THE IMPACT OF FINANCIAL STATEMENT IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A STUDY OF UNION BANK PLC, GBOKO BRANCH)

CHAPTER ONE INTRODUCTION Background to the Study A farmer who plant crops, expects result, similarly to student who sits for examination expects results. The same is also true of an investor. For the farmer, the result might be communicated to him in the form of a bumper harvest. It result sheet or a statement card would usually sufficed for a student. However, to n investors, the result is communicated through the financial statement. Financial reports are law to be prepared by every limited liability company; these limited liability companies abound in virtually all sector of the economy. Every company shall cause accounting to kept the accounting records shall be sufficient to show and explain the transactions of the company and shall be such as to disclose with reasonable accuracy, at anytime the financial position of the company (American Accounting Association; 1966). In the banking industry, financial statement is of great interest to the general public because the banks directly or indirectly interact with people. This public interest has caused companies (including banks) to accept social as well as economic, financial and legal responsibilities and has created a consequences; a growing need for the communication of information to account for the results which are of considerable interest wide range of individuals and organizations. So, it becomes very imperative for reliable information to be circulated to interested parties which can enable them to acquire an essential knowledge of the way in which companies particularly the banks are performing in relation o the public interest. This fact is further educated by recommendation of the working party set up in Britain by the Accounting Standard Committee in October 1974 under the chairmanship of Derek boothman which took a study of the scope and aims of publishing Financial Statements (Nigeria Accounting Standard Board “NASB”) The committee recommended that “The fundamental objectives of corporate report are to communicate economic measurement of the reporting entity useful to those having reasonable right to such information’s.” It is not an over statement when one says that the banking industry is the flame on which the nation economy rotates. This Mammoth, impact upon a country economy therefore makes it a public affair is everybody in the country has a right to know what such organizations are doing, more so, all information necessary to explain the organization’s activities fully should be provided in the annual reports. One of the most significant aspects of the information system of business enterprises in an economy is that which deals with the communicated of financial data, especially in describing business profitability and financial position. This information is important because it attempts to partial the economic resources of the enterprises and the financial result, which have been put to use. It attempts to reveal how effective management has been in resources utilization as well as the financial reward available to compensate for risk taken by various suppliers of capital (Anderson et al; 1987). Statement of the Problem The genuine or otherwise of financial statement has attracted diverse options form different quarters, such options can come from the general public, tax authorities, shareholders, creditors with long or short term interest, financial analyst and potential investors. They argue that the financial reports do not usually give an accurate data about the action ties of such business concerns, for example, the idea of stating assets at their historical cost do not favour most investors as they argue that inflation is not usually taken care of, though the real value of such asset might have been eroded. Nigeria Banks is a sustainable manner. This should be to assist traders farmers as well as workers with loans to expand their business (Ghanian Times, September 23, 2010). However due to the recent global financial crises, it is justified that banks performance receives increased research form both scholars and industry specialists. The two ways of assessing bank performance are the accounting method which is based on financial statement and the econometrics methods. However financial measures have long been the basis for business performance measurement. These measures conveyed the performance and attainment in monetary terms included in the statement of account, and carried a high level of collection of information. The financial measures are still wild spread amid most of the businesses because non – financial measures such as quality, market share, human resources and customer satisfactions tend to be subordinated to financial figures. Moreover, the fundamental dependence by managers on financial performance measures have been dominates organization stratagem predominantly in short run. Furthermore, the financial measures have been used for many years and managers are often contented with them, where as it is recognized that the instantaneous outlook for the overall financial markets and subsequent world economic growth prospects appear challenging, the banks operating in healthy situation will remain resilient. In assessing the general financial ailment of a company, the financial statements such as income statement and balance sheet, are important reports as this captures the business operative performance and shows its net worth. This study therefore seek to find out the relevance of financial statements and its impact on organizational performance as asses by Bank customers. Again, since the financial statement prepared by managements, the shareholders and others argues that there would usually be some elements of bias on the part of management in the disclosure of management’s financial ineptitude. But in any case the management claims that some inherent problems would usually affect the accuracy of such reports, it is therefore the intension of this researcher to delve in to the matter to enable him establishes a relationship between financial reporting and performance evaluate in a bank. Objectives of the Study The major objective of this study is to examine the financial statement in assessing the performance of an organization (Union Bank Plc. Gboko Branch). The general objectives of the study are to; Examine if financial statement determine the profitability of an organizational performance. Determine the use of financial statement to enhance the organization performance Determine if financial statement is a tool for assessing the organizational performance. Determine if there is any relationship between financial statement and organization productivity. Research Question To provide answers to the research objectives, the researcher outlines the following questions; Does financial statement determines the profitability of an organizational performance? What extend does financial statement used to enhance the organizational performance? Does financial statement a tool for assessing the organizational performance? Is there any relationship between financial statement and organization productivity. Research Hypothesis The hypotheses of the study are stated in null form as follows; H01 Financial statement does not have effect on the profitability of organization. H02 Financial statement does not enhance the performance of the organization. H03 Financial statement is not a tool for assessing the organizational performance. H04 There is no significant relationship between financial statement and organization productivity. Significance of the Study The banking industry is a very important sector of the economy. This is because banks can determine the direction of growth or development of the economy through the financial service rendered by banks. The financial services which includes, fund mobilization, safekeeping and custodianship, funds transfer, foreign exchange transaction, equipment leasing, extension of loans and advances, investment in securities, bill discounting etc. Investment the key sector of the national economy of which banks the banking industry is one becomes a goal – getter priority. Owing to this, it becomes necessary that financial reports presented by banks satisfy the need of the users of the reports. Especially, at the end of this study, we shall have been able to establish; Whether or not the financial statement affects investment in the banking industry Whether or not the annual financial statement currently reflect the inflationary effects. Whether or not banks follow rigid accounting practices. The emphasis of this research is not to discuss the determents of performance, by to establish a relationship between financial reporting and performance so that potential investors in banking industry may clearly define the stand. Scope of the Study The aim of the study is to examine the impact of financial statement in assessing the performance of an organization, however it will be restricted to Union Bank Plc, Gboko Branch. Definition of Operational Terms Auditing: The objective examination of financial statement initially prepared by management by a third party other than the prepared or used with the goal of establishing the fairness of representations made therein and reporting on some guides in interested users. Atest: To assume responsibility for the fairness and dependability of financial statement. Bankrupt: Inability of a person to meet his liabilities as they mature. Financial Statement: This covers balance sheets, income statement or profit and loss account and other statement and explanatory materials. Going Concern: Continuing in operation for the unforseable future with the assumption that the enterprise has neither the intension to seize. Liquidation: It is the process of winding up of a company thereby bringing to an end its corporate existence. True and Fair View: The opinion of an auditor, which depicts compliance, with generally accepted accounting principles and full fair disclose of facts.   CHAPTER TWO REVIEW OF RELATED LITERATURE 2.1 Introduction This chapter focus on examines relevant literature that would assist in explaining the research problem and furthermore recognize the efforts of scholars who had previously contributed immensely similar research. The chapter intends to deepen the understanding of the study and close the perceived gaps. 2.2 Conceptual Framework 2.2.1 Concept of Financial Statement The basis of financial planning analysis and decision making is the financial information. Financial information is needed to predict, compare and evaluate a firm’s earning ability. It is also required to aid economic decision making, investment and financing making. The financial information which is an enterprise is contained in the financial statement. Financial statement according to the V.S Gavtam (2005) is defined as financial information which is the information relating to financial position of any firm in a capsule form. Financial statement according to J.A Ohison (1999) was defined as a written report that summaries the financial status of an organization for a stated period of time. It includes an income statement and the balance sheet or statement of financial position describing the flow of resources profit or loss and the retention of profit. Financial statement according to Academic Organization Dictionary is a document which sets out the assets income, expenses and dept of a company to allow a third person to assess that company’s health. Financial statement according to Nigerian Accounting Standard Board (NASB) are the areas of communicating to interested parties information on the resources, obligation and performances of the reporting entity. Financial statement can also be defined as the process whereby information relating to the organization as a whole is reported to the outside world. They are reports on management and not the management. It deals with most external financial transactions of the organization. Financial statement are source of documents of accounting information. They are referred to the final account. 2.2.2 Statement of Financial Position It is a financial statement showing the assets, liabilities and net equity of a company as of a given point in time usually at the end of the year. Gbemacha (2023) The main objective or purpose of financial position of a company at the end of the financial year. The fact and figures shown must be true and correct. 2.2.3 Income Statement To Gbemacha (2023) it is a financial statement that gives a company operating results for a specific period of time. Also referred to as earnings reports operating statement. Statements normally cover a year of operations. Its objectives include the measurement of capital maintenance and income distribution. Operations divide into two categories of transactions, sales and revenue. A typical manufacturing company sells products to its customers which, net of returns results in net sales less all expenses. Net incomes are obtained after taxes are deducted at a prevailing rate. Net income is available to be invested in the business and to pay dividend. 2.2.3 Cash Flow Statement According to Gbemacha (2023) cash flow statement is prepared at the end of a fiscal period to show how cash was affected by the business operating, investing and financing activities during the accounting period. Simply stated, cash flow statement means a statement showing changes or movement of cash or cash equivalent during a given period. Briefly it may be stated as showing various sources of cash inflows and various heads of cash outflows. It is prepared from income statement and changes in working capital. Cash inflows are those which increase the cash position and cash outflows are those which decrease the cash position. Cash inflows may also arise due to the operating activities. Similarly, cash outflows may arise due to cash purchase, payment to creditors, payment to operating expenses and income tax, payment of loan and dividend and interest, payment of long term loans and redemption of preference shares or debentures (financing activities) and purchase of fixed assets including investment (investing activities). The net result of cash flow statement is to verify the closing cash balance after adjusting all items of cash inflows with opening balance and all items of cash outflow. These cash flows and outflows changes the balance of the cash in bank account. The corporate financial position for the current accounting period reports the change in the balance of cash in bank but does not provide the reasons for change. These details are reported in the cash flow statement. 2.2.4 Statement of Retained Earnings This statement explains the changes in a company’s retained earnings over the reporting period. Gbemach (2023). 2.2.5 The Auditor’s Report The role of auditors has become increasingly important since audit was first made compulsory under the Companies and Allied Matters Act (CAMA 2004) as amended. A audit must be carried out by accountant belonging to a recognized body by the department of trade. Audits are guiding the presentation of account not only by the legal requirement as confirmed by Olumhense A. Imoisili (the Nigerian Accountant) but also by: Recommendation of Accounting principles and Statement of Standard Accounting Principles (SSAP) One of the first task of nay user of financial prequalified their approval in any way. The report and the account must be sent to all their shareholders and holders of the departures and loan stocks not later than 21 days before the annual general meeting (AGM). A copy must be lodged with the registered of companies not more than 7 months after the company’s financial year ends. R.G. may, G.G. Mueller and T.H Williams (1995). Auditing Standard paragraph 6 “the Auditors Operational Standard” 1st April 1990, the Auditing Practice Committees (APC), auditing guidelines on review of financial statement states that: The auditor should carry out a review of the financial statement as in conjunction with the conclusions draw from the audit evidence obtained is sufficient to give him a reasonable basis for his opinion in the financial statement. The general purpose of the auditors review the auditor is required to form opinion on the enterprise’s financial statement as the whole having accumulated audit evidence about individual terms or group of items in the accounts, the auditor should therefore carry the overall review of the financial statement to satisfy him that a free and fair view is presented. 2.2.6 The Director’s Reports The Gbemacha (2023), the directors report gives certain factual information relating to the year under review which has to be disclosed by law. Two details required by status to be disclosed in the directors report include statement of the following: The statement of the company affairs Recommendation dividend Proposed transfers to reserves Political or charitable contributions Share or debentures issued during the years Names of directors who served during the year Director’s shares and debentures ownership Significant changes in fixed assets Average number of employees on the payroll throughout the year where they exceed 100 and their aggregate remuneration. 2.2.7 Value Added Statements The relevance of value added statement depends upon its value to a potential user, Dr. A.B Akinsoyinae opined that it provides a sound base for more realistic decision making. The value added statement emphasis on the partnership’s performance in creating wealth, argued Galutier and Unerdown (1992). Further, they wrote that it does not treat the shareholders or potential investors with exclusive status afforded by convention statement of cash flow yet, existing a prospective shareholder (and lender) may benefit from studies of the company’s value added disclosure, thus the potential effects of high wage and low company allocations on the company’s future prospect for growth and further wealth creating can be realistically established put differently,, therefore value added statement is a measure of wealth creation of a firm and its employees. 2.2.8 Investment Decisions As postulated by Pandeg (2005) investment decision has to do with an efficient allocation of capital. It involves decision to commit the firms fund to the long – term assets. Such decisions are of capital. It involves decision to commit the firm’s fund to the long – term assets. Such decisions are of considerable importance to the firm since they tend to determine its value size by influencing its growth’s profitability and risk. Investment decision of a firm or prospective investor is one which is expected to produce benefits to the firm over a long period of time and it can pass both tangible and intangible assets (Porter Field J.T.S; 1995). It is the allocation of an organizations capital funds to investment proposal to yield future benefits that will meet up the expectations of all investors in a company. Because the future is uncertain, investment proposals necessarily involvers risk. Consequently, they should be evaluated in relation to expected return and risk. However, the long – term investment should have some influence on the perceived value of the company. The present value of future long term benefits as we see in the future work can be asserted by using the discounted cash flow techniques. 2.2.9 Financial Analysis Users of financial statement can get further insight about financial strength and weaknesses of a company if they properly analysis information reported in these statement. Therefore financial analysis is the process of identifying financial strengths and weaknesses of a company by properly establishing relationships between the items in the balance sheet and profit or loss accounts. Financial analysis can be undertaken by the management of the company or by parties outside the company, like shareholders, creditors, investors and other. The nature of the analysis will differ depending on the purpose of the analyst. (ICAN Study Pack 2006) 2.3 Theoretical Frameworks 2.3.1 Stakeholders Theory Stakeholders Theory considers all those who had one input or the other towards achieving organization goals and objectives. These groups are all interested in the overall performance of the business and in its financial reports to ensure proper accountability and profitability, many users, especially external use annual reports to make investment and other decisions. Investors, creditors lenders have to assess the earning prospects of companies by examinee the implications of the different accounting procedures (Jawahar; 2017). All the users are interested to know the effect of alternative reporting methods on their decision (welfare). For example, corporate executives want to know how straight-line method of depreciation affects their welfare vis-à-vis accelerated depreciation. Similarly if a company is concerned about the market value of its share, the accounting methods effects on share prices are to be analyzed. 2.3.2 Decision Usefulness Theory The decision – usefulness theory emphasizes the relevance of the information communicated to decision making and on the individual and group behavior caused by the communication of information. Accounting is assumed to be action – oriented, its purpose is to influence action, that is, behaviors; directly through the informational content of the message conveyed and indirectly through the behavior of preparers of accounting reports. The focus is on the relevance of information being communicated to decision makers and the behavior of different individuals or groups as a result of the presentation of accounting information. In the study of Patton and Littleton (1940), they gave user need even more prominal attention, including them in their statement of the purpose of accounting. The purpose of accounting is to furnish financial data concerning a business enterprise compiled and presented to meet the needs of management, investors, and public. The most important user of accounting reports presented to those outside the firm are generally considered including investors, creditors customers and government authorities. However, decision usefulness can also take into consideration the effect of external report on the decision management and the feedback effect on the action of accountants and auditors. Since accounting is considered to be a behavioral process, the theory applies behavioral theory science to accounting. Due to this decision usefulness theory is sometimes refers to as behavioral theory also. In broader perspective decision – usefulness studies analyses behavior of users of information. A behavioral theory attempts to measure, and evaluate the economic, psychological and sociological effect of alternative accounting procedures and mode of financial reporting. According to Chambers (1955), “The objective of accounting is to provide financial information about the economic affairs of an entity to interested parties for use in making decision”. To be useful in making decision, financial information must possess certain normative qualities such as relevance, reliability, objectivity, verifiability, freedom from bias, accuracy, comparability, understandability, timeliness and economy. It must also provide for the development of the theory on the basis of knowledge of decision process of investors, tax authority, negotiating regulation agencies and other external users of accounting as well as managers. 2.3.3 Positive Accounting Theory The basic message in positive theory of accounting is that most accounting theories are unscientific, because, they are normative and should be placed by positive theories that explain actual accounting practices in terms of management’s voluntary choice of accounting procedures and how the regulated standards have change overtime. It attempts to set forth and explain what and how financial information is presented and communicated to users of accounting data. Positive theory yield no descriptions and norms for accounting practices. Vatts and Zimmerman (1986) asserted that, “the objective of positive accounting theory is to explain and predict accounting practice. Explanation means providing reasons for observed practice. For example, positive accounting theory seeks to explain why firms continue to use historical cost accounting practice and why certain firms switch between a numbers of accounting techniques. Prediction of accounting practice means that the theory predicts unobserved phenomena” Unobserved phenomena are not necessarily future phenomen; they include phenomena that have occurred, but on which systematic evidence has not been collected. For example, positive theory research seeks to obtain empirical evidence about the attributes of firms that continue to use the same accounting techniques. From year to year versus the attributes of firms from year to year versus the attributes of firms that continually switch accounting technique. We might also be interested in predicting the reaction of firms to a proposed accounting standard, together with an explanation of why firms would lobby for and against such a standard, even though the standard has already been released. 2.3.4 Normative Accounting Theory The 1950s and 1960s are described as the golden age of normative accounting research. During this period, accounting researchers became more concerned with policy recommendations and with what should be done, rather that with analyzing and explaining what currently accepted practice was. Normative theories in this period concentrated either on deriving, the “true income” (profit) for an accounting period or on discussing the type of accounting information which would be useful in making economic decisions. Normative accounting theory attempts to prescribe what data ought to be communicated and how they ought to be presented; that is, they attempt to explain “what should be” rather than “what is”. Financial accounting theory is predominantly normative (prescriptive). Most users are concerned with what the contents of published financial statement should be; that is how firms should account. (Jawahar 2017). Government regulations relating to accounting and reporting have acted as a major for in creating a demand for normative accounting theories employing public interest arguments. That is, for theories purporting to demonstrate that certain accounting procedures should be use, because they lead to better decision by investors, more efficient capital market, etc. further, the demand is not for one (normative) theory, but rather for diverse prescriptions and suggestions. In the study by Scott (2003) and Hodgson (2006, it says whether or not normative theories have good predictive abilities, depend on the extent to which individuals actually make decisions as those theories prescribe. Certainly, some normative theories have predictive abilities; we do observe individuals diversifying their portfolio investments. However, we can still have a good normative theory even though it may not make good predictions. One reason is that it may take time for people to figure out theory. Individuals may not follow normative theory because they do not understand it, because they prefer some other theory or simply because of inertia. But, if a normative theory is a good one, we should see it being increasingly adopted overtime as people learn about it. However, unlike a positive theory, predictive ability is not the main criterion by which a normative theory should be judge. It is difficult to say which methodology positive or normative should be used in the formulation and construction of accounting theory. It is argued that, given the complex nature of accounting, accounting environment, issues and constraints, both methodologies may be need for the formulation of an accounting theory. Positive theory may be used in justifying some accounting practices. At the same time, normative theory may be useful in determining the suitability of some accounting practices which ought to be followed in terms of normative theories (Jawahar, 2017) impact of accounting regulations before they are implemented. 2.4 Empirical Review The empirical literature is based on similar works done by other researchers on the subject matter under study. A study conducted by Hempel and Simonspon (1998) on bank’s financial and managerial efficiency in Taiwan shown that banks with higher ROA had higher profitability and financial performance. As study by Obarnuyi (2013) examining the determinants of banks profitability in Nigeria, evaluated how banks size, bank capital, expense management, economic condition and interest and income impacted the profitability of banks in Nigeria. The results from the fixed effect regression model that was used indicated that improvement in certain parameters such as; expense management, interest income economic condition and bank capital contributed to increased growth and better performance by banks in Nigeria. According to an investigation in to published financial statement as it correlates to investment decision – making among commercial bank stakeholders in Nigeria carried out by Popoola. Akinsanya, Babarinde and Farinde, (2014), components of published financial statement significantly predicted good investment decision making for stakeholders of commercial banks, it also found that statement of financial position have a negative effect with decision making and rather cash flow statement, value added statement, income statement, five – year financial summary and note on the accounts had a positive relation with investment decision. They recommended that professional bodies and Nigeria banks should make provision for programs that would familiarize stakeholders with published financial statement. A study by Sufian (2011) in Asia examined the profitability of 251 Korean banks from 992 – 2003 using multiple regression models, panel data and spss statistical package. The results 27 specified that credit risk has a significantly positive impact on profitability whereas capital had on insignificant positive influence on profitability. It was discovered that overhead expenses negatively affected the return on assets (ROA) of banks in Korea. Sampath (1990), examined factors influencing profitability of commercial banks, he described profitability as the rate of return on working capital and further elaborate that being profitable relied on certain elements such as non – interest income, interest income, labour expenses, interest expenses and other expenses. The conclusion of a research paper conducted by Padna and Lall (1991) elucidated that the major factors influencing the profitability of banks are productivity quality assets, organization setup, information system, branch expansion and deployment of funds. Vong and Chan (2009) revealed in a study that adequate capitalization, and asset quality of a bank plays a significant role in its ability to generate. Ali, Akhtar and Ahmed (2011), examined the bank specific and macroeconomic indicators of 22 public and private sector commercial bank profitability from 2005 – 2009 in Pakistan. The findings showed that banks size, operating efficiency, asset management and GDP had positive effect on banks profitability. Sinha and Shama (2014) assess the impact of bank specific and macroeconomic parameters affecting bank profitability in India, adopting the generalizes method moments (GMM) while obtaining the panel data for the study from 42 commercial banks in India ranging from 2000 -2003. Return in asset was found to be indicating significantly adequate levels of tenacity of bank profitability India. Bank specific variables like diversification, operating efficiency and capital to asset ratio, were discovered to be significantly and positively impacting the profits of the banks. Whereas credit risk measured by provisions for bad debts, negatively impacted the profit of the banks. Hassan et al (2013) evaluated the impacted of macroeconomic and bank specific components on the Return on Equity (Ro E) of a selected bank in Malaysia over a nine years period (2004 – 2012). The findings indicated that the operating efficiency ratios were inversely affecting the bank profitability in Malaysia. Karagi (2011) assessed the impact of credit risk on bank profitability in Nigeria. Financial ratios were employed as measures of bank performance as credit risk were obtained from annual reports the sampled banks over five years period (2004 – 2008). Data was analyzed using correlation, regression and descriptive techniques. The results indicated that financial ratios are an effective measure of bank performance and that there is a significant relationship between credit risk and bank profitability. It also revealed in its conclusion that bank profitability is negatively affected by non-performing loans deposits and high level of loans and advances which leads to high risk of illiquidity and instability. Sufian (2008) investigated bank profitability of Philippine banks over 15years period (1990 – 2005). The findings elucidated that all parameters studied had significant impact on the profitability of bank. The study in turn suggest that non – interest income and capitalization had a positive correlation with bank profitability. Research by Ramadan and Thair (2011), examined the determinants of profitability of banks in Jordan. The study sampled 10 banks over ten years period (2001 – 2010) with ROE and ROA and dependent variables, while internal and external factors were established as independent variables. The findings revealed that profitability of the bank in Jordan relied on high loaning activities, lower credit risk, cost management efficiency and capitalization. Results also indicated that bank size did not significantly increase profitability of bank in Jordan. A study conducted by Soyemi, Akinpelu and Ogunleye (2013), examined the determinant of profitability of 10 deposit money bank in Nigeria over five year period (2006 – 2010). The result form the linear regression revealed that capital adequacy and bank size had a significant negative correlation with profitability of bank while deposits and management expenses had insignificant positive correlation with profitability of banks. A study conducted by John and Oke (2013), examined capital adequacy of 6 banks before and after the 2004 banks recapilization policy in Nigeria. The study covered five year period (2003 – 2007). Results from the ordinary least square estimation techniques revealed that bank performance, specifically; earnings per share and profit aftax, were influenced by capital adequacy. It was recommended that CBN should not solely depend on bank capitalization as a determinant of bank performance, rather it should focus on risk management, effective and efficient bank supervision. Bosede et al (2013) investigated the ROI (Return on Investement) of DMBs from 1977 to 2010 in Nigeria. The result from the econometric model indicated that profitability and returns of commercial banks were significantly affected by output growth, inflation and lending rate which are macroeconomic variables. Profitability and returns were also affected factors peculiar to characteristics of banks, such as liquidity. Babalola (2012) investigated the determinants of banks profitability in Nigeria. Due consideration was placed on the significant impact of bank specific, macroeconomic and financial factors on Return on Asset (RoA). The results of the short run analysis indicated capital adequacy ratio as the actual determining factor for the profitability of banks. Where as in the long run tangibility and size of banks were the factors that determine bank performance. In Nigeria, Aminu (2013) investigated the determinant of profitability of 7 banks form 2005 – 2011. The results arrived at from the regression analysis elucidated that management efficiency was the only driving force when determining (RoA) and (RoE). It was also discovered that asset quality and capital adequacy have insignificant negative impact on profitability while liquidity had no significant positive impact on profitability while liquidity was not significantly correlated with profitability. A study conducted by Peacock (2008) on effects and causes of proprietary company failures in South Australia, found that proprietary companies failures can be attributed to inadequate or no accounting records. He concluded that the effect of accounting records on the success or failure of businesses of proprietary companies are minimal and recommended for further research on causes of business failures. In a survey undertaken by Williams (2010) on accounting information requirements of 928 SMEs operating in Sydney, Melbourne and Brisbane found out that 57% of the respondents used the double entry system. This findings is in contradicted to Peacock’s (2008) findings of types of records kept by enterprises that failed, where only 2.1% of respondents were found to be suing double entry systems. He recommended for further research on the effect of book keeping on the growth of SMEs. Similarly, in a survey conducted by Bwana and Mwakujonga (2013) on the practice of preparing and using financial information in financial decisions of SMEs in Tanzania; where the study seeks to examine the purpose of preparing financial information; ascertain how financial information are prepared to determine how often SMEs monitoring financial information for decision making and ascertain how important financial information are to management. The study revealed that, a great number of SMEs prepare financial information so as to meet the requirement of financier business registration and revenue authorities. The study also showed that they are obvious of the fact that financial information can be used to measure performance, growth, financial position and effect the proper decisions. Furthermore, a most of these SMEs prepare financial information by using external financial experts. The research concludes that SMEs managers believes that financial information add nothing of value to their businesses. Barrett (1976) examines the extent and quality of corporate financial disclosure in seven countries over a ten years period from 1963 – 1972. The result shows that there is only a little difference in the extent of disclosure of large British and American firms; the result is in line with discoveries of Cerf (2000). Francis and Schumache (2002) investigate the corporate reporting practices in Nigeria. The result revealed that accounting reports have been found deficient in the sense that they lack vital information. Ofoegbu and Okeye (2006) investigates the extent to which statement of accounting standard are complied within Nigeria. They analyzed the annual reports of 41 companies publicly quoted at the Nigerian stock exchange. It is discovered that there is a mixed result of compliance with disclosure requirement. Umoren (2009) using a sample of 90 listed companies that cut across 25 industries on the NSE. The study revealed that financial statement supported improvement of organizational performance.   CHAPTER THREE RESEARCH METHODOLOGY 3.1 Introduction This chapter deals exclusively with the methods, procedures, and system which the research employed in the collection of the necessary data and information for the research work. Every stage of research process focuses on some kind of sampling. This is so because it becomes apparently impossible to include the entire variables which might provide useful information or to use all the data gathered in the final report. 3.2 Research Design A research design is the “procedures for collecting analysis, interpreting and reporting data in research studies” (Creswell and Plano Clark 2007). It is the overall plan for connecting the conceptual research problems with the pertinent (and achievable) empirical research. In order words, the research design sets the procedures on the required data, the method to be applied to collect and analyzed this data and how all of this going to answer the research question (Grey, 2014). This study was basically a survey research and therefore required the use of survey method of investigation. In this survey research, a questionnaire is designed to gather information relevant to this project topic. 3.3 Population of the Study Population according to Osuals (1993) is the number of people living in a group of whether geographic area and specialize group, the population of the study comprises the key staff and functional heads of the branch of the bank selected for the study that is Union Bank Plc. Gboko branch Benue state. There were a total of 71 personnel’s in the various departments, whose views and knowledge can drive the study. 3.4 Sample of the Study It is important to note that, it is not possible to study the entire population as a result of time constraint and limited resources available for effective handling of the study. Therefore, only a portion of the population is studied. The opinions and views sampled (A part of population which the study is discussed) from the staff of the organization, the research endeavor to conduct these studies on 71 people (officials) of Union Bank Plc Gboko branch. To ensure the determination of accurate sample size, the statistical formula derived by Taro Yamane (1964) was employed. Thee formula states thus: n=N/(1+N 〖(e)〗^2 ) where: n=sample size N=Populationn of the Study which is 71 E=Margin of error which is 5%(chosen by the researcher) 1=constant Therefore; n=N/(1+N 〖(e)〗^2 ) n=71/(1+71〖(0.05〗^2)) n=71/(1+71(0.0025)) n=71/(1+0.1775) n=71/1.1775 n=60 3.5 Source of Data This refers to where the information originates. In carrying out this study, the researcher made use of the primary and secondary sources of data. Primary Sources: Primary data are original or first nature. The advantage of this type of data is that the information wanted is obtained. The primary sources of data were obtained from oral interview with top management staffs, questionnaire were also drafted and administered to enable the researcher obtain wide range of information which were not possible using oral interview due to lack of time and opportunity. Secondary Sources: The secondary source of data involves information gotten form already conducted research work that relates to the study. This includes textbooks, journals, magazines, internet language to avoid ambiguity in understanding of the questions. The reliability of the instrument is based on the accounting theorist. 3.6 Sampling Techniques and Procedure Sampling involves the selection of a number of study units from a defined study population. Sampling is the process of selecting a sufficient number of elements from the larger group known as the population (Mc Daniel and Gates 2006). The sampling technique used in this study is the probability sampling. The simple random sampling was used to allow for generalization to take place. 3.7 Method of Data Administration and Collection This is the technique used by the researcher to obtain data for analysis. The researcher used questionnaire, interview and personal observations. Formulated questions relevant to the subject matter were used and printed with instructions to guide the respondents and enable them express their opinion. The personal observation was made by the researcher as he listened to the respondents thereby drawing conclusion. 3.8 Methods of Data Presentation and Analysis In order to conduct the research, the research used statistical data. The data collected from the field were tabulated and analysed using tables with percentages (%) and chi-square (x2), statistical tool to test the hypothesis. The researcher in his research work presented and analysed the data meaningfully with computer using SPSS (Statistical Package for Social Sciences). Questionnaires were administered to the representative sample the responses will be adequately analyzed so as to ensure understanding of the problem. The analysis was presented in tabula form for easy understanding and it consist of the number of respondents and the corresponding percentage. 3.9 Weakness of the Instrument The instrument used was the questionnaire administered to the respondents. Questionnaire is a data collection instrument consisting of series of questions and other prompts for the purpose of gathering information from respondents. However, the following weakness were deducted. Some respondents did not complete the questionnaires resulting in low response rate, items did not have the same meaning to all respondents and also size and diversity of sample was limited by people’s ability to read. The researcher faced some obstacles in the course of gathering data, among the barriers were that, few workers have been done on the subject matter, thus few interactive excised. Also, the unwillingness of some respondents and company employees to provide information as another problem. Finally, the financial constraints made it difficult for the researcher to reach a wide public at the time frame too short. Many problems limited against the research among which include; financial constraint, lack of adequate materials and lack of time on the researcher side. The weakness of using the Statistical Package for Social Sciences (SPSS) in the analysis data is that it encourages working with menu-driven commands. As a result there is often on audit frail to shown how variable were checked. The package restricts analysis of very large data sets. Also, since it only takes the data and generates output, the procedure employed to reach the result is not revealed as compared to some other statistical analysis tools.   CHAPTER FOUR DATA PRESENTATION AND ANALYSIS 4.1 Introduction This chapter essentially deals with data presentation and analysis, findings and discussion. The data is presented in tables and analyzed using percentages and mean and standard deviation. 4.2 Data Presentation A total number of seventy one (71) questionnaires were produced and administered to staff of Union BankPlcGboko Branch. In all a total number of sixty (60) copies of the questionnaires were correctly filled and returned representing 84.5% approximately (i.e60/71 x 100) while the respondents who did not returned were eleven (11) copies, represents 15.5% (i.e11/71 x 100) The first table shows that distribution of questionnaires while the rest of the tables shows the responses of the distribution of respondents according to, age and educational qualification. Table 1: Distribution of Questionnaire and the Response Rate. Frequency Percent Valid percent Cumulative percent Valid No. of Returned 60 84.5 84.5 92.6 No. not returned 11 15.5 15.5 100.0 Total 71 100.0 100.0 Source:Field survey (2024) From the table 1 above, indicates that 71 questionnaires were issued out to respondents in which 60 questionnaires representing 84.5% were returned while 11 questionnaires representing 15.5% were not returned back as seen in the table above. Table 2: Distribution of Respondents according To Gender Frequency Percent Valid Percent Cumulative Percent Valid Male 40 66.7 66.7 66.7 Female 20 33.3 33.3 100.0 Total 60 100.0 100.0 Source:Field survey (2024) as computed from SPSS version 23.0 The table above indicates that out the 60 questionnaires that were filled and returned, 40 respondents representing 66.7% were male staff while20 respondents representing 33.3% were between the female staff of the organization. Table 3: Distribution of Respondents according ToAge Frequency Percent Valid Percent Cumulative Percent Valid 0-20 years 15 25.0 25.0 25.0 21-30 years 8 13.3 13.3 38.3 31-50 years 21 35.0 35.0 73.3 51 and above 16 26.7 26.7 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 The table above indicates that 15 respondents representing 25% were from the age bracket of 0-20 years, 8 respondents representing 13.3% were from the age bracket of 21-30 years, 21 respondents with 35% were between the year bracket of 31-50 years and 16 respondents with 26.7% were between the age bracket of 51 and aboverespectively. Table 4: Distribution of Respondents according ToMarital Status Frequency Percent Valid Percent Cumulative Percent Valid Single 25 41.7 41.7 41.7 Married 30 50.0 50.0 91.7 Divorce 5 8.3 8.3 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 In the above table 4, 25 respondents representing 41.7% weresingle,30 respondents representing 50% were married while 5 respondents with 8.3% were divorced respectively. Table 5: Distribution of Respondents according ToAcademic Qualification Frequency Percent Valid Percent Cumulative Percent Valid O'level 7 11.7 11.7 11.7 OND/NCE 14 23.3 23.3 35.0 HND/BSC 23 38.3 38.3 73.3 PGDE/M.SC 16 26.7 26.7 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 In the above table 5, 7 respondents representing 11.7% were O’level graduates,14 respondents representing 23.3% wereOND/NCE graduates,23 respondents with 38.3% were graduates of HND/BSC while PGDE/M.SC holders were 16 respondents which represent 267% respectively. Section B: Table 6: To what extend does financial statement usage enhance the organizational performance? Frequency Percent Valid Percent Cumulative Percent Valid High extend 37 61.7 61.7 61.7 Low extend 16 26.7 26.7 88.3 Undecided 7 11.7 11.7 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 In the above table, respondents were ask to what extend does financial statement usage enhance the organizational performance; 37 respondents representing 61.7% said to a high extend, 16 respondents representing 26.7% said to a low extend while 7 respondents representing 11.7% were undecided with the opinion. Table 7: Is there any relationship between financial statement and organization? Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 20 33.3 33.3 33.3 Agree 17 28.3 28.3 61.7 Strongly disagree 5 8.3 8.3 70.0 Disagree 9 15.0 15.0 85.0 Undecided 9 15.0 15.0 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 In the above table, respondents were ask whether there is any relationship between financial statement and organization; 20 respondents representing 33.3% strongly agreed,17 respondents representing 28.3% agreed, 5 respondents with 8.3% strongly disagreed, 9 respondents with 15% disagreed and undecided respectively. Table 8: Is financial Statement of an organization predict the financial stand of an organization? Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 22 36.7 36.7 36.7 Agree 18 30.0 30.0 66.7 Strongly disagree 7 11.7 11.7 78.3 Disagree 4 6.7 6.7 85.0 Undecided 9 15.0 15.0 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 In the above table, respondents were ask whether thefinancial Statement of an organization predict the financial stand of an organization; 22 respondents representing 36.7% strongly agreed with the view, 18 respondents representing 30% agreed, 7 respondents with 11.7% strongly disagreed, 4 respondents with 6.7% disagreed while 9 respondents representing 15% were undecided with the opinion. Table 9: Is financial analysis a variable tool for the performance of an organization? Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 19 31.7 31.7 31.7 Agree 21 35.0 35.0 66.7 Strongly disagree 6 10.0 10.0 76.7 Disagree 6 10.0 10.0 86.7 Undecided 8 13.3 13.3 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 Respondents were interviewed on whether financial analysis a variable tool for the performance of an organizationin the tableabove,out of total 60 questionnaires that were returned, 19 respondents representing 31.7% strongly agreed with the view, 21 respondents representing 35% agreed, 6 respondents with 10% strongly disagreed, and disagreed respectively while 8 respondents representing 13.3% were undecided whether the financial analysis is a variable tool for the performance of an organization or not. Table 10: Does the financial statement affect users to know the statement of affairs of an organization? Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 10 16.7 16.7 16.7 Agree 16 26.7 26.7 43.3 Strongly disagree 5 8.3 8.3 51.7 Disagree 8 13.3 13.3 65.0 Undecided 21 35.0 35.0 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 The table above indicate that, 10 respondents representing 16.7% strongly agreed with the view that the financial statement affect users to know the statement of affairs of an organization, 16 respondents representing 26.7% agreed, 5 respondents with 8.3% strongly disagreed, 8 respondents with 13.3% disagreed while 21 respondents representing 35% were undecided. Table 11: Does the financial statement affect users continuity of using funds, flow and emphasis? Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 21 35.0 35.0 35.0 Agree 21 35.0 35.0 70.0 Strongly disagree 3 5.0 5.0 75.0 Disagree 9 15.0 15.0 90.0 Undecided 6 10.0 10.0 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 The table above indicate that, 12 respondents representing 35% strongly agreed that the financial statement affect users continuity of using funds, flow and emphasis,21 respondents representing 35% agreed, 3 respondents with 5% strongly disagreed, 9 respondents with 15% disagreed while 6 respondents representing 10% were undecided. Table 12: Do Financial Statement help users to know the state of affairs of an organization? Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 23 38.3 38.3 38.3 Agree 17 28.3 28.3 66.7 Strongly disagree 4 6.7 6.7 73.3 Disagree 7 11.7 11.7 85.0 Undecided 9 15.0 15.0 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 The table above shows that, 23 respondents representing 38.3% strongly agreed that financial statement help users to know the statement of affairs of an organization,17 respondents representing 28.3% agreed, 4 respondents with 6.7% strongly disagreed, 7 respondents with 11.7% disagreed while 9 respondents representing 15% did not decide. Table 13: Financial statement does not have effect on the profitability of an organization Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 6 10.0 10.0 10.0 Agree 8 13.3 13.3 23.3 Strongly disagree 27 45.0 45.0 68.3 Disagree 14 23.3 23.3 91.7 Undecided 5 8.3 8.3 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 The table above indicate that, 6 respondents representing 10% strongly agreed that financial statement does not have effect on the profitability of an organization,8 respondents representing 13.3% agreed, 27 respondents with 45% strongly disagreed, 14 respondents with 23.3% disagreed while 5 respondents representing 8.3% were undecided. Table 14: Financial statement does not enhance the performance of an organization Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 7 11.7 11.7 11.7 Agree 6 10.0 10.0 21.7 Strongly disagree 22 36.7 36.7 58.3 Disagree 17 28.3 28.3 86.7 Undecided 8 13.3 13.3 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 The table above shows that, 7 respondents representing 11.7% strongly agreed that financial statement does not enhance the performance of an organization,6 respondents representing 10% agreed, 22 respondents with 36.7% strongly disagreed, 17 respondents with 28.3% disagreed while 8 respondents representing 13.3% were undecided. Table 15: Financial statement is not a tool for assessing the organization performance Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 8 13.3 13.3 13.3 Agree 5 8.3 8.3 21.7 Strongly disagree 21 35.0 35.0 56.7 Disagree 21 35.0 35.0 91.7 Undecided 5 8.3 8.3 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 The table above shows that, 8 respondents representing 13.3% strongly agreed that financial statement is not a tool for assessing the organization performance,5 respondents representing 8.3% agreed, 21 respondents with 35% strongly disagreed, and disagreed respectively while 5 respondents representing 8.3% were undecided. Table 16: There is no significant relationship between financial statement and organization performance Frequency Percent Valid Percent Cumulative Percent Valid Strongly agree 8 13.3 13.3 13.3 Agree 7 11.7 11.7 25.0 Strongly disagree 20 33.3 33.3 58.3 Disagree 16 26.7 26.7 85.0 Undecided 9 15.0 15.0 100.0 Total 60 100.0 100.0 Source: Field survey (2024) as computed from SPSS version 23.0 The table above shows that, 8 respondents representing 13.3% strongly agreed that there is no significant relationship between financial statement and organization performance,7 respondents representing 11.7% agreed, 20 respondents with 33.3% strongly disagreed, 16 respondents representing 26.7% disagreed while 9 respondents with 15% were undecided. 4.3 Hypothesis Testing Decision Rule Reject Null Hypothesis and accept the Alternative if the P-value is less than 0.005 (P0.05) Hypothesis One H0: Financial statement does not have effect on the profitability of an organization Test Statistics Financial statement does not have effect on the profitability of an organization Chi-Square 27.500a Df 4 Asymp. Sig. .000 a. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected cell frequency is 12.0. The analysis of the result shows that p = 0.000. Therefore, since the p-value is less than the 0.05 (0.000< 0.05), the null hypothesis which state that Financial statement does not have effect on the profitability of an organizationwill be rejected while alternative accepted. This implies that financial statement have effect on the profitability of an organization. Hypothesis Two H0: Financial statement does not enhance the performance of an organization Test Statistics Financial statement does not enhance the performance of an organization Chi-Square 16.833a Df 4 Asymp. Sig. .002 a. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected cell frequency is 12.0. The analysis of the result shows that p = 0.002. Therefore, since the p-value is less than the 0.05 (0.002 < 0.05), the null hypothesis which state that Financial statement does not enhance the performance of an organization will be rejected while alternative accepted. This implies that financial statement enhanced the performance of an organization. Hypothesis Three H0: Financial statement is not a tool for assessing the organizational performance Test Statistics Financial statement is not a tool for assessing the organizational performance Chi-Square 23.000a Df 4 Asymp. Sig. .000 a. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected cell frequency is 12.0. The analysis of the result shows that p = 0.000. Therefore, since the p-value is less than the 0.05 (0.000< 0.05), the null hypothesis which state that Financial statement is not a tool for assessing the organizational performance will be rejected while alternative accepted. This implies that financial statement is a tool for assessing the organizational performance Hypothesis Four H0: There is no significant relationship between financial statement and organization performance Test Statistics There is no significant relationship between financial statement and organization performance Chi-Square 10.833a Df 4 Asymp. Sig. .029 a. 0 cells (0.0%) have expected frequencies less than 5. The minimum expected cell frequency is 12.0. The analysis of the result shows that p = 0.029. Therefore, since the p-value is less than the 0.05 (0.029< 0.05), the null hypothesis which state that there is no significant relationship between financial statement and organization performance will be rejected while alternative accepted. This implies that there is significant relationship between financial statement and organization performance. 4.4 Discussion of Findings Hypothesis One The analysis of the result shows, chi – square x2 = 27.500a, p = 0.000. Therefore, the null hypothesis which state that financial statement does not have effect on the profitability of an organization be rejected while alternative accepted. The result from the analysis shows that there was a significant difference in the proportion of the respondents that agreed to those that disagreed (14 as against 41) that financial statement have a great effect on the profitability of an organization. This confirms that financial statement have a great effect on the profitability of an organization. Hypothesis Two The analysis of the result shows, chi – square x2 = 16.833a, p = 0.002. Therefore, the null hypothesis which state that financial statement does not enhance the performance of an organization will be rejected while alternative accepted. The result from the analysis shows that there was a significant difference in the proportion of the respondents that agreed to those that disagreed (13 as against 39) that financial statement has enhance the performance of an organization. Hypothesis Three The analysis of the result shows, chi – square x2 = 23.000a, p = 0.000. Therefore, the null hypothesis which state that financial statement is not a tool for assessing the organizational performance will be rejected while alternative accepted. The result from the analysis shows that there was a significant difference in the proportion of the respondents that agreed to those that disagreed (13 as against 42) that financial statement is a tool for assessing the organizational performance. Hypothesis Four The analysis of the result shows, chi – square x2 = 10.833a, p = 0.002. Therefore, the null hypothesis which state that there is no significant relationship between financial statement and organization performance will be rejected while alternative accepted. The result from the analysis shows that there was a significant difference in the proportion of the respondents that agreed to those that disagreed (15 as against 36) that there is a significant relationship between financial statement and organization performance.   CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATION 5.0 Introduction This chapter explained the summary of finding, conclusion, recommendations and suggestions for further studies. 5.1 Summary of Findings This study set out to study the impact of financial statement in assessing the performance of an organization (A study of Union Bank PLC, Gboko Branch). From the test of hypothesis, we discovered the following: Financial statement is used to be relied upon in investment decision making. Financial statements are useful for forecasting company’s performance. There is a positive and significant relationship between financial statement and investment decision making. Financial statements provide various facts of a business such as, accurate records of its income and expenses and also its assets and liabilities. The respondents agree that the financial statement plays an important role in investment decision making. Finally, the basic aim of this study is to determine the role of financial statement in investment decision making. This is because prospective investor’s uses financial statement of concerns as a major parameter for assessing the profitability and the risk of investing in such ventures and the aim of financial statement is to provide financial information about an entity to interested parties. 5.2 Conclusion The researcher concluded by saying financial statement plays a vital role in investment decision making. For instance, where companies invest hundreds of billions of Naira every year in fixed assets. By their nature, these investment decisions have the potential to affect the firm’s fortunes over several years. For a good decision can boost earning sharply and dramatically increase the value of the form. This financial information can be subjected to various scrutiny and analysis depending on the investors before making their financial decisions. This is quickly appreciated in the banking sector as one of the major criteria’s the demand from the borrowers at the financial statements of a concern for various years. This is subjected to their analysis and interpretations before they can go ahead in the loan negotiation concerning any company. Hence, it is opined that companies should try as much as possible to posit financial statements that reflects a true and fair view of what is propose to represent as a way of appreciating their company the more. 5.3 Recommendations Having gone through this study the researcher recommend the following as a way of insuring that financial statement plays a vital role in an organization. Every company should ensure that all materials fact is reflected in their financial statement. There should be prompted provision of the financial statement at the end of each year. Financial decision should not be on a rule of thumb rather, the financial statement should be used as bedrock. Every company should adhere to the demand of subjecting their financial statements to statutory audit as a way of authenticating their contents. No investment decisions on a company should be taken without the consideration of a company’s financial statements. 5.4 Limitation of the Study Embarking on a research work in any field is not an easy task and this work is not an exception. There are many factors that act as limitations, they are as follows: Finance: This has most of the time been the main constraint to many research works especially developing countries. Time: Lack of enough time to carry out the work as one is faced with fixed period within which it is expected to be submitted. Co-operation: There were lack of co-operation form some member of the organization, the response from the authority was frustrating and some of the researcher met have reluctance and gave attitude. Some of the respondents were suspicious of the subject in the sense that it was trying to probe their office and background. Problem of Responses: Problem of responses were also found, since some respondents who accepted the questionnaires never returned them after many hounds of call back. Some fill them badly and as they were among mouse, proper editing was difficult. 5.5 Suggested Area for Further Research Union Bank Plc (Gboko Branch) should enhance their firm’s productivity by ensuring employee commitment to their duties for better productivity. It should also call for monitoring of employee performing their activities and further more they should motivate and supervise them from time to time. BIBILOGRAPHY Abwa, P.U. (2003) Principles of Management and Human Relation, Owerri; Global Press Limited. Anderson, et al (1987). Financial Report I and II a Revision Guide, Theo Onwuka and Sons Publishers, Stadium Road. P.o.Box 876 Anambra State. Anyaogu, C.M. (2003) Management Accounting a Functional Approach, Owerri: Tonyben Publishers. Berridan et al (1979). Research Methods of Administration Science, Port Harcourt: Belt Publishers. Bill, O.C. (1998) Financial Management: Graceland Press Nig. Ltd. 22 Vnn Road worth Iva Court Road, Onitsha. Black, J. (1990) Some Financial Analysis Techniques ACCA Student Newletter. Chukwuemeka, E.O. (2002) Research Methods and Thesis Writing: A Multi- Disciplinary Approach Nigeria; HRV Publisher. Drury, C (2004) Management and Cost Accounting 6th Edition. Singapore, Seng Lec Press. Ezeamama, M.C. (2005) Fundamental of Financial Management. Enugu; Ema Press Ltd. Gautam, U.S (2005). Accountancy, New Delhi; Vrinda Publications. Heinz, W. and Harold, K. (2005) Management: A Global Perspective. 11th Edition. New Delhi; Tata McGraw – Hill Publishing Company Ltd. Jenfa, B.L (2000) Study Notes on Professional Seminar NCA Jos. Jennings A.R. (2004) Financial Accounting 2nd Edition, Nigeria; Thomson Learning. Lucey, T. (2002) Costing 6th Edition. Britain; ELST Publications. Yamane, T. (1964) Statistics; An Introduction to Analysis. New York; Harper and Raw Publisher.   APPENDIX “A” Department of Accountancy, Fidei Polytechnic, Gboko, Benue state. Dear Respondent. Request to Fill Questionnaires I am a student of the above named institution and I am presently carrying out a research work on The Impact of Financial Statement in Assessing the Performance of an Organization: (A study of Union Bank Plc Gboko Branch). The study is one of the pre-conditions for the award of Higher National Diploma in Accountancy. Could you please provide your appropriate answer to the attached questionnaires? The exercise is strictly for academic purpose; therefore, due to that confidence shall be accorded to information provided. The time taken from your tight engagement to answer this question is highly appreciated. Yours Faithfully, IORFA MATHEW AONDOUNGWA FPG/HND/ACC/22/1456   APPENDIX “B” QUESTIONNAIRE This question is not meant for a third party consumption and thee information provided will be kept confidently. It is strictly for academic purpose. Please Tick (√ ) and fill where appropriate. PART A: PERSONAL DATA Gender Male ( ) Female ( ) Age 0 - 20years ( ) 21 – 30years ( ) 31 – 50years ( ) 51 and above ( ) Marital Status Single ( ) Married ( ) Divorce ( ) Academic Qualification O’level ( ) OND/NCE ( ) HND/B.Sc. ( ) PGDE/M.Sc.( ) SECTION B: To what extend does financial statement usage enhance the organizational performance? (a) High extend ( ) (b) Low extend ( ) (c) Undecided ( ) Is there any relationship between financial statement and organization? (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided Is financial Statement of an organization predict the financial stand of an organization? (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided Is financial analysis a variable tool for the performance of an organization? (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided Does the financial statement affect users to know the statement of affairs of an organization? (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided Does the financial statement affect users continuity of using funds, flow and emphasis? (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided Do Financial Statement help users to know the state of affairs of an organization? (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided Financial statement does not have effect on the profitability of an organization (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided Financial statement does not enhance the performance of an organization (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided Financial statement is not a tool for assessing the organization performance (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided There is no significant relationship between financial statement and organization performance (a) Strongly agreed ( ) (b) Agree ( ) (c) Strongly disagree ( ) (d) Disagree ( ) (e) Undecided