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
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 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 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
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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