ABSTRACT
This study examined the contribution of accounting education to entrepreneurial success in
Nigeria. The research identified business success factors as well as business obstacles, and
ascertained the impact of accounting knowledge/skills on the competitive ability of the
entrepreneurs in the South-east of Nigeria. Ex-post facto, and survey design were used for the
study. The population was drawn from members of the National Association of Small Scale
Industries (NASSI) in the South-east of Nigeria that registered with Corporate Affairs
Commission (CAC). The sample size was obtained using Bill Godden’s method of sample size
determination. Data were collected by means of questionnaire. Three hundred and ninety (390)
questionnaire were administered to the two groups of the respondents, thereby making it a total
of 780 questionnaire. Personal interview was equally used for data collection. Data were also
extracted from the financial records of the organisations. Tables, charts, and percentages were
used in data presentation and analysis.
Z – test statistic was used to test hypothesis 1, hypotheses
2 and 4 were tested using analysis of variance (ANOVA), while hypothesis 3 was tested using
multiple regression model. The result showed z-value of 8.659 (p = 0.000 < 0.05) for average
annual turnover and z-value of 3.936 (p = 0.000 < 0.05) for average annual profit, both results
indicating that there is a significant difference between business success level of entrepreneurs
that acquired accounting knowledge/skills and those that do not acquire accounting
knowledge/skills. The result also showed F – value of 0.008 < Fcritical of 4.35 and p(0.931) > 0.05
revealing that there is no significant difference in perceived business success factors between
entrepreneurs with accounting background and their counterparts that do not have accounting
background. The study equally revealed (F(2,777) = 30.005, p < 0.05, with an R2 of .67 showing
that there is a positive significant relationship between competitive ability and accounting
knowledge/skills. Moreover, the result of the study showed (F(1,20) = 17.569, p < 0.05
indicating a significant difference in perceived business obstacles between entrepreneurs with
accounting background and their counterparts that do not have accounting background. The
study provides an insight into accounting education indispensable role/value in entrepreneurial
success and sustainability in Nigeria. It has shown that competitive ability of an entrepreneur
significantly depends on the effective application of accounting knowledge/skills which
ultimately results in business success. The study therefore recommends that organisations should
deliberately imbibe the culture of maintaining adequate financial information. Also, clear
accounting rules and steps in data recording should be established and adequate monitoring of
the implementation and adherence to the policies should be ensured.
