ACCOUNTING SKILLS IN

ENTREPRENEURIAL DEVELOPMENT

A SEMINAR WORK PRESENTED

BY:

ANYAFULU CHINYELU O. MSC/2009406048P

ONWUKA FLORENCE U.

MSC/2009406040F

OKORO RAYMOND MSC/2009406010P

IN PARTIAL FULFILLMENT FOR THE COURSE HUMAN

RESOURCES ACCOUNTING (ACC 617)
DEPARTMENT OF ACCOUNTANCY
SCHOOL OF POSTGRADUATE STUDIES,
NNAMDI AZIKIWE UNIVERSITY,
AWKA.

LECTURER: IJEOMA NGOZI.

SEPTEMBER 2010

1
 ABSTRACT

Entrepreneurs are the backbone of today’s society-

even more so now than ever. Whenever the economy gets

rough or things begin to tighten up, it is always the

entrepreneurs that are the first to rebound and lead the

way to recovery. In fact, during tough times, is when the

smartest business people become the most profitable and

go through the most rapid growth and expansion. This

cycle has repeated itself many times over and is evident all

the way back to the Great Depression. Yes, many lost a lot,

but a record number of people skyrocket their success

during those very same times. So what’s the secret? Well,

it’s never a simple answer, but in analyzing and studying

today’s entrepreneurs there are many trends that can be

recognized. And, the old saying was never true than it is

today, “If you want to get what a millionaire has, you have

to do what a millionaire does”. The thing that most people

miss, however, is that in order to do what a millionaire does

you have to understand what it is that he or she is doing

and why?

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 TABLE OF CONTENT

Abstract - - - - - - - - i

Table of Content - - - - - - - ii

CHAPTER ONE

Introduction - - - - - - - 1

Objectives - - - - - - - - 3

Statement of problem - - - - - - 4

CHAPTER TWO

Literature Review - - - - - - 5

Entrepreneurial Skills - - - - - - 7

Implications of Accounting to Entrepreneurs - - 8

Developing Entrepreneurial Skills - - - - 10

CHAPTER THREE

Hypotheses - - - - - - - 11

Research Design, presentation and Analysis of Data -

12

3
Date Analysis - - - - - - - 14

Testing of Hypothesis - - - - - - 17

CHAPTER FOUR

Summary - - - - - - - - 20

Conclusion - - - - - - - - 21

References - - - - - - - - 23

Questionnaire - - - - - - - 25

CHAPTER ONE

INTRODUCTION

Accounting skill in entrepreneurial development is the

use of accounting policies, concepts, procedures and

accounting standard in entrepreneurial development.

Entrepreneurial development could be hinged on that early

period in the development of human race when individual

became conscious of the fact that they could not satisfy

themselves by producing all items individually (subsistence

living).Entrepreneurship is the capacity and attitude of a

person or group of persons to undertake ventures with

probability of success or failure. Entrepreneurship demands

that the individual should be prepared to assume

reasonable degree of risks in addition to being highly

innovative.

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 Definition of entrepreneurs
Joseph Schumpeter a theorist in the Austrian School saw
entrepreneurs as innovators. He argues that an
entrepreneur is an innovator that introduces new
technologies into the workplace or market, increasing
efficiency, productivity or generating new products or
services (Deakings and Freel 2009). This cannot be
achieved without an appropriate skill.

Skills according to Longman dictionary of contemporary

English (2003) is defined as the ability to do something well
because you have learned and practiced it. An
entrepreneur needs a broad array of entrepreneur skills to
succeed in today’s competitive market.

According to Kilby (1971:6) entrepreneurship is the

willingness and ability of an individual to seek out

investment opportunities, establish and run an enterprise

successfully.

Leff (1979:524) defined entrepreneurship as the

capacity for innovation, investment and activities

expansion in new markets products and techniques.

Looking at the accounting skills in entrepreneurial

development accounting is the process used to measure

and report various users relevant financial information

5
regarding the economic activities of an organization or unit.

In entrepreneurial development if the skills of the operation

are bad, it will affect the efficiency of the organization but if

the skill of operation is good, it will help in the efficiency of

the organization. Accounting skills will have a way to

influence the operation of the entrepreneurial development

because accounting is the major quantitative information

system in every organization. An effective accounting

system provides information for three broad purposes or

ends.

a. Internal reporting to managers for the use in

planning and controlling routine operations.

b. Internal reporting of managers, for use in strategic

planning, that is, the making of special decisions

and the formulation of overall policies and long-

range plans.

c. External reporting to shareholders, government,

and other outside parties.

Furthermore, accounting system is a formal means of

gathering data to aid management and coordinate

collective decisions in light of overall goals or objectives of

an organization.

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 Finally, this study shall evaluate the importance of

accounting and its skill in entrepreneurial development.

Equitable resources allocation cannot be achieved in any

given management without accounting information.

Accounting information is the best way to communicate

economic facts in business, It therefore, follows that

accounting has become a business language. If it is a

business language, its usefulness cannot be over-

emphasized.

As a good panacea, its proper dose must be

prescribed and taken accordingly.

OBJECTIVES

1. To evaluate the effectiveness and efficiency of

accounting skill in entrepreneurial development.

2. To evaluate the accounting skill application in

entrepreneurial development.

3. To elicit the importance of accounting

information in entrepreneurial development.

STATEMENT OF PROBLEM

Entrepreneurial development is known around the world as

a major cradle of industrialization. Starting such a venture

without a defined mission or focus, limited access to credit,

7
ineffective management, misplaced confidence in the

members of the staff. Other factors include inability to

improve and grow with modern technologies and

management techniques, poor infrastructural facilities,

failure to provide adequate training of managerial and

other staff as well as the flamboyant lifestyle of family

members of the entrepreneur who controls the business.

Inappropriate skills in accounting leads to poor record

keeping and mismanagement of fund.

It is ardently delivered in some academic quarters that

some entrepreneurial ventures do not have sound

knowledge of accounting in their business and this affects

the growth of their business rapidly.

CHAPTER TWO

LITERATURE REVIEW

The Business and its Owners. In the words of Okafor,

Okoye, the relationship between the business and its

owners is very important in accounting. The business is

quite distinct from its owners. It does not matter whether

the owner or proprietor runs the business himself. This is

8
termed his capital which stands as an indebtedness of the

business to its proprietor.

Bekker and Stande has it that generally, a manager

performs four functions to secure results; planning,

organizing, leading and controlling.

Categories of Entrepreneurs.

Having explained the concept of entrepreneur and

skills, it is pertinent at this juncture to discuss the different

categories of entrepreneurs.

Entrepreneur apply their talents in different situations.

These differences give rise to a set of distinct categories of

entrepreneurs. To Boone and Kurtz (2005, there are three

basic categories of entrepreneurs viz:

i. Classic entrepreneurs: This category of

entrepreneur identify business opportunities and

allocate available resources to tap those markets.

ii. Intrepreneurs: they are the naturally oriented

people who seek to develop new products, ideas

and commercial ventures within large

organizations.

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 iii. Change agents, also called turnaround

entrepreneur: they are managers who seek to

revitalize established firms to keep them

competitive in today’s market place.

What is accounting.
Accounting can be described as how a business “keeps

score”. It is how you know if your business is succeeding or

failing. Business accounting is just like balancing your

check book, or looking at your personal bank statement to

give you an idea of where your personal finances stand. By

the end of the process you will not only know if your

business is making money but where and how your

business is making and losing cash.

Financial statements are the reports accounting produces.

The basis of having accurate financial statements is in

keeping perfect records. The easiest way of doing this is

by keeping a general ledger. This includes every source of

income and expenditure. The general ledger can then be

analysed to produce the three pieces to a basic financial

statement. These pieces are comprised of the balance

sheet, the income statement and the cash flow statement.

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Application of Accounting Skills by Entrepreneur

An entrepreneur need not be an accountant or book-keeper

or a financial expert but rather the knowledge of the skills

has much impact towards the success of the business for,

example a farmer who is an entrepreneur needs to prepare

annual farm profit and loss account. The knowledge of

accounting skill will help the manager (entrepreneur) in the

running of the business. For example, the entrepreneur

needs to prepare feasibility study when going into a new

business (Vesper 1980).

Keeping of Accounting Records

Accounting records play a vital role in decision making

process of any organization in terms of providing adequate,

accurate and timely information (Kanu and Nwaiwu 2010).

Onwukwe (2010) in Kanu and Nwaiwu 2010 highlighted the

relevant accounting information needed by the

entrepreneurs. They include the following:

- record of trading and profit account of the business

- record of assets and liabilities of the business.
- Record of debtors and creditors

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 - Record of information relating to taxes and
government financial policies/regulations.
- record of information as sources of funds and
materials.

Reasons for Keeping Accounting Records by the

Entrepreneur
It is very necessary for the entrepreneurs to know why

accounting records are important for the success of the

business.

Onwukwe (2010) in (Kanu and Nwaiwu 2010) also

listing the following reasons or objectives:

i. to know what the business owns (assets) (and what

it owes (liabilities)

ii. to ascertain the amount of money material or

efforts invested in the business at a particular time

or period.

iii. to know the debtors and the creditors of the

business and the time each debt or credit falls due.

iv. to know the track of raw materials, finished goods

and goods in transit with a view to replenishing

them.

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 v. to draw a realistic plan of obligation such as

payment of salaries and wages, other benefits et-

cet-era.

ENTREPRENEURIAL SKILLS

1. Self-Confidence: Every entrepreneur needs to be

confident in themselves, their product and their

business. You need to know that your product can

truly help people and that you are charging prices that

are both fair to you and your clients.

2. Ethics and Morals: Ethics and morals are the

foundation of every good entrepreneur. Early on you

must decide what you and your business will stand for

and what lines you will refuse to cross.

3. Sales: No matter how much you don’t like the idea of

it, every business has to work with sales. Each

industry and business has a unique way of handling

their sales. As an entrepreneur, it is your job to figure

out what type of sales you prefer and what type is

best for your services or products.

4. Finance: When in business, knowledge of finance is a

must. Knowing how to balance a checkbook and keep

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 tract of numbered invoices is all most small business

need to start out. The most important aspects of small

business finance is scheduling time specifically for

your finance management and doing it.

IMPLICATIONS OF ACCOUNTING TO ENTREPRENEURS

1. Accounting Help in Calculating Profit: The

ultimate object of all business undertaking is to make

a profit. It would be very difficult, if not impossible, to

ascertain whether a business is making a profit or loss

without the help of complete and up-to-date accounts.

An entrepreneur who is unable to ascertain his profit

with a fair degree of accountancy is liable to make

excessive drawing, which could make it very difficult

for him to meet business commitments.

2. Accounts Help in Credit Dealings: Most of today’s

business is conducted on credit basis. Accounting can

help an entrepreneur in both, keeping him informed of

amounts due from his debtors and amounts due to

his creditors.

3. Accounts is a Tool for Control: An entrepreneur

with a sizeable business will have numerous assets. It

14
 is imperative that proper records be maintained of

their movements to eliminate possibility of theft and

misappropriation.

4. Accounts – an aid to Planning: Accounts can be of

great assistance in furnishing useful statistics on

sales, purchases, profit, investments etc, which help

the trader form his policies, plan his future

developments, take precautionary measures where

necessary and make wise decision for the profitable

operation of the business.

5. Accounts – of Proof of Financial Position: If an

entrepreneur decides to sell off his business, the

factor that is going to influence the sale price most is

information contained in the account.

6. Accounts are Necessary for Taxation:

Governments in all countries charge taxes of various

types e.g. sales tax, purchase tax, local tax, customs

duty, etc. Naturally, to be able to calculate and pay

the correct amount of tax due, a businessman must

know his exact sales figures.

Common accounting mistakes entrepreneurs

typically make:

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 - they dip into business funds to cover personal
expenses
- they have little idea of where their business stands
with cash flow, projections and profits.
- they do not easily and accurately keep track of
billable hours.
- they do not have reliable systems to track billing or
overdue payment.
- they forget to read the source of checks deposited.
- they regularly neglect to put aside enough money
for taxes, bad debts, depreciation etc.

Entrepreneurship failures and their causes

The goal and objective of an entrepreneur is to
succeed in his business venture but sometimes the reverse
is the case. A lot of factors are responsible for the failure of
entrepreneurs.
Such factors include the following (Kanu and Onwukwe
2008)
Risk Aversion
Sometimes an entrepreneur may be afraid of taking risk.
The saying “nothing ventured nothing gained” seem to be
true. So since he has not ventured, it will be difficult for
him to succeed.
Indecision
Indecision is the bane of many industrialists. The worst
decision is said to be better than no decision at all.

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Non-employment of experts in special areas
Some business enterprises require specialist attention. For
example the accounting function, the purchasing function,
quality control, the personnel function, to mention but a
few, require qualified persons.
Fund diversion
There is the tendency for some entrepreneurs to divert
funds to non-productive ventures. For example naming
ceremonies, taking of chieftaincy and “Ozo” titles,
celebrating golden and silver jubilees, etc.
Early diversification and expansion
Some businessmen are always in a haste to do one thing or
the other.
Illiteracy
This is another factor that characterizes entrepreneurial
failure.
Lack of delegation
Lack of delegation or improper declaration of
entrepreneurial failure. This is occasioned by lack of trust
and confidence in subordinates.
Get-rich-quick syndrome
This tendency is present in most Nigerian entrepreneurs.
They want quick wealth at the expense of good business
ethics.
Poor management of resources
Some of the problems of the Nigerian entrepreneur are
poor management of productive resources.

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Entrepreneurs build new skills not by acquiring information

but rather through a process of personal transformation

that involves a deep level of qualitative change. Rarely do

entrepreneur; prior to starting their first venture, already

possess all the skills they need to become successful. At

some stage in their lives or at some point in the process of

forming their business, they have to build the necessary

skills.

DEVELOPING ENTREPRENEURIAL SKILLS

The process is concerned with four main stages.

1. To objectively analyze and identify the current and

foreseeable skills needs of the business, in terms of

management, administrative and technical skills, and

the relative importance of these.

2. To identify the entrepreneur’s own personal goals and

objectives and accurately analyze and evaluate his or

her own skills and resources in relation to those.

3. To produce a realistic personal development plan for

the potential entrepreneur.

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4. To monitor the on-going performance of the

entrepreneur once the business has started.

CHAPTER THREE

RESEARCH METHODOLOGY

The data used in this research work were collected from

two main sources:
(a) Secondary sources
(b) Primary sources
The primary source employed is mainly questionnaire

approaches that are mostly structured. Consequently, a

very few unscheduled personal interviews were used to

confirm and checkmate secondary sources of data and for

clarification of some responses from primary sources of

data.

19
Secondary sources of data have been collected through the

understudy of existing documents, seminar papers,

textbooks etc.

RESEARCH DESIGN, PRESENTATION AND ANALYSIS

OF DATA
The populations chosen for this work were predominantly

entrepreneurs in public and private sectors of the economy

and professional accountants.

To ensure a comprehensive data collection and

analysis, a sample size of 60 persons were selected from.

1. Centre for entrepreneurial development UNIZIK,

Awka
2. Some small and medium enterprises in Onitsha and
environment eg. GBC Murphy Ltd makers of GBC air
refreshment.
3. Professional accountants comprising accountants
from manufacturing firms and government offices.

Questionnaires were printed and distributed to the

sample population, in addition, personal interview of

same, were carried out. A total of 12 questions are

contained in the questionnaire, some of the questions

20
 were structured, while others were unstructured, the

unstructured questions were framed in order to give

room for respondents to express their opinion fully on

the issue and structured questions were for the purposes

of testing hypothesis.

The team of researchers because of want of time and fund

were able to sample a few but seasoned entrepreneurs and

were quite convinced that users of this work will have a

bird’s eye view of the entire gamut of accounting skills as a

prerequisite for entrepreneurial development.

Procedure for data analysis.

The statistical technique employed for analysis or

processing the data collected includes frequency tables

and simple percentage. In addition the t-test is used for

the testing of the hypothesis of the study.

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 CHAPTER FOUR.

Test of Hypothesis One

HO: Accounting skills is not relevant for entrepreneurial

development.

HI: Accounting skills is relevant for entrepreneurial

development.

To test this hypothesis, we used sample t-test. Specifically,

the one-sample t-test model was used. Accordingly, to test

this hypothesis two variables (Skills in Accounting and

Financial Procedures and Financial Decision and Policy

Decision As Hub of Entrepreneurial Growth) were used.

22
 While table I shows the summary statistics; however, table

2 shows the detailed statistics. The statistical results are

shown below.

Table 1: One-Sample Statistics

N Mean Std. Std. Error

Deviatio Mean
n
Skills in Accounting and

Financial Procedures 54 .91 .293 .040

Financial Decision and

Policy Decision As Hub of 54 .91 .293 .040

Entrepreneurial Growth

Table 2: One-Sample Test

Test Value = 0
95% Confidence Interval
of the Difference
T Df Sig. (2 Mean Lower Upper
tailed) Difference
Skills in Accounting and

Financial Procedures 22.79 53 .000 .907 .83 .99

Financial Decision and 0

Policy Decision as Hub of 53 .000 .907 .83 .99

Entrepreneurial Growth 22.79

The decision rule is to accept the alternate hypothesis if the

t-statistic is greater than the t-critical value. The t-statistics

23
above is 22.790 respectively for each variable. But at 53

degrees of freedom and 5% level of significance, t-critical

value is 1,960. Hence since the t-statistics is greater than

the t-critical value, we reject the null hypothesis and accept

the alternate hypothesis. We therefore conclude that

accounting skills is relevant for entrepreneurial

development.

Test of Hypothesis Two

HO: Accounting skills cannot be applied in entrepreneurial

development.

HI: Accounting skills can be applied in entrepreneurial

development.

To test this hypothesis, we also used the one-sample t-test.

Accordingly, to test this hypothesis three variable items

where used. The variable items that were used are:

Accounting Skills and Rate of Inflow & Outflow of Capital

Structure: Whether Good Business Plan is a Function of

Accounting Skills; and Accounting Skills are important

among Entrepreneurs. The statistical results are shown

below.

Table 3: One-Sample Statistics

24
 N Mean Std. Std. Error
Deviatio Mean
n
Accounting Skills and Rate of

Inflow and Outflow of Capital 54 .56 .502 .068

Structure

Whether Good Business Plan is

54 .74 .422 .060
a Function of Accounting Skills

Accounting Skills are important

54 .93 .264 .036
among Entrepreneurs.

Table 4: One-Sample Test

Test Value = 0
95% Confidence Interval
of the Difference
T df Sig. (2 Mean Lower Upper
tailed) Difference
Accounting Skills and Rate

of Inflow & Outflow of 8.139 53 .000 .556 .42 .69

Capital Structure

Whether Good Business

Plan is a Function of 12.30 53 .000 .741 .62 .86

Accounting Skills 6

25
Accounting Skills are 53 .000 .926 .85 1.00

Important among 25.73

Entrepreneurs 9

The decision rule is to accept the alternate hypothesis if the

t-statistic is greater than the t-critical value. The t-statistics

above are 8.139, 12.306, and 25.739 respectively for each

variable. But at 53 degrees of freedom and 5% level of

significance, t-critical value is 1,960. Hence since the t-

statistics is greater than all the t-critical value, we reject

the null hypothesis and accept the alternate hypothesis.

We therefore conclude that accounting skills can be applied

in entrepreneurial development.

The ANOVA results below indicates the explanatory power

of the four selected variable as appropriate variables for

explaining the concept of accounting skill in

entrepreneurial development.

ANOVA

Sum of df Mean F Sig

Square Squar

s e
Accounting Skills and Rate of Between 1.701 1 1.701 7.602 .008
Groups
Inflow & Outflow of Capital 11.633 5 .224
Within 2
Groups 13.333
Structure 5

26
 Total 3

Whether Accounting Skills Between Groups 3.023 1 3.023 21.399 .000

Measures Standard with Within Groups 7.347 5 .141
Actual Total 10.370 2
5
3
Whether Accounting Skills Between Groups 2.904 1 2.904 188.74 .00
Detect Financial Losses Within Groups .800 5 .015 1
Total 3.704 2
5
3
Accounting Skills are Between Groups 2.904 1 2.904 188.74 .000
Important among Within Groups .800 5 .015 1
Entrepreneurs Total 3.704 2
5
3

All the variable items are significant in explaining

accounting skills among entrepreneurs as none has

negative value. Hence, we infer that the variables explain

the construct – accounting skills.

CHAPTER FIVE

SUMMARY

Becoming an entrepreneur can be one of the most

rewarding decisions of your life. Understanding how to

separate yourself from the rest of the rat race and put

27
yourself in control of your own life is incredibly

empowering. By choosing this path, you are giving yourself

the ability to control your own destiny rather than simply

choosing to work for someone else. However, that does not

dismiss your responsibility to have a well-rounded

education and familiarly with various core business topics.

You need to be able to effectively and intelligently

communicate on those topics if for no other purpose than

to properly evaluate those that you hire. If you don’t have

the most basic understanding of accounting, how can you

possibly search for the proper qualifications for a crucial

and strategic business account for your new Endeavour?

The point of this article is to illustrate that an entrepreneur,

while a specialist, must still be very well rounded in his or

her education in order to be able to see all sides of the

issues in front of them. Successful entrepreneurs are able

to effectively wear multiply hats and shift from role to role

as necessary. Entrepreneurial Development studies if

embraced will help to provide basic understanding for

running a business outfit.

Conclusion

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Entrepreneurs need accounting education. No idea is so

great that you can avoid accounting for it. Proper

accounting is a necessary process for a successful

entrepreneur to employ. You must keep detailed records of

monetary transactions involved in the creation and sales of

your business. Without them, you and your business will

fail.

Learning accounting while building your business is a

smart move. It will provide you with a necessary tool to

help expand your business in the future. Entrepreneurs

need to take a little extra time and effort to master it, and

this will give them an important edge over their

competitors that can assume them success in the long run.

Accounting is something that is useful in your personal as

well as professional lives.

Hassan has stressed the crucial roles of education,

training and development in entrepreneurial development

and skills acquisition.

He said that the process of equipping entrepreneurs

with necessary skills is through education, entrepreneurial

training and development.

29
 REFERENCES

Boone, L. & Kurtz, D.(2005) Contemporary Business US:

Thomson & South West Publishers.

30
Louis A. Allen (1969), Professional Managers Guide, Louis

Allen Associates Johannesburg.

Frans Bekker (1988) Starting and Managing A Small

Business Rustica Press (PTY) Ltd NDABENI, CAPE.

Kanu, I.N and Nwaiwu,

B.N(2010)Entrepreneurship:Essential Themes in

Theory and Practice. Owerri:Great Stars Publishers

International Company.

Kanu, I.N and Onwukwe, V(2008).Introduction to Small

Scale Business and Entrepreneurship Education.

Owerri. Great Stars Publishers International Company.

Longman Dictionary of Contemporary English(2003).

England: Longman Nigeria PLC.

Okafor K.O. Okoye E.I. (2004), Principles and Practice of

Financial Accounting .Rex Charles and Patrick Ltd.

Nimo.

Onwukwe, V.(2010) Kanu, I.N and Nwaiwu,

B.N(2010)Entrepreneurship:Essential Themes in

Theory and Practice. Owerri:Great Stars Publishers

International Company.

31
John W. Hanseen (2007) Dictionary of Accounting. Star

Offset, New Delhi.

R.J. Bull Accounting in Business (1980), Butterworth

Scientific London.

Gardner H. (1993) Creating Minds, New York Basic Books

Glasmeier, A.K, Fuellhats K, Feller I. and Mark M. M (1998),

The relevance of financial learning theories to the

design and Evaluation Of Manufacturing Modernization

Programmes, Economic Development Quarterly 12,

107-124.

Uzoma, A.M. Entrepreneurial Development in Nigeria – A

tactical approach for Organization Markers, Onitsha

New Age Educational Publishing Co. 1991.

JOURNALS

Accounting Education Change Commission (1990), Position

Statement No, One Objectives of Education for

Accountants. (USA)

Dr. Doyin Hasan Conference of International Academy of

African Business and Development (IAABD) 11th

edition Lagos State University (LASU).

32
 Department of Accountancy
Nnamdi Azikiwe University,
Awka
July 20, 2010.

Dear Sir/Madam,

We are post graduate students of the above-named

institution on the department of Accountancy.

We are carrying out a research on Accounting Skills

for Entrepreneurial Development and you have been

chosen as one of our target audience for the study.

Please kindly answer the questionnaires attached to

enable us effectively carry out the study.

The responses received from you are highly believed

to be confidential and would be treated as such.

Yours faithfully,

Team of researchers.

QUESTIONNAIRE

33
1. Which among the list below do you belong?

(a) The public (b) Civil Servant

2. Which profession do you belong?

(a) Accounting (b) Management

(c) Other

3. Accounting skills helps to detect financial losses in

business

(a) Agree (b) Disagree

4. Skills in accounting provides alternative financial

procedures of which business policy is adopted.

(a) Agree (b) Disagree

5. Accounting skills measures standards with actual, in

order to apply necessary controls where deviation is

known to achieve the desire business objectives.

(a) Agree (b) Disagree

6. Accounting skills regulates the rates of inflow and

outflow of capital structure of entrepreneur to

preserve the wealth maximization goal.

(a) Agree (b) Disagree

7. Good business plan is a function of accounting skill.

(a) Agree (b) Disagree

34
8. Entrepreneur needs accounting skills to keep and

update accounting books necessary for successful

venture.

(a) Agree (b) Disagree

9. Relevant business financial decision and policy

decision is the hub for entrepreneurial growth.

(a) Agree (b) Disagree

10. Comment briefly on the relationship between

accounting skills and entrepreneur development.

_______________________________________________________

_____________________________

11. Funds for business venture is easier to obtain through

good feasibility study drafting which is a function of

accounting skill.

(a) Agree (b) Disagree

12. Job creation and entrepreneurial idea is born by good

accounting skill. Comment.

35