THE PROBLEM AND PROSPECT OF COMPUTERIZE ACCOUNTING SYSTEM (TREASURY SINGLE ACCOUNT) IN THE 21ST CENTURY NIGERIA

Share with your friends

THE PROBLEM AND PROSPECT OF COMPUTERIZE ACCOUNTING SYSTEM (TREASURY SINGLE ACCOUNT) IN THE 21ST CENTURY NIGERIA

CHAPTER ONE: INTRODUCTION

1.1 Background of the Study

In the 21st century Ministries, Departments and Agencies (MDA’s) in Nigeria   has embarked on the use of Computerized Accounting System (CAS) such as Treasury Single Account (TSA), this has pose serious problem on high profile organizations and institutions.

Ama (2004), defined CAS as an Electronic Data Processing (EDP) machine that uses calculators and computer in collecting information. This author is not at variance with the definition above because, the computer convert financial data or transaction such as; sales, purchases, returns and the likes into useful financial information such as printed report and financial statement for accurate decision making to permit informed judgment.  Still Ahmed (2006) posited that, computerized accounting system is to ensure accurate record of financial transactions, effective book management in order to avoid typo errors and improving the smooth running of the business. This author agrees to this assertion because CAS is an accounting information system that collect, process, summarize and report information about a business organization in monetary terms.  It also collect data describing the activities of a business, uphold a comprehensive financial records of the business operations as per the Generally Acceptable Accounting Principle (GAAP), transforms the data into information in order to generate financial report as per the requirement of the users.

According to Tanenbaum (2010), computer is an electronic and automated device for processing data and storing the output for future use according to the instructions given to it.  Vermant and Shelly (2011) also defined computer as an electronic device, functioning under directives of stored command in its own memory.   This author agrees to this definition, because a computer is sensitive to commands; to accept input, process that input and produce information.

Bello (2009) defined accounting as an information system used by
economic units to attain various monetary decisions. Both private and public organizations use accounting to communicate to all stakeholders and other users of accounting information at a particular time about their performance and position in terms of profitability, efficiency, and responsibility Abubakar (2010) and Nzekwe (2009).  This author agrees to the assertions of these scholars, this because the author sees accounting to be an information system that allow for the collection, recording, classifying, summarizing and interpreting financial transaction in a significant manner, communicating same to users for fiduciary purpose and to make informed decisions, which would in turn be of benefit all organizations.

DOWNLOAD COMPLETE PROJECT MATERIAL

THE PROBLEM AND PROSPECT OF COMPUTERIZE ACCOUNTING SYSTEM (TREASURY SINGLE ACCOUNT) IN THE 21ST CENTURY NIGERIA


Share with your friends