Get the complete project »
- The Complete Research Material is averagely 55 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦4,000
This research was carried out to investigate computerized as a panacea for bank growth and survival. The scope of the research was computerized accounting system used in the Central Bank of Nigeria for the preparation of the financial reports of the monetary and financial sector, external sector, government finance sector, and the real sector. In trying to achieve this, a research hypothesis was developed based on the purpose and the objectives of the research. Reviews of related literature was made, views from different authors were investigated over the manual ones and it benefits in the case of the Central Bank of Nigeria. Also a questionnaire was central Bank of Nigeria, Akwa Ibom State branch, which response was tested against the null hypothesis through presentation, analysis and interpretation data. It was found out that, computerized accounting system used in the Central Bank for the preparation of all the sectors was a panacea for financial reports bank growth and survival. It was also found that the percentage of positive reactions interms of accuracy was low. It was therefore, recommended that professional accountants who are diligent be employed.
1. BACKGROUND OF THE STUDY
In many organizations, both in the capitalism and socialism, proper accounting system is required. As many professional accountant and because it takes an important role in auditors state “accounting is language of business which is accepted in all developed and developing countries”. Every entity applies accounting because it is generally accepted that entities have to reveal certain financial and management information to the users and because accounting is an indispensable tool in the business decision making process. With the development of information technologies, computer products (software) were developed which make accounting very easy for those who uses them from this point categories: the comprised accounting system and the manual, accounting.. the computerized accounting system us the accounting system which is processed using the computer and accounting software. While the manual accounting is the accounting that is processed using papers.
From the accounting theory, it is known that accounting cycle include various steps, such as: journalizing the transactions, posting them to ledger accounts, preparing trails balance, making adjustment, entries, preparing adjusted to end-of-period trial balance, preparing financial statements and appropriate disclosures, journalizing and posting the closing entries, and preparing after-closing trail balance at last. From the first look it is not very difficult and it is so indeed, but when there are thousands or millions of transactions to be computed especially in a centralized banking where financial reports are computed on monthly, quarterly and, on yearly basis, computerized accounting system is preferred to make accounting cycles easy, faster, compatible, and accurate. The computerized accounting system enables the accountant to record the transactions into the computer which processes the other steps of accounting cycle automatically or by a request. And it requires a qualified accountants to classify some items appropriately in order to have an unqualified or a clean financial reports.
The objectives of computerized accounting system are:
1.1.1 It is reliable and accurate in the preparation of financial reports.
1.1.2 It increases the effectiveness and efficiency of the internal controls.
1.1.3 It automatically summarizes financial reports and make the accounting cycle easy.
1.1.4 It enables a secure storage of financial reports from unauthorized individuals.
1.1.5 It enables automation and easy collection and collation of financial data.
1.1.6 It enables a fast mobility of financial records.
1.1.7 It enables an easy retrieval of financial informations.
1.2 STATEMENT OF THE PROBLEM
Accounting system as an organized set of accounting methods, procedures, and controls established to gather, record, classify, analyze, summarise interprete, and present accurate and timely financial data for management decision has been done manually till the 1980’s when the advent of fast computer and easy-to-use, accurate and reliable software started.
However, there has been a delay in accounting system in the central bank of Nigeria of appropriate accounting software to prepare financial reports at a click of button. These delays involves, the delay in reparation of monetary authority with the analytical statement of financial position of the deposit money banks (DMBs), and generation of credit granted by the deposit money banks (DMBs) which there has constitutes financial reports of the monetary and financial also been a delay in the preparation of balance of payment (BOP) and the international investment position (IIP) of the Nigerian economy, delays in the monthly exchange rate statistics, demand and supply of foreign exchange, external reserves, international trade summary external debt stock, capital importation, cash flow and crude petroleum statistics and external debt stock data which are prepared on quarterly basis which constitutes the financial reports of the external section in CBN. There has also been a delay in the quarterly preparation of National accounts of gross domestic production (GDP) as well as income and expenditure, and in the preparation of consumption consumer price index (CPI0. In the real sector financial reports. There has also been a problem in ensuring proper and it trails financial transactions to prevent money laundering and financial terror through the financial system. There has also been a problem in cash management of government revenues, receipts, and income by the Central Bank of Nigeria due to lack of a consolidated revenue account and electronic collection system. There has been also a delay in the annually and half yearly computation of government of recurrent and capital expenditures, as well as debt statistics of the government finance statistics sector.
As a result of these observations and experiences, the author of this project has undertake this research to find out how computerized accounting system will complement as a panacea for bank growth and survival, specifically the country’s central bank (CBN).
1.3 PURPOSES OF THE RESEARCH
The purposes of this research were as follows:
1.3.1 To investigate the advantages of a computerized accounting system over the manual accounting system in the case of central bank of Nigeria.
1.3.2 To investigate how computerized accounting system used in the central bank of Nigeria to preparation of financial statements in monetary and financial sector statistics could be a panacea for bank growth and survival.
1.3.3 To investigate how computerized accounting system used in the central bank of Nigeria for the preparation external sector statistics could be more accurate.
1.3.4 To investigate how computerized accounting system could be recommended to be used in the preparation of financial reports of the real sector in central bank of Nigeria.
1.3.5 To investigate how computerized accounting system could be used in the central bank of Nigeria in preparation of financial reports of government finance statistics.
1.4 RESEARCH HYPOTHESES
1.4.1 H1: The computerized accounting system used in the central bank of Nigeria is significantly better than the manual accounting system.
1.4.2 H2: The computerized accounting system used in the preparation of financial reports of monetary and financial sector in the central bank of Nigeria will significantly be a panacea for bank growth and survival.
1.4.3 H3: The computerized accounting system used in the central Bank of Nigeria for the preparation of external sector statistics are more accurate.
1.4.4 H4: A computerized accounting system could be accepted in the central bank of Nigeria for the preparation of real sector financial reports at a click of button.
1.4.5 H5: The preparation of financial report of the government finance statistic in the central bank of Nigeria are easily achieved through the used of computerized accounting system.
1.5 SIGNIFICANCE OF THE RESEARCH
The research on the computerized accounting system as a panacea for Bank growth and survival especially in the central bank of Nigeria is a very important research. The result of this study could benefit all the central banks of all the countries in all the continent of the world. The central bank of Nigeria could become aware of the advantages of computerized accounting system over manual ones. It could help the central bank of Nigeria to be alerted as the computerized accounting system could be a panacea for bank growth and survival especially in the preparation of financial report of monetary and financial sector.
The result of this research could also alert the central bank that a computerized accounting system could accurately be used in the preparation of financial reports of the external sector statistics.
The research could also alert the central bank of Nigeria that a computerized accounting system could be more appropriate in the preparation financial reports of the real sector.
The research could also alert, the central bank of Nigeria that the summarization of financial reports could be achieved at a click of button. The study could be used by other researches as a reference material.
1.6 DEFINITION OF TERMS
1.6.1 CBN: Central Bank of Nigeria
1.6.2 MFSM: Monetary and Financial Statistics Manual
1.6.3 IMF: International Monetary Fund
1.6.4 SNA: System of National Accounts
1.6.5 GFSM: Government Financial Statistics Manual
1.6.6 BOP: Balance of payment
1.6.7 IIP: International Investment Position
1.6.8 BPM: Balance Payment Manual
1.6.9 BPT: Balance Payment Textbook
1.6.10 EDS: External Debt Stock
1.6.11 PPIM: Producer Price Index Manual
1.6.12 CPIM: Consumer Price Index Manual
1.6.13 EIPIM: Export and Import Price Index Manual
1.6.14 BIS: Bank For Internal Settlement
1.7 SCOPE OF THE RESEARCH
In this research the computerized accounting system used in the central bank of Nigeria will be the focus of the research. The research will cover computerized accounting system as a panacea for bank growth and survival. In trying to investigate how computerized accounting system could be more accurate, the financial reports of the central bank of Nigeria for consecutive years will be used.
In this research, it was assumed that, computerized accounting system is used in the central bank of Nigeria for the preparation of financial reports, of all the sectors.
DEFINITION OF TERMS USED IN THE RESEARCH:
CBN: Central Bank of Nigeria.
1.9 ORGANIZATION OF THE RESEARCH
The research was organized into five chapters
Chapters 1: This chapter contains the introduction of the problem, statement of the problem, purpose of the research, research of hypothesis, significant of the research, scope of the research, assumptions, definition of terms, the organization of the research and, a brief historical background of the central bank of Nigeria.
Chapter 2: In chapter a review of related literature was made.
Chapters 3: This chapter presents the design of the research.
Chapters 4: In chapter four, the data collected is presented, analyzed and interpreted through the use of tables and a diagram to fully explain the findings.
Chapters 5: This is the final chapter in this research and it contains the summary, conclusions and recommendations
1.10 BRIEF HISTORICAL BACKGROUND OF THE CENTRAL BANK OF NIGERIA
The central bank of Nigeria as it is recorded was established in 1958 but came into operation in July1, 1959. The background to the establishment of the central bank of Nigeria lies in the characteristic and weakness of the monetary system of the British colonial system, in West Africa. The sole issuing authority was the West Africa Currency Board (WACB). The WACB was established in November 1912 following the recommendations of the Emote Committee appointed by the British colonial authority. The essence of WACB was to finance the needs of the export trade of the expatriate firms in West Africa and the second was to eradicate the confused inconvenient and unsatisfactory currency position in British West Africa, WACB did nothing to train Africans in the act or sound monetary management nor develop indigenous banking and other financial institutions.
In effect WACB invested all it’s reserved in pound sterling in London, given the above problems of WACB, the establishment of CBN became logical an inevitable.
The CBN was established in 1959, but the process bristled with many controversies, the genesis of the problem lied back to 1952, when for the Federal House of Assembly called for the establishment of CBN for the purpose of rapid development.
Accordingly, Mr. Fisher of the bank of England was appointed to inquire into the desirability and practicability of establishing a CBN as an instrument of economic development.
Mr. Fishers report was in the negative, arguing that CBN is not possible in an economy where there is no money and capital market.
In 1953, World Bank Mission visited Nigeria and agreed with Fisher’s, but the world Bank’s report was not as negative as Mr. Fisher’s report.
With the achievement of internal autonomy in 1957, the federal government of Nigeria engaged the services of Mr. J. Z. Loyness of the bank of England to revisit the establishment of a central bank in Nigeria.
Mr. Loyness terms of reference were:
§ The establishment of a federal institution to perform appropriate central banking function.
§ Introduction of a Nigeria currency to preserve the extreme value and its acceptability within the country.
§ To create a relationship of the federal institution to all tiers of government, institutions, the commercial banks and the public.
§ To ensure such CBN will stimulate the development of a local money and capital market. Loyness recommendations led to the establishment of the central bank of Nigeria in 1958 by the central bank of Nigeria ordinance. The CBN effectively came into existence and operational on July 1, 1959.
Share a Comment
You can find more project topics easily, just search
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Inventories constitute the most significant part of current events of a large majority of compani...Continue Reading »
83 pages | 164 hits | Source: ACCOUNTING
2. APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA» 2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure durin...Continue Reading »
76 pages | 251 hits | Source: ACCOUNTING
3. Roles Of Tax Authority In The Prevention And Detection Of Tax Fraud In Nigeria Case Study Of Oyo State Board Of Internal Revenue Service And Selected ...» CHAPTER ONE INTRODUCTION 1.0. BACKGROUND TO THE STUDY Taxation is not a new word in Nigeria or the world as a whole. In Nigeria, taxation has been in ...Continue Reading »
50 pages | 326 hits | Source: ACCOUNTING
4. BUDGETING AS AN INSTRUMENT OF ADMINISTRATIVE CONTROL OF PUBLIC AGENCIES IN NIGERIA (A STUDY OF MINISTRY OF FINANCE, UYO)» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Budgeting and budgetary control will continue to play a significant role in public organizations ...Continue Reading »
82 pages | 239 hits | Source: ACCOUNTING
5. AUDIT OF TREASURY SINGLE ACCOUNT IN NIGERIA: A COMPARATIVE ANALYSIS BEFORE AND AFTER IMPLEMENTATION» CHAPTER ONE INTRODUCTION 1.1 Background of the study The public sector of Nigeria is one of the major contributor to the growth and development in Nig...Continue Reading »
60 pages | 263 hits | Source: ACCOUNTING
» CHAPTER ONE INTRODUCTION 1.1 Background to the Study The issue of proper documentation of financial record which is the major responsibility of the ac...Continue Reading »
52 pages | 80 hits | Source: ACCOUNTING
» ABSTRACT The study examine impact of power generation on the economy of Nigeria, This study was undertaken majorly to examine the impact of power gene...Continue Reading »
52 pages | 166 hits | Source: ACCOUNTING
» CHAPTER ONE INTRODUCTION 1.1. BACKGROUND TO THE STUDY In recent years, widespread moral lapses and corporate financial scandals have brought the topic...Continue Reading »
78 pages | 237 hits | Source: ACCOUNTING
9. THE EXTENT OF USE OF INSTRUCTIONAL MATERIALS FOR EFFECTIVE TEACHING-LEARNING OF ENGLISH LANGUAGE IN JUNIOR SECONDARY SCHOOL (A CASE STUDY OF ENUGU SOU...» ABSTRACT The objective of this research work was to find out the problems and prospects of teaching English Language in Secondary Schools in Enugu Sou...Continue Reading »
52 pages | 145 hits | Source: ACCOUNTING
10. FINANCIAL STATEMENT FRAUD IN AN ORGANIZATION: ISSUES AND SOLUTION( A CASE STUDY OF FIRST CITY MONUMENT BANK)» CHAPTER ONE INTRODUCTION 1.1 STATEMENT OF THE PROBLEM The current business environment and even more economic recession, have in recent times pushed t...Continue Reading »
90 pages | 177 hits | Source: ACCOUNTING