Literature Review Of Small And Medium Enterprises

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Literature Review
SMEs have been given various definitions by many individuals and institutions. The yardsticks used in defining SMEs include the numbers of employees, volume of sales, value of assets, or the volume of deposit in banks that are in the business operation(Ademola, Samuel, & Ifedolapo, 2012). Small and Medium Enterprise was defined byObiaguzor (2001) as an establishment whose annual turnover do not exceed ₦500,000. In addition, Nigeria Industrial Development Bank (NIDB) classified Small and Medium Enterprises as businesses that have investment and working capitalwhich do not exceed ₦750,000.
Furthermore, Central Bank of Nigeria defined Small and Medium Enterprisesas all businesses with a total assets investment of less than one million, an annual turnover of less than one million and with a total number of employees of less than fifty (Obitayo, 2000). In another development, Nwaigburu and Eneogwe (2013) defined Small and Medium Enterprise as a small business that employs a small number of workers and does not have high volume of sales. In technical terms, Small and Medium Enterprisesare independently owned, operated, and financedbusinesses. The number of employees in such businesses has to be less than hundred staff(Hatten, 2012). Such enterprises are usually privately owned by sole proprietorships or partnerships.
Book keeping refers to the process of recording financial transactions of businesses. In essence, bookkeeping may be defined as the art of recording

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