Publication Information
Journal: NAU Journal of Technology and Vocational Education
Volume: 5 (2020)
ACCOUNTING COMPETENCIES REQUIRED BY BUSINESS EDUCATION GRADUATES FOR ENTREPRENEURSHIP VENTURES IN ABIA STATE
Mong, Ifeanyi Kalu
ifeanyikalu664@gmail.com Department of Vocational and Technical Education, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State
Okolocha, C. C
Chimezie4gilbert@yahoo.com Department of Technology and Vocational Education, Nnamdi Azikiwe University, Awka
The increasing cases of business failures arising from inability of business
education graduates to adequately apply accounting competencies in managing
businesses informed the need for this study. The purpose of the study was to
determine financial accounting and auditing competencies required by business
education graduates for entrepreneurship ventures. Two research questions guided
the study while two null hypotheses were tested at 0.05 level of significance. The
study adopted descriptive survey design. The population of the study comprised
1,809 managers of Small and Medium-scale Enterprises (SMEs) registered with
Abia State Ministry of Trade and Investment. Simple random sampling technique
was used to select 105 SME managers. A 28-item questionnaire tagged
“Accounting Competencies Required for Entrepreneurship Ventures
(ACREV)”wasused fordatacollection.The questionnaire had 5-point rating scale.
The instrument was validated by three experts. The internal consistency of the
instrument was established using Cronbach’s alpha method and it yielded a
coefficient value of .82. Data collected for the study in respect of the research
questions were analysed using mean and standard deviation while z-test was used
to test the null hypotheses. Findings of the study showed that financial accounting
competencies required by business education graduates for entrepreneurship
ventures are ability to prepare final accounts, keep accurate financial records,
journalize business transactions, among others. Also, the study showed that
auditing competencies required by business education graduates for
entrepreneurship ventures are ability to maintain good internal control system for
the business, investigate to an acceptable level to establish conformity or nonconformity of transactions to the set rules and procedures, among others. It was
concluded that business education graduates must possess financial
accountingandauditingcompetenciesrequired for entrepreneurship ventures in
order to manage small scale businesses successfully. Based on the findings, it was
recommended among others, that business education students should be encouraged to register for professional programmes in financial accounting and
auditing to help them acquire the required competencies.
education graduates to adequately apply accounting competencies in managing
businesses informed the need for this study. The purpose of the study was to
determine financial accounting and auditing competencies required by business
education graduates for entrepreneurship ventures. Two research questions guided
the study while two null hypotheses were tested at 0.05 level of significance. The
study adopted descriptive survey design. The population of the study comprised
1,809 managers of Small and Medium-scale Enterprises (SMEs) registered with
Abia State Ministry of Trade and Investment. Simple random sampling technique
was used to select 105 SME managers. A 28-item questionnaire tagged
“Accounting Competencies Required for Entrepreneurship Ventures
(ACREV)”wasused fordatacollection.The questionnaire had 5-point rating scale.
The instrument was validated by three experts. The internal consistency of the
instrument was established using Cronbach’s alpha method and it yielded a
coefficient value of .82. Data collected for the study in respect of the research
questions were analysed using mean and standard deviation while z-test was used
to test the null hypotheses. Findings of the study showed that financial accounting
competencies required by business education graduates for entrepreneurship
ventures are ability to prepare final accounts, keep accurate financial records,
journalize business transactions, among others. Also, the study showed that
auditing competencies required by business education graduates for
entrepreneurship ventures are ability to maintain good internal control system for
the business, investigate to an acceptable level to establish conformity or nonconformity of transactions to the set rules and procedures, among others. It was
concluded that business education graduates must possess financial
accountingandauditingcompetenciesrequired for entrepreneurship ventures in
order to manage small scale businesses successfully. Based on the findings, it was
recommended among others, that business education students should be encouraged to register for professional programmes in financial accounting and
auditing to help them acquire the required competencies.
Akanisi, C. B. (2009). Perception of employers and employees on business
education graduates insetting and managing small scale businesses in
Kaduna State, Nigeria. M.ED thesis presented to the school of
postgraduates studies, Ahmadu Bello University, Zaria
Aremu, M. A. & Adeyemi, S. L. (2011). Small and medium scale enterprises as a
survival strategy for employment generation in Nigeria. Journal of
Sustainable Development, 4(1), 200-206. Retrieved from
www.ccsenet.org/jsd
Ali, U. & Ali, H. (2013). Professional knowledge and skills required for
accounting majors whointend to become auditors: Perceptions of external
auditors. Business and Economics Research Journal,2(3), 33-49.
Cory, S. N. & Pruske, K. A. (2012). Necessary skills for accounting graduates: an
exploratory study to determine what the profession wants.ASBBS Annual
Conference: Las Vegas, 19(1). 208 – 218.
Ekwe, M.C. & Abuka, C.K. (2014). Accounting skills for sustainable developing
of smallandmedium scale enterprise in Taraba State. International journal
of Education learning andDevelopment. 2(2), 39-49.
Enemuo, A. U. (2013). Accounting competencies required for effective
entrepreneurship asperceived by officers of employment generation
agencies in the south-East Zone ofNigeria. Journal of Vocational and Adult
Education. 8(1), 114-122.
Etifit, P. A., Eminue, U. O. & Udoh, I. E. (2016). ICT and accounting skills required for
the establishment of small scale enterprises by business education students in
college of education, Afaha Nsit, Akwa Ibom State.International Journal of
Educational Benchmark.5(1), 57-71.
Ezenwafor, J. I. (2010). Assessments of managerial challenges of entrepreneurs:
implication for entrepreneurship education. UNIZIK Orient Journal of Education.
5(2), 183-191.
Fatemeh, S., Maryam S. & Zahra A. A. (2013). The role of accounting education in
sustainableentrepreneurship. International Research Journal of Applied and Basic
Sciences. 6 (7), 983-988. Retrieved from www.irjabs.com
Gaius-Oke, H., Chinakwe, T., Njoku, O.E. (2013). Quality assurance in office technology
and management in polytechnics in Nigeria. Association of Business Educators of
Nigeria. 3(1), 45-4
Institute of Chartered Accountants of Nigeria (2014). Foundation level financial
accounting. Berkshire. Emile Woolf International
Ibrahim, M.A., Abdullah, K.A., &Faudzia, H. B. (2014).The effect of the internal audit
and firmperformance: A proposed research framework. International Review of
Management and Marketing.4(1), 34-41. Retrieved from www.econjournals.com
Inegbedion, J. O, Njoku, C. U., Ekpenyong, L. E., Umoru, T. & Liadi, H. O. (2015).
Fundamentals of business education. National Open University of Nigeria.
Obi, J. N. (2011). The role of small-scale enterprises in the achievement of economic
growth inNigeria. International Journal of Social Sciences and Humanities. 3(1),
214 -220
Olasupo, S. F., Sorunke, O. A. & Olawuyi, L. (2016). Statutory auditing and performance
ofsmall and medium scale enterprises in Lagos State, South West Nigeria.
International Journal of Academic Research in Business and Social Sciences, 6
(9). 58-67
Okafor, C. & Mordi, C. (2010).Women entrepreneurship development in Nigeria: the
effect of environmental factors. Economic Sciences Series, 62(4), 43-52.
Oseifuah, E.L. & Gyekye, A.B. (2013). Internal control in small and micro enterprises in
the Vhembe District,Limpopo Province, South Africa. European Scientific
Journal 9(4), 1857 – 7881
Osuala, E.C. (2004). Foundations of Vocational education.Enugu: Cheston Agency Ltd
Pickett, S., Rutto, G. K. & Robertson, J. C. (2013). Developing internal audit
competencies. Managerial Auditing Journal, 265-274.
Lawal, K.&Bilkisu, K.(2015). Small scale business management. Abuja: National
OpenUniversity of Nigeria
National Universities Commission (NUC), (2007). Benchmark Minimum Academic
Standard for Undergraduate Programmes in Nigerian Universities. Abuja: NUC.
Mohammed, N. C. & Tengku, A. T. A. (2011). What accountancy skills are acquired at
college?International Journal of Business and Social Science. 2(18), 193 -199
Mong, I. K. & Okolocha, C. C. (2019). Assessment of accounting competencies possessed
by business education graduates for handling entrepreneurship challenges in Abia
State. Journal of Accounting Research, 8(1), 1-11
Robert, B. H. (2010). Internal auditing is an asset for small companies as well as large
ones. Retrieved from http:// www.protiviti.com
Satumari, S. A. (2012). An analysis of the role of an internal auditor in the detection
andprevention of Fraud. Unpublished M.Sc Thesis, Ahmadu Bello University,
Zaria.
Stephen, O. (2013).The relevance ofauditing skills in managing small and medium scale
enterprises. International Journal of Small Business and Entrepreneurship
Research, 5(2), 62-69.
Umoru, T. A. & Bala, Y. (2018). Office technology and accounting skills possessed by
business education students in colleges of education for management of small
scale businesses in Adamawa state. Nigerian Journal of Business Education
(NIGJBED). 5(1), 371 -384.
Ugwushi, B. I. (2009). SMEs key failure-factors: a comparison between the United
Kingdomand Nigeria. Journal of Social Science18(3): 199-207
Raymond, A. E., Ezenyirimba, E. & Moses, C. O. (2014). The relevance of accounting
records insmall scale business: The Nigerian experience. International Journal of
Academic Research in Business and Social Sciences, 4(12). 69-82
Regina, G. O. & Onwumere, J. U. (2010). Issues and challenges in enhancing efficient
entrepreneurial accounting education in Nigerian Universities. Retrieved from
hptt:www.iiste.org
education graduates insetting and managing small scale businesses in
Kaduna State, Nigeria. M.ED thesis presented to the school of
postgraduates studies, Ahmadu Bello University, Zaria
Aremu, M. A. & Adeyemi, S. L. (2011). Small and medium scale enterprises as a
survival strategy for employment generation in Nigeria. Journal of
Sustainable Development, 4(1), 200-206. Retrieved from
www.ccsenet.org/jsd
Ali, U. & Ali, H. (2013). Professional knowledge and skills required for
accounting majors whointend to become auditors: Perceptions of external
auditors. Business and Economics Research Journal,2(3), 33-49.
Cory, S. N. & Pruske, K. A. (2012). Necessary skills for accounting graduates: an
exploratory study to determine what the profession wants.ASBBS Annual
Conference: Las Vegas, 19(1). 208 – 218.
Ekwe, M.C. & Abuka, C.K. (2014). Accounting skills for sustainable developing
of smallandmedium scale enterprise in Taraba State. International journal
of Education learning andDevelopment. 2(2), 39-49.
Enemuo, A. U. (2013). Accounting competencies required for effective
entrepreneurship asperceived by officers of employment generation
agencies in the south-East Zone ofNigeria. Journal of Vocational and Adult
Education. 8(1), 114-122.
Etifit, P. A., Eminue, U. O. & Udoh, I. E. (2016). ICT and accounting skills required for
the establishment of small scale enterprises by business education students in
college of education, Afaha Nsit, Akwa Ibom State.International Journal of
Educational Benchmark.5(1), 57-71.
Ezenwafor, J. I. (2010). Assessments of managerial challenges of entrepreneurs:
implication for entrepreneurship education. UNIZIK Orient Journal of Education.
5(2), 183-191.
Fatemeh, S., Maryam S. & Zahra A. A. (2013). The role of accounting education in
sustainableentrepreneurship. International Research Journal of Applied and Basic
Sciences. 6 (7), 983-988. Retrieved from www.irjabs.com
Gaius-Oke, H., Chinakwe, T., Njoku, O.E. (2013). Quality assurance in office technology
and management in polytechnics in Nigeria. Association of Business Educators of
Nigeria. 3(1), 45-4
Institute of Chartered Accountants of Nigeria (2014). Foundation level financial
accounting. Berkshire. Emile Woolf International
Ibrahim, M.A., Abdullah, K.A., &Faudzia, H. B. (2014).The effect of the internal audit
and firmperformance: A proposed research framework. International Review of
Management and Marketing.4(1), 34-41. Retrieved from www.econjournals.com
Inegbedion, J. O, Njoku, C. U., Ekpenyong, L. E., Umoru, T. & Liadi, H. O. (2015).
Fundamentals of business education. National Open University of Nigeria.
Obi, J. N. (2011). The role of small-scale enterprises in the achievement of economic
growth inNigeria. International Journal of Social Sciences and Humanities. 3(1),
214 -220
Olasupo, S. F., Sorunke, O. A. & Olawuyi, L. (2016). Statutory auditing and performance
ofsmall and medium scale enterprises in Lagos State, South West Nigeria.
International Journal of Academic Research in Business and Social Sciences, 6
(9). 58-67
Okafor, C. & Mordi, C. (2010).Women entrepreneurship development in Nigeria: the
effect of environmental factors. Economic Sciences Series, 62(4), 43-52.
Oseifuah, E.L. & Gyekye, A.B. (2013). Internal control in small and micro enterprises in
the Vhembe District,Limpopo Province, South Africa. European Scientific
Journal 9(4), 1857 – 7881
Osuala, E.C. (2004). Foundations of Vocational education.Enugu: Cheston Agency Ltd
Pickett, S., Rutto, G. K. & Robertson, J. C. (2013). Developing internal audit
competencies. Managerial Auditing Journal, 265-274.
Lawal, K.&Bilkisu, K.(2015). Small scale business management. Abuja: National
OpenUniversity of Nigeria
National Universities Commission (NUC), (2007). Benchmark Minimum Academic
Standard for Undergraduate Programmes in Nigerian Universities. Abuja: NUC.
Mohammed, N. C. & Tengku, A. T. A. (2011). What accountancy skills are acquired at
college?International Journal of Business and Social Science. 2(18), 193 -199
Mong, I. K. & Okolocha, C. C. (2019). Assessment of accounting competencies possessed
by business education graduates for handling entrepreneurship challenges in Abia
State. Journal of Accounting Research, 8(1), 1-11
Robert, B. H. (2010). Internal auditing is an asset for small companies as well as large
ones. Retrieved from http:// www.protiviti.com
Satumari, S. A. (2012). An analysis of the role of an internal auditor in the detection
andprevention of Fraud. Unpublished M.Sc Thesis, Ahmadu Bello University,
Zaria.
Stephen, O. (2013).The relevance ofauditing skills in managing small and medium scale
enterprises. International Journal of Small Business and Entrepreneurship
Research, 5(2), 62-69.
Umoru, T. A. & Bala, Y. (2018). Office technology and accounting skills possessed by
business education students in colleges of education for management of small
scale businesses in Adamawa state. Nigerian Journal of Business Education
(NIGJBED). 5(1), 371 -384.
Ugwushi, B. I. (2009). SMEs key failure-factors: a comparison between the United
Kingdomand Nigeria. Journal of Social Science18(3): 199-207
Raymond, A. E., Ezenyirimba, E. & Moses, C. O. (2014). The relevance of accounting
records insmall scale business: The Nigerian experience. International Journal of
Academic Research in Business and Social Sciences, 4(12). 69-82
Regina, G. O. & Onwumere, J. U. (2010). Issues and challenges in enhancing efficient
entrepreneurial accounting education in Nigerian Universities. Retrieved from
hptt:www.iiste.org