicable in financial turbulent conditions and the making financial decisions. The acquisition of accounting education by legal firm owners would help resolve the gap between accounting theory and its practice (Rahman et al., 2015). Many legal firms lack the accounting techniques, to make financial decisions (Rahman et al., 2015). Comprehensive accounting information could lead a small legal firm to a better state and growth as this accounting information can be used to identify possible threats regarding financial risk, which business owners face periodically (Rahman et al., 2015). Many legal firms struggle to differentiate between profit, turnover, and cash (Frampton, 2015). According to Frampton (2015) accounting education can assist legal firm owners to interpret complex financial statement maintained their finances and their business better. The problem confronting the study is to investigate Accounting Education and the growth of legal firms in Nigeria.

OBJECTIVES OF THE STUDY

The main study objective is to investigate Accounting Education and the growth of legal firms in Nigeria; while the specific objectives include:

     i.         To appraise the relevance of accounting education.

   ii.         To determine the challenges of the growth legal firm.

 iii.         To investigate Accounting Education and the growth of legal firms in Nigeria.

RESEARCH QUESTIONS

     i.         What is the relevance of accounting education?

   ii.         What are the challenges of the growth legal firm?

1. iii.        What is the role Accounting Education in the growth of legal firms in Nigeria?

STATEMENT OF HYPOTHESIS

The statement of the hypothesis of the study is stated in null:

H₀₁: The level of accounting education in legal firm is low.

H₀₁: The Role of accounting Education in the growth of legal firm is low.

SIGNIFICANCE OF THE STUDY

The study proffers an evaluative appraisal of the role of accounting education in the growth of legal firms. The study identifies the inability of many legal firms to deploy accounting practices as a fundamental challenge to their growth and in this study proffer possible recommendation for the adoption of accounting practices in their firm as a fundamental requirement for growth.

SCOPE OF THE STUDY

The study focuses on accounting education and the growth of legal firms in Nigeria.

LIMITATION OF THE STUDY

 The study was confronted with logistic and geographical constraint.

DEFINITION OF TERMS

ACCOUNTANCY DEFINED

Accountancy refers to the practice and body of knowledge focused on the use of   methods for recording transactions, maintaining financial records, reporting and analyzing financial information to the management, advising on taxation matters and performing internal audits. These functions are essentially required by legal firms to enhance safe guard and accurate financial records which is pivotal for the stability and growth of legal firms.

ACCOU NTING EDUCATION DEFINED

Accounting education is an experience, practice, learning of accounting techniques. The objective of accounting is to provide insight into the results of management decisions and build professional accountants.

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