control organizational structure and and operating style for example management’s philosophy delegation of duties. 5.2 CONCLUSION The study involved record keeping and quality of financial statements in small scale business enterprises in Kawempe division and how proper record keeping enables preparation of quality financial statements. 5.2.1 Record keeping practices in small scale business enterprises From the findings, it was revealed that small scale business enterprises do maintain records for accountability; however the records maintained are not in line with the accounting regulatory framework as they are improper. It was established that there was no effective control on the accounting entries in the various books. 5.2.2 The quality of financial statements in small scale business enterprises The findings further indicated that financial statements prepared are incomplete, irrelevant and are not timely and inconsistent with the accounting regulatory frame work thus leading to poor quality financial statements. From the analysis, it can be concluded that the irrelevant, incomplete, unreliable financial statements produced are due to the poor record keeping. Consequently an improvement on record keeping by the selected small scale business enterprises in Kawempe division has to be done 5.2.3 The relationship between record keeping and quality of financial statements. The study revealed that proper record keeping and quality of financial statements are strongly positively related as shown by correlation coefficient of r=0.821. Therefore it must be Pearson’s admitted that quality financial statements depend on proper record keeping. 5.3 RECOMMENDATIONS
control organizational structure and management’s philosophy and operating style for example delegation of duties. 5.2 CONCLUSION The study involved record keeping and quality of financial statements in small scale business enterprises in Kawempe division and how proper record keeping enables preparation of quality financial statements. 5.2.1 Record keeping practices in small scale business enterprises From the findings, it was revealed that small scale business enterprises do maintain records for accountability; however the records maintained are not in line with the accounting regulatory framework as they are improper. It was established that there was no effective control on the accounting entries in the various books. 5.2.2 The quality of financial statements in small scale business enterprises The findings further indicated that financial statements prepared are incomplete, irrelevant and are not timely and inconsistent with the accounting regulatory frame work thus leading to poor quality financial statements. From the analysis, it can be concluded that the irrelevant, incomplete, unreliable financial statements produced are due to the poor record keeping. Consequently an improvement on record keeping by the selected small scale business enterprises in Kawempe division has to be done 5.2.3 The relationship between record keeping and quality of financial statements. The study revealed that proper record keeping and quality of financial statements are strongly positively related as shown by Pearson’s correlation coefficient of r=0.821. Therefore it must be admitted that quality financial statements depend on proper record keeping. 5.3 RECOMMENDATIONS
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