ABSTRACTThe general objective of the study is to assess the adoption of accounting practices among online businesses in the Sunyani Municipality in the Bono Region. To achieve this goal, the cross-sectional survey under the quantitative design was applied. The purposive sampling technique was applied in selecting a sample of 60 …
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ABSTRACTThe general objective of the study is to assess the adoption of accounting practices among online businesses in the Sunyani Municipality in the Bono Region. To achieve this goal, the cross-sectional survey under the quantitative design was applied. The purposive sampling technique was applied in selecting a sample of 60 respondents from 20 online firms. Questionnaires were administered to SME owners and key workers across the online businesses. The descriptive statistics was adopted as the technique of data analysis. The results showed that online businesses have adopted all the methods of accounting practices including recording keeping of various transactions, financial accounting, and management accounting in their operations. The findings showed that best accounting practices included keeping receipt and handling of cash, recording payments, bank accounts and maintenance of cash books. However, the online businesses fell short of areas including ledger and journal accounting practices. Factors that influenced online businesses to adopt accounting practices were both internal (the size of a firm, Owners/managers level of education, the age of firm, the structure developed for this firm and the number of trained staff in the use of accounting practices) and external (business environment, competition within the market and technology). The study revealed that challenges including lack of business knowledge, low understanding of keeping accounts, the cumbersome nature and application of accounting practices, low level of accounting knowledge. The study recommends to online businesses operating in Sunyani to endeavor to adopt accounting practices preferably keeping both manual and technology-based software for accounting to record all the business operations.Key words: Accounting Practices, Online Businesses, Ledgers, Journals.
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