Inclusion--Glossary of Terms

Griffin, Abbey; Oser, Cindy

doi:10.1037/e304992003-004

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“…For instance, a mean of 4.28 on the likert scale meant that financial record keeping helps in updating records on assets, while mean of 4.41 showed that financial recordkeeping was key in helping development groups to know the amount each debtor owed. This is in line with Griffin et al (2009) who described record keeping as the act of documenting an activity by creating, collecting or receiving records and ensuring that they are available, understandable and usable for as long they are needed. The study results were in agreement with the previous author since it was discovered that development groups were keeping books in order to keep records on the savings collection and loans given out to members.…”

Section: Discussionsupporting

confidence: 51%

The Effects of Financial Record Keeping on Financial Performance of Development Groups in Rural Areas of Western Uganda

Mwebesa¹,

Kansiime²,

Asiimwe³

et al. 2018

IJEF

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Good financial recordkeeping enables business organizations to plan properly and also check for misappropriations of resources. This manuscript expounds a study on financial record keeping as an integral part of managing development groups' business environment. The study was carried out in three rural districts of Rubirizi, Kasese and Rukungiri in Western Uganda with the aim of determining the effects of financial record keeping on financial performance of Development groups. A total of 99 respondents were obtained from 33 development groups. In every development group, three leaders i.e. the Chairperson, Treasurer and Secretary were interviewed. Data were entered in Epi data 3.1 and descriptive and correlational analyses were done using SPSS version 21. Using the Likert scale with five categories from strongly agree to strongly disagree, a mean value of 3.5 indicated a strong agreement to the questions asked. The mean value (4.32) on access to information implied that when members have access to information; transparency and accountability are ensured. Findings indicated that 67 (67.7%) knew the type of financial books recognized by international accounting standards board (IASB). 36 (36.4%) respondents reported keeping money in boxes while 22 (22.2%) kept money in the bank. Findings revealed a significant positive relationship between the financial record keeping and financial performance (r=0.297**, P>0.05). Notwithstanding the above findings, there is need to train group leaders in financial recordkeeping.

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Section: Discussionsupporting

confidence: 51%