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PROBLEMS AND PROSPECTS
OF COMPUTERIZED ACCOUNTING INFORMATION SYSTEM IN MINISTRY OF FINANCE
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Most business organizations maintain some forms of accounting
information system ranging from few accounting records to complicated
accounting records both complicated accounting records both manually and
electronically operated or computerized accounting information systems.
First, financial information is gotten from source documents
such as receipts, invoices, account deposit slips or paying slips from banks.
Transactions are then recorded in the General Journals or special Journals and
the entrics are posted into the general ledgers or subsidiary ledgers. Many
organization maintain different kinds of ledgers, extract trial balance to test
the arithmetical accuracies of the account balances in the ledgers. In addition
to maintaining the ledgers, some organizations have cash books different kinds.
At certain interval or at the end of the year, financial statements are
prepared to reveal the true financial position of the firm and to enable the
managers know how they performed during the period (Akpakpan, 2002:24).
Government organizations are types of not-for-profit making
organizations (Akpakpan, 2002:24). Ministry of Finance, Uyo as government
organization has computerized its accounting information system. Hence, this
study is conducted to find out problems of the system and make recommendations
based on findings. This study will also bring to bare the prospects of
computerized accounting information system in their ministry.
Generally, most observers believe that the computer can
perform wonders, speed up processes, generate accurate and timely information,
monitor operations, just to mention a few.
STATEMENT OF THE PROBLEM
The Akwa Ibom State Government has been suffering a huge
financial loss since its creation on 23rd September, 1987. At least N20 million
is lost annually in all sections of the civil service through fraud (Weekend
Pioneer, July 18 – 20, 1997). Other problems include the following:
Lack of a good accounting system
Delay in the payment of salaries to staff.
Untimely issuance or periodical accounting statements for
control purposes
Lack of up-to-date financial information as it affects the
states development plan.
No exercise of budgetary control over all arms of government
due to lack of supply of financial management information.
These core and house functions of ministry of Finance have
constituted problems to the State Government because they are not properly and
timely carried.
To curtail these problems which are mostly accounting in
nature, computers were procured and installed. How well have these incident
reduced? This is the problem of the study.
1.3 OBJECTIVES OF
THE STUDY
In order to investigate the statement of problem above, the
following objective were identified for study:
To find out problems associated with the new system of
accounting.
To determine whether the computerized accounting information
system assist in the timely preparation and assurance of financial statements
of government activities.
To determine whether there are improvement in operational
performance of the Ministry of Finance due to the introduction of computerized
accounting information system.
To find out whether the computerized accounting information
system prevented fraud or not.
To find out the limitation of this system and way of
arresting it.
1.4 RESEARCH
QUESTIONS
In this research, the following research questions were
developed:
What are the problems associated with the computerized
accounting information system of Ministry of Finance, Akwa Ibom State?
What are the benefits of the computerized system?
Are there improved performance in Ministry of Finance
Accounts since the introduction of the computers?
Are there reduced misappropriations/embezzlement in the
Ministry of Finance?
What are the difficulties of this system in Ministry of
Finance, Uyo, Akwa Ibom State?
1.5 RESEARCH
HYPOTHESES
As a guide to the achievement of the desired objectives of
this study, the hypotheses were formulated:
Computerized accounting information system does not enhance
issuance of timely financial statement.
Computerized accounting information system does not enhance
prompt payment of staff salaries and allowances.
1.6 SIGNIFICANCE OF
THE STUDY
The result of this study could benefit Ministry of Finance,
Uyo in the following ways:
Payroll fraud will be drastically reduced if not completely
minimized.
Timely issuance of financial statement will be possible as at
and when due.
Delay in payment of salaries will be the thing of the past.
The Ministry will benefit from high productivity and
efficiency in its general operations.
Staff training and development.
Confidentiality of important documents will be strictly
maintained in the systems.
Other Ministries will also benefit from this study in the
following ways:
Enjoy timely payment of special imprest, standing imprests,
and subvention.
Benefit from prompt payment of their staff salaries and
allowances.
Staff of other ministries will also be trained in computer
illiteracy programme.
Use of up-to-date financial information for decision making
in their respective ministries.
Government will benefit from this study in several ways,
namely:
Performance appraisal of all ministries and parastals.
Budgeting and budgetary control become easy tasks;
Adequate provision is made possible to all sectors of the
state economy.
Resource allocation becomes less cumbersome for state
government as a result of availability of data.
Other researchers (students) will equally, gain from the
fundings by using the material as reference in their future research works.
This study will expand the researcher’s horizon in field of
computer science.
1.8 SCOPE AND
LIMITATION OF THE STUDY
This study is carried out to assess the computerization of
accounting information system in Ministry of Finance, Uyo.
The study will however, focus attention on salary, and
pensions payrolling which computer has impacted upon greatly. Therefore this
study covers Ministry of Finance, Uyo which is vested with the responsibility
of paying salaries to all government workers and pensions to all retirees.
The analyses made in this study are based on the available
data of computerized accounting information system of Ministry of Finance, Uyo.
The researcher’s choice is subject to some limitations which
are specified below:
In carrying out this proposed work, time is a major factor
which makes the study difficult considering the fact that the research is to be
carried out and submitted within a given time frame.
Getting members of staff of the organization and where the
proposed work will be carried out constitutes a barrier.
Financial constraints also constitute a problem and make the
research difficult.
Unavoidable constraints of conflicting programmes arising from
the unavoidable combination of the project work with other obligations such as
official duties and domestic works constitute a major set back.
1.9 RESEARCH
METHODOLOGY
The method used in the study is quasi experimental method. In
sourcing for information, the questionnaire and oral interview, will be used.
In describing the real situation and comparing with what is obtainable, texts,
journals, observation and magazines will be used.
Information so gathered will be tested using the chi-square
and percentage. Detailed explanation is given a chapter three.
1.10 DEFINITIONS OF
TERMS
Computerised: here computerized is used as an adjective to
quality a noun (accounting), Computerize therefore means to store information
in a computer system.
Information: Accounting to Akpakpan (2002:201) information
refers to the data needed by managers or owners of a business organization or
other concerned persons for decision-making. Therefore accounting as an
information system refers to the interrelated procedures of gathering data
needed by managers and other persons who need accounting data for informed
judgment.
System: Clark (1977) defined a system as a set of
interrelated elements (sub-systems) functionally integrated into a working
whole so as to achieve some purposes. In other words, each system must have a
reason for being. It should serve some useful and specific purpose or perhaps,
a number of related although, different purposes.
Akpakpan (2002:201) refers to a system as “interrelated,
interdependent or component parts, which work together for the achievement of a
common goal.
ORGANISATION OF THE STUDY
In order to achieve the aim of this study, the researcher
organized the study into five chapters.
Chapter one contains the introduction, statement of the
problem, objectives of the study, research questions, research hypothesis,
significance of the study, scope and limitations of the study, research
methodology, definitions of terms.
Chapter two comprises review of the related literature to
provide a solid framework to the study. It sets the current research into
perspective to show “the state of art” Osuala (1982:30).
Chapter three contains the designs of the study which include
the method of gathering, analyzing and interpretation of the research data.
Chapter four analyses and interprets the data collected from
the field with the use of appropriate research tools and methods.
HISTORICAL BACKGROUND OF MINISTRY OF FINANCE, UYO
The Ministry of Finance is one of the principal ministries in
Akwa Ibom State civil service. It operated as an area sub-treasury, office
under Cross River State Government till 23rd September, 1987 when Akwa Ibom
State was created. From then it assumed the status of a Finance Headquarters
for all ministries in the State. The Ministry is headed by the honourable
commission while the Permanent Secretary and Accountant-General are the
interpreter of policy matters and Chief Accounting officer of the State
Government businesses, respectively.
The Accounting-General also receives a general warrant signed
by the Honourable Commissioners of Finance, authorizing him to issue from the
consolidate Revenue Fund (CRF) to pay for the personnel costs and other
services provided in the annual estimates. The General warrant also authorizes
the officer controlling the expenditure votes to incur expenditure on these
purposes. Other responsibility of the Accounting-General includes the
compilation of the annual financial statements of accounts which shall be
transmitted to the Auditor-General within a period of six (6) months after the
end of the financial year or such longer period thereafter, as the Governor may
by order appoint. Apart from other statutory responsibility expected from the
commissioner, he has the power to exclude from the annual general warrant any
item of expenditure over which it is desired to exercise special control.
Functions Of The Ministry Of Finance, Uyo
Ministry of Finance has power to exercise budgetary control
over all arms of government, supply financial management information and
provide efficient accounting service to the government which are core and house
functions that are vital to the survival and well-being of government. These
functions along with other allied duties are undertaken for the Akwa Ibom State
Government by the Ministry of Finance.
A Corporate Body Under the Ministry of Finance, Uyo
For purpose of investment, the Ministry has incorporated a
body known as Ministry of Finance Investment Incorporated (MOFI). This body is
saddled with the responsibility of investing government funds in viable
projects that would yield above average returns to the Akwa Ibom State
Government.
1.12.3
Achievements
The following achievements have been recorded by the
Ministry.
Staff Training: In
line with the new civil service reforms. The State Government has adopted staff
training and man power development as a cordinal objective for some years past.
An unprecented number of staff were sponsored to workshops, conferences and
seminars last year. The number of beneficiaries of training in the current year
has increased tremendously compared to the past years.
Computer Procurements and other Accounting Equipment
More and more computers have been procured for use in the
Ministry since the installation of computerized accounting information stystem.
Machinery in all sections of the Ministry – general office, sub-treasury,
computer unit, revenue unit etc, have undergone regular overhaul and
improvement due to continuous increase in government financial commitments.
Finally, effective storage of vital information has been achieved which helps
to increase staff performance and sustains the public service to a greater
extent.
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