Chart of Accounts: A Critical Element of the Church Financial Management Framework in Nigeria (A Survey of Selected Churches in Nasarawa State, Nigeria)

Chritiana L. I. Tanze; Affiru Anyuabuga Stephen

Chart of Accounts: A Critical Element of the Church Financial Management Framework in Nigeria (A Survey of Selected Churches in Nasarawa State, Nigeria) | AB Journals

Chart of Accounts: A Critical Element of the Church Financial Management Framework in Nigeria (A Survey of Selected Churches in Nasarawa State, Nigeria)

;

African Journal of Accounting and Financial Research

Vol. 1Issue 22019pp. 55–68Published 2 January 2019

1,721Views

611Downloads

Metrics

Share Link

𝕏

Cite this

Citation unavailable for this article.

Abstract:

This paper discusses the subject of “best practices” for designing and implementing chart of accounts and how to put them into place in churches and ministries. The Chart of Accounts provides a critical financial management solution for churches and ministries whose administrative and economic infrastructure is obsolete, or has been destroyed through mismanagement of fund by unqualified staff. The paper adopts primary method to collect its data. Five church Denominations/Ministries were selected from available church Denominations and Ministries in Nasarawa state. The population per selected business is ERCC 20; ECWA 25; COCIN 20; Living seed (Peace House) 25; Word of God Ministry 10; were selected using the random sampling technique. Tables and simple percentages were used to analyze the data. The paper finds that not all the churches and ministries uses chart of accounts holistically in the preparation of their financial statements. Therefore, the paper recommended that a down-earth application of chart of accounts should be embraced by church denominations for efficiency and growth.

Keywords:1

Copyrights

Authors retain copyright in their articles and have unrestricted rights to reuse, republish, archive, share, and distribute their work after publication.
All articles are published open access under the Creative Commons Attribution 4.0 International (CC BY 4.0) licence, which permits use, sharing, adaptation, distribution, and reproduction in any medium or format, including for commercial purposes, provided appropriate credit is given to the original author(s) and source.

Loading…

Disclaimer/Publisher’s Note

The statements, opinions and data contained in this publication are solely those of the author(s) and contributor(s) and not of AB Journals or its editors. AB Journals remains neutral and accepts no responsibility for any injury or damage resulting from ideas, methods, instructions or products referred to in the content.

Get Journal Updates

Get Journal Updates

Chart of Accounts: A Critical Element of the Church Financial Management Framework in Nigeria (A Survey of Selected Churches in Nasarawa State, Nigeria)