ABSTRACT
The work is on effect of
financial literacy on the profitability of small scale enterprises in Calabar
Municipality of Cross Rivers state. The main objective of this study is to
clearly promote financial literacy as a tool in improving the profitability of
small scale enterprises in Calabar Municipality of Cross Rivers State. The major
problem associated with this study is the lack of financial literacy by small
scale enterprises which is an evidence of their inability to keep proper
accounting records and this has resulted into a situation where small scale
enterprises operating in the state cannot capture adequately the business
profit. The study adopted a survey design with a sample size of 150 respondents
after stratified. The research adopted stratified random sampling technique
because the study involves heterogeneous population. Carefully structured
questionnaires were administered by the research to collect quantitative data.
Two statistical models were used in testing the hypotheses. The one-way
analysis of variance (A nova) was used in testing the first hypothesis, the
second hypotheses was tested by correlated t-test. The study revealed that the
level of adoption of financial literacy by small scale enterprises in Calabar
Municipality is low it also revealed that utilization of accounting records by
small scale enterprises significantly influences its profitability. The study
therefore recommends among others that the ministry responsible for small scale
enterprises in the state should initiate accounting training programs for
entrepreneurs running small businesses and also they should come up with some
SME-specific accounting guidelines and provides template forms for capturing 4
accounting information by small scale enterprises.
UJAH, G (2021). Effect Of Financial Literacy On The Profitability Of Small Scale Enterprises In Calabar Municipality - Cross Rivers State. Mouau.afribary.org: Retrieved Nov 28, 2024, from https://repository.mouau.edu.ng/work/view/effect-of-financial-literacy-on-the-profitability-of-small-scale-enterprises-in-calabar-municipality-cross-rivers-state-7-2
G, UJAH. "Effect Of Financial Literacy On The Profitability Of Small Scale Enterprises In Calabar Municipality - Cross Rivers State" Mouau.afribary.org. Mouau.afribary.org, 13 Aug. 2021, https://repository.mouau.edu.ng/work/view/effect-of-financial-literacy-on-the-profitability-of-small-scale-enterprises-in-calabar-municipality-cross-rivers-state-7-2. Accessed 28 Nov. 2024.
G, UJAH. "Effect Of Financial Literacy On The Profitability Of Small Scale Enterprises In Calabar Municipality - Cross Rivers State". Mouau.afribary.org, Mouau.afribary.org, 13 Aug. 2021. Web. 28 Nov. 2024. < https://repository.mouau.edu.ng/work/view/effect-of-financial-literacy-on-the-profitability-of-small-scale-enterprises-in-calabar-municipality-cross-rivers-state-7-2 >.
G, UJAH. "Effect Of Financial Literacy On The Profitability Of Small Scale Enterprises In Calabar Municipality - Cross Rivers State" Mouau.afribary.org (2021). Accessed 28 Nov. 2024. https://repository.mouau.edu.ng/work/view/effect-of-financial-literacy-on-the-profitability-of-small-scale-enterprises-in-calabar-municipality-cross-rivers-state-7-2