FINANCIAL CONTROL IN A COMPUTERIZED ACCOUNTING SYSTEM
(A CASE STUDY OF FIRST BANK OF NIGERIA PLC)
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ABSTRACT
The primary aim of this study is to check the effectiveness and efficiency of financial control in Computerized Environment. i.e. First Bank of Nigeria Plc and to ascertain whether computer has enhance profitability and control in the bank and other financial sectors or industries.
CHAPTER ONE
1.0 Introduction – – – – – – – 1
1.1 Background of the Study – – – – – 2
1.2 Statement of the problem – – – – – 3
1.3 Objective of the study – – – – – – 5
1.4 Hypothesis – – – – – – – – 6
1.5 Significance of the study – – – – 6
1.6 Scope of the study – – – – – – 7
1.7 Historical background of the case study – – – 8
1.8 Definition of Terms – – – – – – 10
CHAPTER TWO – Literature Review
2.0 Introduction – – – – – – – 13
2.1 Functional Financial Control in a Computerize Accounting
System and effectiveness in First bank Nigeria Plc. – -14
2.2 Limitation of Financial Control in a Computerized Accounting
System in First Bank of Nigeria Plc. – – – 16
2.3 Manual Bookkeeping and Electronic Data Processing – 17
2.4 Meaning and Purpose of Accounting System- – – 21
2.5 The Development of Computers – – – – 24
2.6 Method of Processing and application of Data in
Accounting – – – – – – – – 29
2.7 Advantage of Computerization of the accounting System 36
2.8 Limitations of Computerization – – – – – 39
CHAPTER THREE
3.0 Research Methodology – – – – – – 41
3.1 Introduction – – – – – – – – 41
3.2 Method of Data Collection – – – – – – 42
3.3 Source of Data Collection – – – – – – 45
3.4 Method of Data Analysis – – – – – – 45
3.5 Conclusion – – – – – – – – 46
CHAPTER FOUR
4.0 Presentation and Analysis of Data- – – – 47
4.1 Introduction – – – – – – 47
4.2 Data Presentation and Analysis- – – – – 47
4.3 Data Presentations – – – – – – – 48
4.4 Data Analysis – – – – – – – – 50
4.5 Summary of finding- – – – – – – 51
CHAPTER FIVE
5.0 Summary, conclusion and recommendation – – 53
5.1 Summary – – – – – – – – 51
5.2 Conclusion – – – – – – – – 52
5.3 Recommendations – – – – – – 56
Bibliography – – – – – – – 58
Appendix:
CHAPTER ONE
1.0 INTRODUCTION
In the ancient days, human activities were relatively easy. The difficulties posted by nature then, were considerably simply and demanded solutions of man and his way to solve them necessitated the inventors of machines. Since the invention of the first machines, the world has experienced a tremendous degree of advancement in technology and ones for the machine invented for solving complicated problems in the computer. With increasing frequency, it is recognized that an understanding of the computer how it influences accounting operations and it’s benefits to every accounting students and intend to work this world of advancing technology cannot be over emphasized.
Due to the recent intends in accounting operations and the complexity of these operations with the number of task to be performed constantly on the increase, today’s accountants are left with no option other than to always device ways by which these increasing tasks could be processed more speedily and accurately so that there will be no loss of information.
With the advert of computer many organizations have computerized their accounting systems, an example of such organization with computerized accounting system is FIRST BANK OF NIGERIA PLC.
1.1 BACKGROUND OF THE STUDY
In the last few decades, business activities have not only grown bigger and very much complex, but things happen even faster than expected, the combination of complexity, size and faster action and reaction generated a view for new management tools, especially tools for converting the large and complex volume of business data into useful and meaningful terms to assist management in decision making.
The processing of business data and the delivery of information using there machines is known as “AUTOMATIC DATA PROCESSING” OR “COMPUTERISED OPERATIONS”.
The effectiveness of computer depends on the ability of the user. Inherently the computer has no creative ability than the screw-driver or any simple machine. The fundamental power is it’s ability absorb a mountain data, manipulate the data, and bring out the results in a summarized meaningful form, quickly accurately for management use.
The entire accounting and management function started in a