ACCOUNTANTS IN COMPUTER AGE
(A CASE STUDY OF FIRST BANK OF PLC).
ABSTRACT
ACCOUNTANTS IN COMPUTER AGE
The accounting profession has been slow in reacting to the technological revolution in information system concepts, which have become a sinequa non in modern management process. Of recent, there has been a growing awareness of the accountant on the importance of such information system. Thus to remain relevant and maintain his traditional role of preparing and reporting financial statement, taking the advantages of today’s information technology into consideration, the accountant must involve in the design of the organisation’s information system, apart from the necessity to acquire computer education
In an environment where computer – based records are depended upon, the accountant, apart from providing the base records, must also possess the ability to understand the bases of such records and to adopt to the economic, social and organizational changes that have taken place in the light of computer technology.
The computer has encroaded significantly into the traditional area of accounting leading to the fear in some quarters that in no distant future the accountants jobs may have been entirely taken over by the computer thereby rendering him redundant, and ultimately jobless.
This study has therefore been designed to probe into the various areas in which computer is employed in accounting and how such employment has posed the threat or otherwise to the accountant.
CHAPTER ONE: NATURE OF STUDY
- INTRODUCTION 1
- STATEMENT OF PROBLEM 4
- PURPOSE OF STUDY 6
- SIGNIFICANCE OF STUDY 7
- STATEMENT OF HYPOTHESES 8
- SCOPE AND LIMITATIONS OF THE STUDY9
CHAPTER TWO : LITERATURE REVIEW
- THE HISTORY OF ACCOUNTING 11
- FIELDS OF ACCOUNTING 13
- THE COMPUTER 15
- HISTORICAL DEVELOPMENT OF COMPUTER16
- CLASSIFICATION OF COMPUTER SYSTEM20
- CHARACTERISTICS OF A COMPUTER SYSTEM22
- HOW COMPUTER WORKS 22
- SELECTING A COMPUTER SYSTEM 25
- AREAS OF COMPUTER APPLICATION
IN ACCOUNTING 27 - THE RISKS ASSOCIATED WITH
COMPUTERISATION 30 - THE COMPUTER, THE ACCOUNTANT
AND THE FUTURE 31
- ATTITUDES OF PEOPLE TOWARDS
TECHNOLOGICAL DEVELOPMENT. 33
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY
- AREA OF STUDY 37
- SAMPLE SIZE 38
- SOURCES OF DATA 41
PRIMARY DATA 41
SECONDARY DATA 42
- ANALYSIS OF DATA 42
CHAPTER FOUR: PRESENTATION AND ANALYSES OF DATA
- WORK EXPERIENCE 43
- COMPUTER TRAINING 44
- WHAT IS THE LEVEL OF COMPUTERISATION OF ACCOUNTING OPERATION IN YOUR
ORGANISATION? 45 - DO YOU THINK THAT COMPUTERISTATION
HAS AFFECTED YOUR SERVICES IN ANY WAY?
HAS COMPUTERISATION LET TO SPEEDIER
PROCESSING OF ACCOUNTING
INFORMATION? 46
4.05 HAS THERE BEEN A REDUCTION IN THE COST
OF RECORD KEEPING AND STORAGE DUE TO
THE AFRICA
HAS COMPUTERISATION INCREASED THE EFFICIENCY AND EFFECTIVENESS OF ACCOUNTING
INFORMATION IN YOUR ORGANISATION?48
- HAS COMPUTERISATION BROUGHT ABOUT
RELIABILITY AND BETTER STORAGE OF
ACCOUNTING INFORMATION? 49
HAS COMPUTERISATION LET TO EASIER
RETRIEVAL AND USAGE OF STORAGE
INFORMATION? 49
- HAS COMPUTERISATION MADE ACCOUNTING
OPERATION LESS BURDENSOME? 50 - HAS MANAGEMENT POLICY ON
COMPUTERISATION IN ANY WAY AFFECTED
THE PERFORMANCE OF WORKERS IN THE
ACCOUNT SECTION? 51
4.07 DOES MANAGEMENT ORGANISE
ANY KIND OF COURSE OR TRAINING
ON EDP SYSTEM FOR ACCOUNTS WORKERS? 52
BASED ON YOUR OPINION, DO YOU
THINK THAT YOUR ORGANIZATION HAS
ATTAINED THE REQUIRED LEVEL OF
COMPUTERIZATION ? 52
- WHAT IS COMPUTER TO YOU BASED ON
YOUR JOB AND POSITION? 53 - TEST OF HYPOTHESIS 54
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
- FINDING 60
- CONCLUSION 62
- RECOMMENDATION 63
REFERENCES. 65
CHAPTER ONE
NATURE OD STUDY
- INTRODUCTION
In invention of a machine called the computer has brought about unprecedented technological revolution in the running and management of today’s complex business transactions.
One area of business that the computer has had a tremendous impact is the accounting business. Accounting profession has tended to be slow in reacting to this technological revolution consequently, a new functional area known as data processing and computer application has risen in business taking over the roles most traditionally associated with financial functions. The accountants should be able to provide both students and other practitioners with the motivation to learn and harness the possibilities created by the computer – based information technology of today.
Computer specialists would regard the collection, collation and dissemination of information as their province, but however in most computerized accounting environment, the accountant with the aid of the computer, still fulfils his role of collecting, collating and processing of financial data to disseminate financial information to satisfy the needs of the users.
Many of the roles undertaken by the accountant are part of the management information system (MIS) which provides the information needed by the management to operate a business and make sound decisions.
Today, there exist several reasons to believe that in no distant future, industries will need more and more financial information and of course the greater calculating power of the computer can never be ignored.
The business environment is becoming increasing singly complex in term of such phenomena as inflation, size of organization, governmental influence, technological developments, international competition, among other, and as such the accountant of today has to consider many more factors than his predecessor of yesterday since the demand on him for information is correspondingly higher.
The accountant has a lot of advantages from a computerized accounting system and they include: -
i Reduction in the cost of processing data.
ii The timeless in the detection of fraud, if any.
iii The speed in putting and retrieving of accounting information
iv The efficiency in the prevention of wrong posting of transaction.
Despite its various advantages, the introduction of the computer into accounting practice has raised such panic that would be accountants and accounting students had re-think their initial decision to go into accounting field.
However, since the compute is not human being, it was only advisable that the acquisition of computer knowledge would guarantee the security of the accounting job as the future unfolds.
As much as the management of any organization could embrace the computer as a means of achieving reduction in running costs, some accountants have often than not perceived such strategy as a way of declaring them redundant and ultimately making them jobless.
However, a lot of others have embraced the introduction of the computer as a friendly gesture and a means of improving on the quality of their job.
More so, the diverse components of the accounting profession such as tax management, financial accounting management accounting and auditing, to mention but four, could not possibly be handed by the computer all by itself. As such they opined that the accountants would be needed to take charge of the greater positions of these diverse components.
STATEMENT OF PROBLEM
One can rightly say that quick customer services and fast accounting operation is far from being actualized in some of our organisations
Quick services and fast operations means more work being done in shorter time. A firm with these qualities will have unrivalled customer attraction.
At this juncture we will look at what is actually the relevance of computer in the processing of accounting information. As put by T.N. MCRAL:
The computer can be used in a wide variety of ways and often it is only the potential user who can appreciate and suggest these uses. It is improbable that the user will fully exploit the potential of the computer if he depends on experts . . . . The
computer soon absorbs most of the
calculation and data processing within an organization. These have traditionally been the accountants aspects such as accuracy and control will remain his responsibility.
It is known that overtime duties are common in accounting system as the working hours do not seem to be sufficient to finish a given days job. This of course means extra costs on the firm for overtime allowance and utility bills.
Some areas of accounting are hardly delved into by accountants because of high demand in time and human brain. Untold time and money is spent in rectification of mistakes made by workers in the course of manual recording of accounting information.
It should be noted that a manager does not necessarily need to be a computer expert before computerising his operations. But it is imperative how and the effort required for system analysis and programming of new and revised projects.
PURPOSE OF STUDY
This study aims at investigating into the accountants in computer age. In other words, what benefit arise from the use of computers in accounting system. The researcher wishes to find out:
a Computerisation is an aid, a burden or a hindrance to the accountant. If actually it is an aid, to find out the
benefits derivable and if it is a burden or hindrance, to
find out the set backs.
b The relationship between a fully computerised partially
computerized and non-computerised accounting system.
However, it must be appreciated that though the computer has provided the benefit of improved information system as more timely, relevant, and accurate information would be made available to the users. The issue of cost reduction has been found out to be unattainable most time, since the cost of acquiring and running computer system could outweigh the cost of “low grad” clerical personnel displaced.
This study has also has been designed to find out the extent to which the computer is being put to use in accounting, the numerous activities of the accountant which are mainly manual in nature would be made less rigorous by the use of the computer thereby enhancing the quality and timeliness of financial reports.
SIGNIFICANCE OF STUDY
As a result of the increasing application of computers in the accounting field, there is a need for accountants to acquaint themselves with the use and operations of the computer. Accountants must be able to advise their clients employers on the desirability, or otherwise, of the use of computer.
To this end, an accountant must have a good knowledge of computer and its operations.
This research is important because it will examine how accountants are coping with the challenges posed by the use of computers. It will also examine the relevance of computer to accountants as well as the basis for determining whether to adopt the use of computer or not it is also intended to examine the efficiency of a computer system as compared to a manual system and those problems which are encountered in a computerised accounting system.
The research will go a long way in enhancing the knowledge of readers of this project, and those who might want to do further research work, in the area of computerised accounting system.
- STATEMENT OF HYPOTHESIS
To come out with a reliable result the following will formulated and tested statistically;
1 Ho Computerisation of accounting system has
not increased the efficiency and effectiveness
of this organization.
Hi Computerisation of accounting system has
increased the efficiency and effectiveness of the
organisations.
- Ho Computerisation of the accounting system has
not brought about increased speed of operations
and accuracy out outs of
Hi Computer of accounting system has increased
speed and accuracy of operation and out put.
- Ho Computerisation of the accounting
system has not a large extent brought
about reliability and better storage of information.
Hi Computerisation of the accounting system has
increased considerably the reliability and
storage of accounting information.
- SCOPE AND LIMITATIONS OF THE STUDY
It is imperative that a study of this magnitude will entail visit to a wide range of organisations to elicit information from them. But this may not be possible under the present dispensation
Therefore, the scope of this study will be limited to First Bank of Nigeria PLC, with the hope that conclusions reached in the course of the study would apply to other organisations.
Although every effort will be made to ensure that realistic and dependable results are arrived at, it is worth mentioning that the researcher may encounter such problems like :
i High cost of research materials caused by the current
economic down turn in the country
ii Unwillingness of the respondents to give out
certain useful information.
iii Dearth of available literature.
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