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EFFECTS OF COMPUTERISED
ACCOUNTING METHOD AND CONTROL SYSTEM ON PRODUCTION
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
STUDY
Accounting is the art of recording, classifying, and
summarizing in a sufficient manner and in terms of money, transactions, and
events which are of a financial character and interpreting the results thereof.
The effects of computerized accounting is very easy to
see in that, once the system is
developed and install information, on any aspect of accounting is that
financial information can be safely stored and retrieved as the need arises,
for instance, manager of a firm may want the particulars of a debtor who has
been owing for the past six (6) months and the computer will simply produce the
information in just a matter of seconds, a work which could take about two weeks or more to accomplish where only manual
systems of recording transactions is being used. It no gain saying that modern
businesses are growing bigger and more complex everyday.
Manual system of recording financial information is no longer
coping with the rate of sophistication and competition in these modern
industries. Management needs timely information for planning and it is only
computerized accounting method and control system that can supply all the
needed financial information immediately at the close of accounting period.
Many institution both commercial and private, especially banks are finding it increasing
difficult to process their financial dated speedily and accurately enough to
satisfy their numerous customers. Lack of effective method of financial
information in any modern organization hinders management plans and the
resultant effect is poor productivity and a negative goal of every firm which
is to maximize profit.
The dream of most of our commercial and private firms today
is computerized accounting method and control system. Firms are tired of hiring
auditors to audit financial statement of the firm due of some certain vital
accounting documents might be missing or improper records are kept. For
effective and efficient production, management needs timely information for
planning and forecasting, computerized Accounting System can give an effective
solution to these problems.
1.2
STATEMENT OF THE PROBLEM
This study entitled the “Effects of Computerized Accounting
Method and Control Systems on Production” attempt to determine the effects of
automated accounting system on production.
There are numerous problems associated with the use of human
labour alone to process accounting information. In many cases errors such as
errors of commission and omission, aver-statement and under-statements of
account have set organization back on their courses. Sometimes these mistakes
are not discovered until a considerable loss has be caused to the firm. In
calculations involving fractions many firm has loss a substantial sum of money
due to error of miscalculation and the resultant effect on over all production
in decrease in efficiency which many organization strive to attain. We have
seen a good number of occasion where the
trial balance or the balance sheet could not balance either because the account
was over stated or under stated which subsequently lead to setting up of a
suspense account.
Another problem associated with banks is the time wastage on
cashing or cheque depositing or withdrawal on an account; we must have
witnessed at one time or the other in the commercial banks where the customers
were lamenting because of the delay on the part of the bank workers to give the
customer timely service. It is said that time is money and as such no person
would like to spend a whole at bank just to withdraw money, a thing which could
be done with five minutes if the accounting system is computerized.
The researcher is also looking into the problem of difficulty
in assembling accounting information especially when subjected to pressures are
bound to make mistakes which in many occasion made firm to suffer loss. Also
human being is subject to fatigue and any work done under such condition is
likely to contain errors.
In summary. Based on the problems identified above , the use of clerical effort alone to process
accounting information will produce result full of errors which eventually
leads to of profits., inadequate information for management planning, loss of
time and general decrease in over all economic growth of the nation. These as
enumerated are not surmountable if appropriate system is applied and only that
can provide adequate solution is computerized accounting system.
1.3 PURPOSE
OF THE STUDY
By purpose of the study the researcher means the prime
objective he has in mind. One of the objectives is to create awareness on the
use of computer to process accounting information and the ultimate benefits
accruing there from.
Many people and organization have the notion that if business
transactions are computerized, it will lead to more unemployment problems but
it is not true. Country like the USA has a far lesser unemployed graduates than
Nigeria, yet USA has computerized almost everything they do including business
and non business aspect of life, making use of digital and non digital
computers.
Again there are numerous benefits currently enjoyed by the
organization using computerized accounting system, every other organizations,
both the big and small ones should equally share in such benefits, since what
is good for the is also good for the gender.
The question is “how can small firms which cannot afford to
buy a computer of their own enjoy the benefits of using computer to process
their business transactions?” the answer
has already been stated in earlier part of this chapter and that is by
commercializing the use of computers to process
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