Management Accounting Practices and Performance Of Small And Medium Scale Enterprises In Lagos State, Nigeria.

Abstract

This study examined the impact of management accounting practices on performance of small and medium sized enterprises in Lagos State. This study adopted a survey research design method. Primary data were sourced via administered of questionnaire to owners, managers, and accountants of 363 SMEs in Lagos which elicited 321 useable responses. Descriptive, Multivariate, Canonical Correlation and Analysis of Variance (ANOVA) methods were used for data analysis. Results revealed that the management accounting practices enhanced the performance of SMEs. The study concluded that the management accounting practices (MAPs) was attributed to performance of small and medium sized enterprises (SMEs) in Lagos State. The study recommended that there should be a continuous and periodically seminars and trainings to continually encourage SMEs to effectively design and implement management accounting systems and SMEs should be encouraged to engage the services of both qualified and ordinary accountants to facilitate the design and implementation of management accounting systems as this would enhance the extent of management accounting practice.