EFFECT OF ACCOUNTING PRACTICES ON BUDGET IMPLEMENTATION OF GOVERNMENT-OWNED RESEARCH INSTITUTES IN SOUTH EASTERN NIGERIA

The study examined the effects of accounting practices on budget implementation of government-owned research institutes is South Eastern Nigeria. Specifically, the study examined the effect of proper accounting records, preparation of accounting records and accounting records procedures on revenue collection in government-owned research institutes; examined the effect of proper accounting records, preparation of accounting records and accounting records procedures have on expenditure control in government- owned research institutes; accessed the effect of timely payroll accounting, accurate payroll accounting and accessible payroll records have on revenue collection in government-owned research institutes; and accessed the effect of timely payroll accounting, accurate payroll accounting and accessible payroll records have on expenditure control in government-owned research institutes. The study adopted a survey design with using well-structured questionnaire tailored to meet to research objectives. A purposive sampling technique targeting the directors of finance, budget officers and accountants in the selected government-owned research institutes was adopted. The study adopted the multiple regression analysis and found significant and strong effect of record keeping on the revenue collection in the government-owned research institutes. Further, the study found payroll accounting to be significant, yet very weak in influencing revenue collection and expenditure control in the government-owned research institutes. The study therefore recommends complete upgrading and modernization of the record keeping processes and systems in line with the technological improvements in revenue collections in government-owned research institutes for optimum results from record keeping. Keywords: Accounting practices; Record keeping; Payroll accounting; Revenue collection; Expenditure control