EFFECTS OF RECORD KEEPING ON THE EFFICIENCY OF COOPERATIVE MANAGEMENT.
ABSTRACT
Record keeping is the act of documenting business transactions in systematic manner so that the financial position of an organization can be ascertained at any point in time.Primary data were collected from two hundred (200) cooperatives through interview of principal officers using well-structured questionnaire while secondary data were from the cooperatives annual reports and literatures. Cooperative’s structural and financial elements were hypothesized as determinants of cooperative financial performance. The objective of this research was to assess the effect of record keeping on the efficiency of cooperative management.
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
A Cooperative can be defined as a social enterprise or organization created voluntarily by members with the full support and assistance from members in order to cater for the economic needs and interests of the members. The idea was to pull members economic forces together to ease their access to finance and other socio-economic resources. The essence of instituting a cooperative organization includes common business interest, location, professional goals and objectives, need for social interaction on common interest, exploitation of common resources through group strategy. A good cooperative system could be very useful and instrumental to the development and progress of any society. The paramount benefit of cooperative societies is the creation of an avenue for members to borrow money and obtain loans with minimal interest to meet their business and