Examining the financial management practices at Kumasi Senior High Technical School, Kumasi High School and St. Louis Senior High School.
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Date
2016-08
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KNUST
Abstract
The study examines the practices of financial management in senior high schools within Kumasi Metropolis using Kumasi High School, Kumasi Senior High Technical School and St. Louis Senior High School as case studies. It was also aimed at revealing the main sources of finance to senior high schools and the financial management challenges faced by senior high schools. Descriptive research design is employed for the study and questionnaire is used for the data collection. The findings of the study indicate that senior high schools have been practising financial management with regards to budgeting, auditing, financial accounting and financial controls but there are some lapses such as not involving all key stakeholders in budget preparation and not communicating the budget. Again, auditing is being done in the schools but inventories are not carried out regularly. It is also found that financial records are kept but not all payments are made with cheques. The study also found that school fees, government budget allocation and the contribution of PTA are the main sources of finance to senior high schools. The study has discovered various financial management challenges confronting the schools including delay in government budget allocation to schools, parents being reluctant to pay fees and head teachers alone awarding contracts. The study recommends to the schools to involve all stakeholders (teachers, parents, students, non-teaching staff and government representatives) when preparing budgets. Termly inventory of all the materials, items and assets of the school is being recommended. It is also recommended to the government of Ghana through the Ministry of Education to as much as possible be committed to the budgetary allocations to senior high schools and release them on time.
Description
A Thesis Submitted To The Department Of Accounting And Finance In Partial Fulfilment Of The Requirements For The Degree Of Master Of Business Administration (Finance Option).