Entrepreneurship Accounting and Sustainable Economic Development in the ARISE Agenda of Akwa Ibom State

Abstract

This is an exploratory survey study that deployed a qualitative approach to examine entrepreneurship accounting andsustainable economic development in the ARISE Agenda of Akwa Ibom State. The study was conducted out of theincreasing number of entrepreneurial firms folding up in Nigeria due to poor accounting practices after so much ofresourceful entrepreneurship efforts. Specifically, to examine the entrepreneurship accounting effects on sustainableeconomic development; and to examine the entrepreneurial accounting skills for sustainable economic development.Entrepreneurship accounting or accounting for entrepreneurship is the application of accounting practices and skillsto entrepreneurial transactions. The data were obtained specifically from reviewing of literature in an armchairresearch method and the exploratory approach through adequate exegesis of the gathered secondary information inarriving at conclusion. It was concluded in the study that entrepreneurship accounting effects on sustainable economicdevelopment include; provision of accounting information for decisions making, budgeting, cost saving and control,credit risk management, fraud prevention and detection, financial reports preparation and analyses, provision of otherfinancial services among others. Moreso, it was also concluded that the entrepreneurial accounting skills forsustainable economic development include cash flow management skill, account payables and receivablesmanagement skills, expenses management skill, profitability skill, financial statements analysis skill, tax complianceskill, accounting software skill as well as budgeting and budgetary control skills. Therefore, entrepreneurshipaccounting is key to sustainable economic development in the ARISE Agenda of Akwa Ibom State. It was recommendedamong others that; entrepreneurship accounting should be considered vital pillar of success by all entrepreneurs forbusiness growth, productivity and increasing financial performance as well as for sustainable economic developmentin the spirit of ARISE Agenda in Akwa Ibom State.