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International Journal of Research in Economics and Social Sciences
Year : 2014, Volume : 4, Issue : 7
First page : ( 21) Last page : ( 35)
Online ISSN : 2249-7382.

Accounting practices of SMES in Sunyani: An investigative study of record keeping for performance measurement

Amoah Robertson*, Samuel Ntoah-Boadi**, Richardson Adjei Mensah Kwame**

*Department of Commercial Studies, Sunyani Polytechnic, Sunyani, Ghana

**Department of Accountancy, Sunyani Polytechnic, Sunyani, Ghana

Jel Classification: L25, M40, M48

Online published on 27 August, 2014.


The aim of the study is to contribute to the body of knowledge in the area of Small and Medium Scale Enterprises (SMEs) accounting by analysing the types of accounting records SMEs keep and maintain as well as the types of financial statements SMEs prepare using a sample of 120 respondents selected based on convenient sample method. Primary data was collected using structured self-designed and self-administered questionnaire. Primary data was analysed using percentages, frequencies and presented using tables. The findings indicate that SMEs in the survey keep purchases day book than the other books identified. Statement of account is the most prepared financial statement. The most ranked reason for profit calculation is tax purposes. Mandatory policy should be put in place to ensure that SMEs adopt accounting practices in their business activities. Future studies should consider the same issues discussed in the current study using structural modeling method for causal study.



Small and Medium Scale business, Accounting records, financial statements, Profit calculation.


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