GASPRO International Journal of Eminent Scholars

ABSTRACT

The main aim of this study was to assess financial statement and business growth of some private business enterprises in Lagos State. Descriptive survey design was adopted for the study. The study was conducted in Lagos State. The population of the study consisted of all accountants and small and medium scale business operators in Lagos State. Simple random sampling technique was used to select 30 accountants and 300 small and medium scale business operators. This gave a total of 330 respondents that made up the sample size used for the study. The instrument used in this study for data collection was a questionnaire titled "Financial Statement and Business Growth Questionnaire (FSBGQ)". Face and content validation of the instrument was carried out by an expert in testing, measurement, and evaluation to ensure that the instrument has the accuracy, appropriateness, and completeness for the study under consideration. The reliability coefficient obtained was 0.89, and this was high enough to justify the use of the instrument. The researcher subjected the data generated for this study to appropriate statistical techniques such as percentage and regression analysis. The test for significance was done at 0.05 alpha levels. Based on the findings of the study, it was concluded that financial statements are practically the success determination of a company. Therefore, investors, other public individuals and institutions make use of it to access a company. In all, it shows how well or poorly a company is doing, therefore, shedding light on its future potentials. Therefore, one of the recommendations made in this study was that, it is most vital for aspiring investors, entrepreneurs, and managers to develop the ability to understand the financial health of a company. This can help them better, to identify promising opportunities while avoiding undue risk, and also help them make more strategic business decisions.

KEYWORDS: Financial statement, Business growth, Private business enterprises and Lagos State.