EVALUATION OF EFFECTIVE FINANCIAL MANAGEMENT IN A COMPUTERIZED ACCOUNTING SYSTEM (A CASE STUDY OF FIRST BANK OF NIGERIA PLC, KADUNA)
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EVALUATION
OF EFFECTIVE FINANCIAL MANAGEMENT IN A COMPUTERIZED ACCOUNTING SYSTEM (A CASE
STUDY OF FIRST BANK OF NIGERIA PLC, KADUNA)
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 to ascertain whether computer has since adoption
enhance profitability and effectiveness in managing the banking and other
financial sectors or industries. This evaluation is targeted at exploring how
the use of computer in the solving of accounting issues has yielded positive
result in both the banking and other finance circle, thus using First Bank of
Nigeria plc as a case study.
TABLE OF CONTENT
Title page i
Approval
page ii
Declaration iii
Dedication iv
Acknowledgement v
Abstract viii
Table of
content ix
CHAPTER ONE:
(1)
INTRODUCTION
1.0 Background of the study 1
1.1 Statement of the problem 2
1.2 Objectives of the study 4
1.3 Significance of the study 4
1.4 Statement of hypothesis 5
1.5 Scope and limitation of the study 6
1.6 Historical background of First Bank of
Nigeria Plc. 7
1.7 Definitions of terms 10
CHAPTER TWO:
(2)
LITERATURE REVIEW
2.1 Introduction 14
2.2 What is computer 15
2.2.1 How does the computer works 16
2.2.2 Basic element of the computer 18
2.3 Accounting system 20
2.4 Computerized Accounting System 21
2.4.1 Advantages of Computerized
Accounting
System 23
2.4.2 Disadvantages of Computerized
Accounting
Systems 24
2.1.1 Limitation of computerized
Accounting
System 26
CHAPTER
THREE
RESEARCH METHODOLOGY
3.1 Introduction 28
3.2 Population and sample size 29
3.3 Sampling techniques 30
3.4 Sources and method of data collection 32
3.5 Method of data collection 33
3.6 Method of data analysis 36
3.7 Justification for the choice 37
CHAPETER
FOUR
DATA
PRESENTATION, ANALYSIS AND INTERPRETATION
4.1 Introduction 38
4.2 Computerized accounting system and its
application in First Bank of Nigeria Plc. 38
4.3 Functional financial effectiveness in a
computerized accounting system 42
4.4 Limitation of financial effectiveness in a
computerized accounting system in First Bank of Nigeria Plc. 46
4.5 Data presentation and analysis 47
4.6 Interpretation of data 52
4.7 Hypothesis testing 54
CHAPTER FIVE
SUMMARY CONCLUSION AND RECOMMENDATION
5.0 Summary 57
5.1 Conclusion 58
5.2 Limitation of the study 60
5.3 Recommendations 62
Bibliography 64
Appendix 66
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 other
wise 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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