The Problem of Flooding of Accountants in the Job Market

THE PROBLEM OF FLOODING OF ACCOUNTANTS IN THE JOB MARKET

According to D.O. Eyiyere Et al (1975 page 103) the influx of the Accountants in the job market has created unemployment which is the greatest problem facing an over populated country. However, this problem could be caused by the following:  shortage of modern amenities, low per capital income, social disorder etc.

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Since the study of accounting is a major way of improving the commercial and business world, all efforts should be made to handle these problem with a genuine effort.

2.1              DEFINITION OF ACCOUNTING

Accounting is defined as the art of recording, classifying and summarizing, analyzing, interpreting and reporting on the financial transactions and position of an organization to interested bodies or person.

  • ORIGIN OF ACCOUNTING

All over the world, accounting has maintained its prominent position in the development of the economy.  For instance in the United States of American and France, in Nigeria of course, there was no properly coded method of keeping accounts.  However, the present day complexity of economic problems and their inter-relationship with socio political development have made the appreciation of accounting principles of paramount important.  In this regard, Ezejewe pointed out that Accounting developed not as a chance phenomenon but in response to definite need of modern commercial and business activities (Ezejewe 1984).

 ROLES OF ACCOUNTS IN THE SOCIETY

The public would like to understand the contributions of an accountant that makes him the all-important personality that he is.  These roles are as follows:

  1. Accountants ensure that resources are obtained economically, and used effectively and efficiently.
  2. Accountants help to ensure that all the resources of an economy are mobilised and put into optional uses.
  3. They also help to ensure that adequate rewards and returns are produced from the activities of an economy.
  4. They help the potential investors to put their investments into optimal used by providing adequate feasibility reports with which they guide the would be investors.
  5. Accountants help an economy to prepare the national income (GNP) and national budgets. Without accountants, a nation will not be able to ascertain the quantum of productive activities going on in the economy.
  1. Accountants deal with taxation and the implications of a tax system on the mobilization, utilization, and reward of financial resources. Nigeria introduced the value added tax (vat) to reduce the adverse effects of income tax, without reducing government revenue from tax.  Vat taxes the consumers instead of the producers.  As a result, it encourages production  and investment.

2.4              ROLES OF ACCOUNTING TO THE SOCIETY 

  1. Accounting ensures that there is adequate planning of an economy.
  2. Accounting help to ensure that there will be optional utilization of the resources of the economy.
  3. It also ensure proper accountability for actions of managers.
  4. It provides adequate guide to investors, and the effective generation of government revenue through taxes and other sources.

2.5              ACCOUNTING PROFESSION

To purchase the complete Project Material, Pay the sum of N3, 000 to our bank accounts below:

BANK NAME: GUARANTY TRUST BANK (GTB)

ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM

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After paying the sum of N3, 000, send your full name, email address and the title of the project topic as text message to our phone: 07033378184

We will send your complete project materials to your email within 10 Mins after payment.

 

Accounting is a professional course that requires special training and a high level of education.  For instance, we have the institute of chartered Accounting of Nigeria (ICAN) which every accountancy student must attend and become a chartered accountant which will make the student to be a qualified accountant.  A qualified accountant cannot be unemployed, rather job will be looking for him because of their profession in the field of accounting.

In this respects, there are many graduate in the filed of financial studies in our various institute of learning who did not have the opportunity to undergo high level of education in accounting do to some reasons best known to them.

The influx of these unqualified accountants in the job market today in Nigeria has created unemployment.  According to D.O Eyiyere Etal (1995 page 103) unemployment is the greatest problem facing an over populated country.  The number of unqualified people in the field of accounting is too much for the available job.  Employment can be seen as the act of employing or using the state of being employed in occupation business.  That which one undertakes to occupy his time.  For instance, some accountants who wish to work in a bank or other related field may be unable to get work.  Even those who are employed may be under-employed.  Underemployed according to S.A.O Aka means that workers have insufficient work to do.  For the fact that  there are many graduates of this type in the field of accounting, the following could be the cause their unemployment.

Shortage of modern amenities:  An over populated country cannot provided enough modern amenities such as water, good roads, electricity supply, educational facilities and medical care for its population.

Low per capital income: Over population lead to low income.  This is the direct result of the unemployment and under-employment which also lead to low standard of living.

Social disorder:  Over population leads to social disorder, lawlessness and frequent riots which resulting unemployment.

As we can see the type of unemployment caused by the influx of these accountants in the job market according to D.O. Eyiyere are as follows:

Frictional unemployment:  This occurs when a machine takes over the work usually do by workers.

Seasonal unemployment:  This is caused by the seasonal demand for certain goods and services.  Example, rainy season is period of partial employment for farmers in Nigeria.

Residual unemployment:  People of very low ability suffer this type of unemployment.  Employees refuse to employ then because of their low intelligence and laziness.

Cyclical unemployment:  This is caused by a general fall in the proper graduates of accounting in the various institution which is usually result of a depression when economic activities are low and a boom when it is high.

Classical unemployment:  This is caused by absence of factors of production.

Structural unemployment:  This is caused by changes in the pattern of demand in a country.

 

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