Financial Accounting Challenges Faced by Youth Projects in Chinhoyi Urban, Makonde District, Zimbabwe

Abstract

This study analyzed financial accounting challenges facing youth projects in Makonde District focusing on Chinhoyi Urban. Debt management problems, high operating costs and unsustainable revenue base among youth projects affirms poor benefits from financial accounting. However, just like small to medium enterprises which had been criticized by various authorities for poor accounting systems, the study focuses on challenges faced by youth projects in financial accounting.  A sample of 10 youth projects was used in the study. Twenty-two research participants comprising of 20 subordinates and 2 civic leaders were used. A descriptive research design was used. The findings were that there are real challenges which affect financial accounting among youth projects. These challenges include organizational culture, inadequate resources to buy gadgets and conduct quality audits, lack of technical knowledge on accounting and poor revenue generation. The study concludes that these key challenges affect the quality of accounting systems among youth projects. The study also concludes that the majority of youths lack orientation on sound financial accounting. They are not fully familiarized with computerized systems and do not have the resources to buy such gadgets. The study recommends that training be done starting with basic accounting and then computerization so that they apply them. The study also recommends collaboration when using auditors to cut costs. The study further recommends further studies on how youth projects could benefit fully from Science, technology, engineering and mathematics (STEM)  initiatives by government.