This study looks at bookkeeping practices and their influence on the financial performance of licensed cocoa-purchasing companies in the Sefwi-Wiawso Municipality. The study used an 18-item questionnaire with a sample size of 66 staff out of a total population of 80 staff. Using linear regression, the study revealed that recording …
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This study looks at bookkeeping practices and their influence on the financial performance of licensed cocoa-purchasing companies in the Sefwi-Wiawso Municipality. The study used an 18-item questionnaire with a sample size of 66 staff out of a total population of 80 staff. Using linear regression, the study revealed that recording daily sales transactions, maintaining a list of cocoa suppliers, and pricing agreements and monthly income statements were some of the bookkeeping practices of the licensed cocoa purchasing companies in the Wiawso Municipal. The study also revealed that book-keeping practices significantly and positively affect the monetary performance of license cocoa-purchasing businesses in Wiawso Municipal. Furthermore, the study found that store keepers lack the knowledge in keeping financial records and also the record-keeping is a tedious activity for the store keepers. The study recommends that the management of licensed cocoa purchasing businesses in the Wiawso Municipality must implement appropriate book-keeping practices such as double entry and computer-based book keeping. This further recommends that management must institute accurate and update financial records that ensure the company’s monetary accounts reflect the true statement of financial position and presentation of the business. And lastly, management of the license cocoa purchasing companies in the Wiawso Municipal must train and educate the various stakeholders in the cocoa industries on how to keep financial records in the Municipality.
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