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AN EVALUATION OF EFFECTIVE FINANCIAL MANAGEMENT IN A
COMPUTERIZED ACCOUNTING SYSTEM
An Evaluation Of
Effective Financial Management In A Computerized Accounting System
CHAPTER ONE
INTRODUCTION
1.0
BACKGROUND OF THE STUDY
In the ancient days, human activities were relatively easy.
The difficulties posed by nature then, were considerably simple and demanded
solution of relative simplicity.
The compounded problems of man and his way to solve them
necessitated the inventors of machine i.e. computer. Since the invention of the
first machine, the world has experienced a tremendous degree of advancement in
technology and one 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 influence accounting operations and it is
benefits to every accounting student 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, to day’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 advent of computer many organizations have
computerized their accounting system. An example for such organization with
computerized accounting system is First Bank of Nigeria Plc.
1.1
STATEMENTOF THE PROBLEM
The computer is known for its speed and accuracy in
processing information, such speed and accuracy have been achieved manually or
by any other device.
It is expected that a computerized baking system will
facilitate the speed and accuracy of processing transaction of financial nature
and also reduces customer wasting time.
This has been achieved by virtue of technology, other
countries where customers service and general financial management have been
computerized whether it can be established is yet to be confirmed.
The fact of the matter which the researcher intends to study
is:
a) Of what
relevance is computerization accounting system.
b) Has there
been a tremendous change in financial management and the entire system, since
the establishment of computerization accounting system.
c) Though
benefits are abound, could there be limitation of computerization an
organization accounting system? What could be done to change the present
situation.
d) Whether the
computerization has improved the level of fraud and other misappropriation of
fund in the organization.
1.2
OBJECTIVE OF THE STUDY
The need to minimized fraud and improve service to customers
is one of the primary important today, due to the increasing number of new
generation banks therefore, the main objectives of this study is to asses:
a) The
effectiveness of financial control in a computerized environment
b) Whether
computerization has minimized the level of fraud and error in banking sectors.
c) Whether
computerization has improved the profitability performance of the organization.
d) Whether it
has increase speed in attending to customers' needs and finally, effort will be
made to recommend feasible banking organization.
1.3
SIGNIFICANCE OF THE STUDY
In spite of numerous decrees, enactment and there have been
increase in the number of reported case of all kinds of misappropriation of
customers funds and properties in the public sectors. And this study will bring
enlightenment and be of great benefit to the entire country at large, and the
significance is as follows:
a) The
computer will be serve as an eye opener for organizations both private and
public sectors, who have the intention of computerizing its accounting system,
but yet to know the benefits attached to it.
b) Through
this study, useful suggestion will be given out to the management on how to
improve in their financial report.
c)
Performance of financial management and accountability with the view of
improving it in future will be assessed that can be of benefit to the
government and will serve as springboard for future used.
1.4
STATEMENT OF HYPOTHESIS
Thy hypothesis serve as the theoretical concepts on how the
research result would appear, therefore, they are guide to the researcher in
planning the course of inquiry in choosing the kind of data and examine the
result of study simply put, and the hypothesis states the researcher’s
expectation concerning the relationship between variables in the problem.
Null Hypothesis Denoted by:
Ho: Computerization has improved financial control
management.
Alternative Hypothesis Donated by
Hi: Computerization has not made any impact in financial
control management.
1.5 SCOPE
AND LIMITAION OF THE STUDY
Though the entire banks in Nigeria are almost computerized,
the study will spesifically look at the case as relevant to the First Bank of
Nigeria Plc. Kaduna state.
The research will also like to critically observe the impact
of computerization on the customers wasting time during paying and withdrawal
of cash or undergoing any transaction with the ATM machine with the First Bank
of Nigeria Plc.
1.6
HISTORICAL BACKGROUND OF FIRST BANK OF NIGERIA PLC.
The history of First bank of Nigeria Plc dates back to 1984
when the Bank of British West Africa (First Bank of Nigeria Plc) opened its
branch office in Lagos.
First Bank of Nigeria Plc, leading financial institution in
Nigeria with the over a hundred years of Banking operation experience in the
industry. It founded by a shipping magnate from Liverpool, Sir, Alfred Jones.
It commenced operation as a small bank in the office of Elder
Dumpster Company in Lagos and was incorporated as a limited liability company
in London on the 31st March,1894 with head office in Liverpool. Under the
corporate name of the Bank of British West Africa with a paid up capital of
12,000 pounds sterling, it started business after it had absorbed its
predecessor, the Africa Banking Corporation in 1892.
In 1896, a branch was opened in Accra, Gold Coast (Ghana)
while another branch was established in Sierra-Leone in 1898. The third branch
in Nigeria was opened in the old Calabar in 1900 and two years later, it
services had extended to the Northern Nigeria with it Northern regional Branch
at Kaduna. The branch has experienced phenomenon growth over the years with a
share capital of 5.6 million naira in 1980, which rose to 269 million naira (
including a bonus reserve of 53.8 million naira) in 1995 at 500 million naira
in 1998. the banks total assets currently stand at 59.82 billion naira. At the
commencement of operation in 1894, it has a staff of six (6) comprising of
three (3) Europeans and three (3) Africans but today, the bank is virtually
Nigerialized.
In its determination to identify with aspiration of the
country, in its March toward National development, the bank has had to
continually adjust its organization structure and corporate entity. It startes
with West Africa countries, the bank was incorporated locally in 1969 to become
standard bank of Nigeria Limited.
This was in response to the dictate of companies decree of
1968 and there after, the participation of Nigerians in the management of the
bank became 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 .
First Bank of Nigeria Plc, has diversified into a wide range
of banking activities and services including, merchant and international
banking.
Today, the bank boast of magenificent head office in Lagos
with a branch network of 291 as well as alarge number of staffs and a
diversified loan port folio to various sector of the economy.
1.7 DEFINITION
OF TERMS
i)
Computer: This is defined as electronic machine that accept data (in raw
form) and instruction through special input and devices and after processing in
its internal memory, produces a meaningful output and also computer can be
defined according to the Oxford Dictionary as an electronic machine that can be
supplied with a programme and can store and recall information and perform
various processes on it.
In addition to that, computer is an electro-mechanic device
which is capable of accepting data, processing data, and brings out result
meaningful way.
ii)
Financial control: This is the regulation of the flow of money through
the enterprise and in particular, with ensuring that cash is always available
to pay debt when fall due.
iii)
Accounting: is the act of recording, classifying, selecting, measuring,
interpreting and communicating financial data of an organization to enable user
make assessment and decisions, is also a discipline which comprises of set of
theories and concept for processing financial data into information. Accounting
records in monetary terms the flow of economic valve within or between economic
entities.
An accountant must not only be interested in record keeping
alone but in the application of his professional competency or knowledge and
skill in present accounting information to assist management in decision
making.
iv)
System: It means the method of unifying personal activities, machine and
materials to accomplish the objective of the enterprises.
v) Data:
These are raw fact and figures 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 intent to reference for decision making.
vi) Bank: According to the encyclopedia
of the banking and finance, the terms “Bank” in its broadcast 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 (safe keeping of deposits custodianship agency,
trusteeship) of money and claim both domestically and internationally.
vii)
Management: can be defined as a co-ordination of the all the resources
through planning, organizing and controlling so as to achieve organizational
goals. And also can be defined as an effective and efficient utilization of
both human and material resource to achieve the desired goal and objective in
the organization.
viii)
Effective: This refers to the successor otherwise in achieving
objectives. It is therefore concerned only with output usually; the objectives
of the organization would be specified in more details so that the measure of
effectiveness is more useful. The specification are; there will always be
capacity for interpretation, as with efficiency, effective is most important
thing about financial management, is that the degree of effectiveness says
nothing about how much was spend to achieve it either the project services, may
have cost what was budgeted or twice what was budgeted or more that what it
should have cost.
ix)
Evaluation: is the act of considering something to decide how useful or
valuable it is, or a document in which this is done.
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