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FINANCIAL CONTROL IN A
COMPUTERIZED ACCOUNTING SYSTEM
(A CASE STUDY OF FIRST
BANK OF NIGERIA PLC)
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.
TABLE
OF CONTENTS
Title
page - - - - - -- - - - i
Declaration - - - - - - - - - ii
Approval
page- - - - - - - - - iii
Dedication - - - - - - - - - iv
Acknowledgement - - - - - - - v
Abstract - - - - - - - - - vi
Table
of content - - - - - - - - vii
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
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, todays 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 manual form where the process of accounting data and information was provided
in manual form by human beings. This system of providing information manually
had it’s short comings later, the use of punched cards was introduced, which
involves the use of electromechanically device for the processing of data. This
method of processing was later replaced by computer which is made up of
processing.
1.2 STATEMENT OF THE PROBLEMS
The computer is know for it’s speed and accuracy in
processing information such speed and accuracy have not been achieved manually
or by any other device. It is expected that a computerized banking system will
facilitate the speed and accuracy of processing transactions of financial
nature and also reduces customers waiting time.
This has been achieved by virtue of technology, other
countries where customers services and general financial control have been
computerized whether it can be established is yet to be confirmed.
The fact of the matter which the researcher intends to
study are: -
-
Of what relevance is
computerization accounting system.
-
Has there been a
tremendous change in financial control and the entire system since the
establishment of computerized system.
-
Though benefits are
bound could there be limitation of computerizing an organizations accounting
system.
-
What could be done to
change the present situation data using electronic devices
Undoubtedly, the computer therefore, can be regarded as
the most powerful management tool ever developed. Infact, it has become a tool
for most managers who have learnt to use it. This can be seen from the fact
that most of our banks, mainly profit oriented organization are operating
computerized system now. Therefore, an understanding of the computer of the
amount of time and of the step it takes to accomplish a task from the time the
idea was taken up untill the final output has been received by the uses or
accountant has made interface between accounting and the system and programming
funding more meaningful to the accountant.
1.3 OBJECTIVES OF THE STUDY
The need to minimized fraud and improve service to
customers is very important today, due to the increasing numbers of new
generation banks therefore, the objective of this study is to assess: -
(a)
The effectiveness of
financial control in a computerized environment.
(b)
Whether
computerization has minimized the level of fraud.
(c)
Whether
computerization has improve the profitability performance of the organization,
and
(d)
Whether it has
increase speed in attending to customers needs
And finally, effort will be made to recommend
feasible banking organization.
1.4 HYPOTHESIS
Hypothesis can be defined as an assumption or statement
which may or may not be true concerning one or more population or organization
e.g. FIRST BANK OF NIGERIA PLC.
STATEMENT OF
HYPOTHESIS
Null hypothesis denoted by
Ho: Computerization
has improved financial control.
Hi: Computerization
has not made any impact in financial control.
Reference will be made in chapter four when analysis and
presentation of data to this statement.
1.5 SIGNIFICANCE OF THE STUDY
There are number of reasons why this research could be useful.
The reason are: -
(1)
A study of a number
of computer applications in accounting might have as a lesson for accountants
about the reasons for success or failure in the development and implementation
of the computer system.
(2)
It will help
financial institutions to anticipate some of the likely problems they might
encounter with their computer system.
(3)
A knowledge of the
improvement of accounting system in financial institutions.
(4)
The researcher is
also convinced that the research would serve as an important material to
provide a useful framework for further research on this topic.
(5)
A more academic significance
of this study is that it provides evidence to test some of the predictions that
have been made about the impact of computer in accounting.
1.6 SCOPE OF THE STUDY
Though the entire banks in Nigeria Kaduna
The researcher will also like to critically observe the
impact of computerization on the customers waiting time during paying and
withdrawal of cash or under going any transactions with FIRST BANK OF NIGERIA
PLC.
1.7 HISTORICAL BACKGROUND OF THE CASE STUDY
The history of First Bank of Nigeria Plc date back to
1984 when the bank of British West African (First Bank of Nigeria Plc) opened
it’s branch office in Lagos
First Bank of Nigeria Plc, leading financial institution
in Nigeria Liverpool ,
Sir Alfred Jones.
It commenced operation as a small bank in the office of
Elder Dumpster Company in London the 31st
March, 1894 with head office in Liverpool .
The bank was originally incorporated as Bank of British West African in 1894
with an Authorized Share Capital of £100,000 divided into 10,000 ordinary
shares of £10 each.
First Bank was listed on the exchange in March 1971. In
December 1896, a branch was opened in Accra Gold Coast (Ghana Nigeria
In it’s determination to identify with aspirations of the
country, in it’s march towards national development, the bank has had to
continually adjust it’s organizational structure and corporate entity. It
started with West Africa countries, the bank
was incorporated locally in 1969 to became Standard Bank of Nigeria Limited.
This was in response to the dictate of companies decree of 1968 and thereafter,
the participation of Nigerians in the management of the bank become a corporate
policy. Further changes in the name of the bank were made in 1979 and 1992 to
First Bank of Nigeria Limited and also to First Bank of Nigeria Plc
respectively.
FBN, has diversified into a wide range of banking
activities and services including merchant and international banking.
In December 2005, First Bank acquired it’s merchant
banking subsidiary, FBN (Merchant Bankers) Limited and MBC International Bank
Plc, following Central Bank of Nigeria Lagos
1.8 DEFINATION OF TERMS
(i)
Financial Control: This
is the regulation of flow of money through the enterprises and in particular
with ensuring that cash is always available to pay debts when fall due.
(ii)
Fraud: - This is an act of
deliberate omission or commission for personal benefits. It is also a deceitful
behavior perpetrated for the purpose of enriching oneself, party, family or
friends it is often carried in various ways such as:-
(a)
Inflation of price
(b)
Embezzlement
(c)
Mismanagement
(d)
Subversion of facts
(e)
Pilfering and
stealing
(iii)
Computer:
- This is defined as electronic machine that accepts data (in raw form) and
instruction through special input devices and after processing it’s internal
memory, produces a meaningful output. Another definition of computer according
to the oxford dictionary, computer is an electronic machine that can be
supplied with a program and can store and recall information and perform
various processes on it.. It can also be defined as an electro-machine device
which is capable of accepting data, processing data and bring out result
meaningfully and useful as information.
(iv)
Accounting:
- This is the act of recording, classification, analyzing and summarizing in a
significant manner and in terms of monetary, transaction and events which are
in part at least of financial characters and interpretation of result there of.
It is also an information system that process and communicates the data of
managerial transactions about economic entity.
(v)
System:
- IT means the methods of unifying personal activities, machine and materials
to accomplish the objectives of the enterprises.
(vi)
Data: - These are the raw
facts and figure that are not correctly being used in a decision process and
they usually take the form of historical records that are record and filled
without immediate intend to reference for decision making.
(vii) Bank: - According to the encyclopedia of banking and finance,
the term “Bank” in it’s broadest senses may be applied to any organization
engaged in any or all of the various function of Bank i.e. receiving,
collecting, transferring, paying, lending, investing, dealing, exchange and
servicing. (Safekeeping of deposits, custodianship, agency, trusteeship) of
money and claims both domestically and internationally.
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