The West African currency based was the product of the recommendation of the Emmott committee set up by then, then Secretary of state, the Rt Hon. Doing accounting manually takes a lot of time and involves many people, especially if the information to be processed is complex. You might hear about all of the things we use on a daily basis today that were only created because of computer science The banks headquarter which was situated in Broad street, Lagos will be used for the case study of the project. 2 BurningGlass.com (analysis of 1,715,856 computer science job postings, Dec. 1, 2014 – Nov. 30, 2015) Rasmussen College does not guarantee, approve, control, or specifically endorse the information or products available on websites linked to, and is not endorsed by website owners, authors and/or organizations referenced. The word “computer” has been derived from the word compute. In layman term “Accounting is a process of recording, summarizing, analyzing and recording of financial transactions of an enterprise.” Accounting is one of the most important functions of any business enterprise. This indicates that regardless of which career path you pursue, you can be confident in your earning potential and job opportunities for years to come. The opinion of an accountant are similar on the computer to accounting will be considered from three perspective viz-Taxation, Auditing and General. 50 sample was taken. the forth generations of computer which contain sophisticated micro-electronic device are in the today. Please select another program of interest. This simply punched card system was soon replaced by the digital computer, which is the invention of Charles Babbage. Career Prospects. Talk with an admissions advisor today. We are here to answer your questions. – Does the effectiveness of computer motivate the employees to improve their performance. A survey research design was employed for the study. Thus, it is said that accounting, information system and computer auditing form the core of this chapter. Check out this list of computer science careers to learn more about the specific duties required in various positions in the field. Direct citing (if referenced properly). 1. Accounting vs. computer science: Salary & job outlook Both accounting and computer science careers have optimal outlooks, with both boasting above-average numbers in earnings and job growth. There is a close and effective relationship between Accounting and Computer Science. – Bureaucracy set back in an organization. The importance of computer to accounting will be considered from three perspectives, taxation, auditing and general use. Some common options for accounting certifications are: the CPA, the CMA and the CIA. The only area difference is the level of importance accorded each of these skills. The median annual salary for accountants in 2014 was $65,940, according to the U.S. Bureau of Labor Statistics (BLS).3 The BLS also projects jobs for accountants to increase by 11 percent through 2024. Please visit www.rasmussen.edu/degrees for a list of programs offered. Read on to find the information to help. The word “compute” means counting and the meaning of the computer is counter. The choice topic entails the assessment of the general process involve in the preparation of computer and the implementation of it for accounting purposes in First Bank of Nigeria Plc. Accounting can help management much in control. This period has been selected because computer has become a very relevant in organisation for its effectiveness and profitability. Lewis Harcourt. With this in mind, you’ve likely done some research on careers that would leverage these abilities. accounting data such as a numerals and words and debits and credit are accepted as symbols which are unique to the discipline of accounting. Computer has tremendous importance to the organisation and the society in general. Callie Malvik | Its a no trust double entry arithmetic system. We created a side-by-side comparison so you can easily evaluate which option best meets your needs. The entire banking operation are computerized, using online and batch operation. 4. TAXATION. The development of computer continues from first generation to second generation with different features till the last generation of computer which contain sophisticated micro-electronic device are in use today by accounting firm, accounting development. All researchable topic have a problem, the research problem is the academic perplexing question post for resolution. – Is there need for computer to be use in accounting system? A table is an arrangement of data in rows and columns, or possibly in a more complex structure. There are several careers that fall under the umbrella of computer science, all of which come with impressive figures. Accounting jobs often require knowledge of a variety of computer programs and systems. importance of accounting and accounting information system This section of this post will dwell on the reasons why a business enterprise must have one form of accounting or the other. The time limit for the research work has not give way into all the aspect of controls in existence. The information obtained is then reported to the tax authority or tax administration. However, BBWA was Scrutinized by nationalist and indigenous businessmen in Nigeria for its discrimination lending activities. These was improved upon by German named Giltgriedd Labrite and much Later by Frank Baldwin. 5. If you think you’re cut out for a computer science career, check out this article to learn about all of the avenues available: What Can You Do With a Computer Science Degree? COMPUTER: A computer can be defined as a set of machines which accepts data from an input device performs arithmetical and logical operation in accordance with a predefined programme and finally transfer the data been processed to an output or useful information device. (v) Accounting as science or art Science is a systematised body of knowledge. 8 Entry-Level Computer Science Jobs that are ACTUALLY Hiring, Generally accepted accounting principles (GAAP), Financial Aid and FAFSA (for those who qualify). This led to the development and introduction of accounting software packages. There is a whole plethora of technology certifications available for computer science professionals, but a few popular options include: the CCNP, the MCSE and the CompTIA A+. Financial Accounting is often called the language of business; it is the language that managers use to communicate the firm's financial and economic information to external parties such as shareholders and creditors. You pay strict attention to detail and maintain sharp analytical skills. The opinion of an accountant are similar on the computer to accounting will be considered from three perspective viz-Taxation, Auditing and General. For example, an accountant might need to use finance-related software systems (like QuickBooks), a bookkeeper might need advanced Excel skills, or an auditor might … There is need for accountant to used computer in an organisation. It set up four currency centers in Lagos (Nigeria), ACCra (Ghana) Freetown (Sierra Leone) and Barthrist, now Banjul (Freetown). You now have an arsenal of information that should put you one step closer to making your decision. The importance of accounting software in small and medium size businesses became one of my favourite topics after spending some time working with small business owners in Lagos, Nigeria. Accounting Importance in Control The main functions of modem management are planning and controlling. AUDITING: Auditing can be defined as independent examination of expression on the financial statement of an enterprise by an appointed auditor in pursuance of the appointment with statutory relevant obligation. It’s no wonder you’ve landed on these two options, because the future looks bright for both. While there is a wide variety of accounting jobs and specializations within the field, many of these careers will require you to assess financial operations of organizations, government agencies or even your own employer if you work as an internal auditor. But before we dive into the importance of accounting in business, let’s cover the basics – what is accounting? This suggests that pursuing a formal education will increase your employment chances in both industries. The BLS lists the median annual salary for these positions as $79,390 in 2014, with jobs expected to grow at a 12 percent rate through 2024. It is possible for accountants to keep large amounts of data, conduct intricate calculations and manage financial transactions all from a computer. It’s important to expose students, however the main … You want to know you’ll have options and advancement opportunities after entering the field. The only area difference is the level of importance accorded each of these skills. Rasmussen College is a regionally accredited college authorized to operate as a postsecondary educational institution by the Illinois Board of Higher Education. the third generation of computer. First bank of Nigeria Plc has the highest number of Branches in Nigeria commercial banking system because it has over 300 branches in Nigeria in addition the bank has close to 35,000 direct and indirect workers both skilled and unskilled in Nigeria is one of the leading banks today in Nigeria. Using this Service/Resources: IMPORTANCE AND RELEVANCE OF COMPUTER IN ACCOUNTING SECTOR, RELEVANCE OF COMPUTER IN ACCOUNTING SECTOR, IMPLICATION OF INFORMATION TECHNOLOGY ON THE PRACTICE OF ACCOUNTING IN NIGERIA, INTERNAL AUDIT AS A CONTROL TOOL FOR EFFICIENT MANAGEMENT IN NIGERIAN PUBLIC ENTERPRISES, The Developmental Roles of Financial Institution in Economic Development in Abia State, The Role of Internal Control as the Foundation of Quality Management, The Implication of 25 Billion Recapitalization Policy of Central Bank of Nigeria (CBN) on Nigerian Economy, The Effect of Capital Structure on the Profitability of Quoted Insurance Companies in Nigeria, The Efficiency of Education Expenditure in Nigeria (1990 – 2015), Fiscal Accountability Dilemma in Nigeria Public Sector: A Warning Model for Economic Retrogression, Impact of Financial Information on the Profitability of Business Organization in Nigeria, Impacts of Accounting System Common in Public Sector, Problem and Prospect of Financial Control Tool, The Challenges of Rating Valuation in Nigeria, The Impact of Monetary Policy in Nigeria Banking Institution, The Impact of Working Capital Management of the Productivity of a Manufacturing Company. Accounting 10.26.2020, Callie Malvik | In general, computer play an important role in areas such as clerical and authentical works of recording and processing investories, purchase and payroll bill. Accounting system is based on some concepts and conventions. complexity of these accounting systems, there was a need for a system which could store and process accounting data with increased speed, storage, and processing capacity. The technological development of computer can be traced to the first generation computer which is first calculating machine invested by Blaise Pascal in 1942. Because job perspective for computer science is growing at a rapid rate, it has become a crucial tool to not only innovate the world but a way to pull students of low-income families and communities out of poverty. Therefore, computer auditing should be target to accounting student to enable them to make use of computer to carry out compliance and substantive test. Myth vs. Importance of a Computer:Computer use in all moments in this Computer … That there is need for computer to be use in accounting system. Connect with Rasmussen College on Facebook, Connect with Rasmussen College on Instagram, Connect with Rasmussen College on LinkedIn, Connect with Rasmussen College on Pinterest, Connect with Rasmussen College on Twitter, Connect with Rasmussen College on Youtube, Human Resources and Organizational Leadership, Information Technology Project Management. This ;simply calculating machine has been so developed to the extent that it was capable of only calculating, but it can also recorded, summarize and print value by the end of the first world war, it was then known as the “Accounting Machine”. Ask us anything! The importance if computer to accounting will be considered from three perspectives viz: Taxation, Auditing, and General. This data does not represent starting salaries and employment conditions in your area may vary. Controlling is essential for the completion of activities according to the plan. The job duties within the computer science field can vary greatly by specific job title. The general hardship encountered by every Nigeria today does not exclude the researchers this however impede the researchers in property executing the project as planned. Accounting involves learning about financial performance and risks by gathering, recording, analyzing, and interpreting information. The Exceptional Importance of Computers in the Health Sector. 2. Reluctant of organisation to release facts and figures. Bachelor of Accounting and Finance (BAF) is a three-year undergraduate course that offers in-depth knowledge in accounting and financial subjects by different means such as classroom teachings, seminars, projects, practical training, industrial visits, conferences, expert talks, etc. There is no obligation to enroll. Both accounting and computer science careers will incorporate a fair amount of mathematics and analytical skills. Financial constraints lack of credit facilities. 1.4 IMPORTANCE OF COMPUTER IN RELATION TO ACCOUNTING. If you’re leaning towards accounting, learn more about the ins and outs of the job in this article: What Do Accountants Do? Students will need to … The set backs are as follows: – Some management staff was biased because of the fear of revealing the company’s the states of affairs. Keep reading to discover which career is your calling. – Also, some of the senior staff in the accounting department did so because of the fear of losing their jobs. The program you have selected is not available in your area. Offered by IESE Business School. At the computer centers, tax returns are directed, edited and perfed, after which they are coded and transferred on the punched card, which are then fed into computer for processing. When considering a new career, it’s important to know the path you’re taking won’t lead to a dead end. Rasmussen College is a regionally accredited private college. The technology development of computer which is known as technical characteristic can be traced to the first generation which is the first calculating machine invested by Blaise pascal in 1942. The findings of the study revealed among other that: 1. There are many types, from accounting for small businesses, government, forensic, and […] One can make a good career in health care sector with specialization in computer technology. 3. This website uses cookies to ensure you get the best experience. There is no gain saying the fact that computer are tremendous importance to organisation and the society in general. The first electro-mechanical digital computer known as Handware mark was therefore invested this soon gave way to the first electronic computer called ENIAC, designed by I.W. There is need for the scope to be increased in accounting sector. Furthermore, there are set backs faced before retrieving necessary information for the accomplishment of this project work. But a bit more research will help you be certain you’re making the right decision. 3 The BLS also projects jobs for accountants to increase by 11 percent through 2024. – Is there need for accountant to use a computer in an organisation? Business Studies & Computing Science students can pursue careers as: Systems Analysts, Software Development Management Posts in Commercial and Financial Services, Insurance, Banking and the Public Sector. The higher you climb on the chain of command, the more management responsibilities you’ll have to assume. Overall, the accounting department can determine the health and efficiency of a business, and increase profitability just by … All Rights Reserved. An examination of nearly 300,000 accounting job postings revealed that 98 percent of employers prefer accounting candidates have at least a bachelor’s degree.1A similar analysis of more than 1.7 million computer science job postings found that 86 percent of employers prefer computer science candidates to have a bachelor’s degree or higher.2. His interest in writing articles for students stems from his passion for poetry and fiction and the belief that all words can educate. 05.04.2020. What are the importance of a computer? The median annual salary for accountants in 2014 was $65,940 , according to the U.S. Bureau of Labor Statistics (BLS). The bank carried out functions similar to those of the African Banking Corporation, its predecessor, in addition, British Bank of West African undertook the financing Agricultural activities in Nigeria as well as international trade financing. (adsbygoogle=window.adsbygoogle||[]).push({}); Disclaimer: This board retained the service of the BBWAA as the currency distribution agent. Notice that the points discussed in this part of the article applies to both profitable and not for profitable organizations. That's the importance of accounting and of the financial statements.' 1.4 IMPORTANCE OF COMPUTER IN RELATION TO ACCOUNTING. The importance of computer in auditing cannot be overspread since it makes for the issue of appropriate internal control computer based on management information system and computer auditing from the core of the use of computer in amounting. It establishes a relationship of cause and effect in the various related phenomenon. Accounting refers to the systematic and detailed recording of financial transactions of a business. The good news is that both accounting and computer science offer promising prospects. computer science-related jobs are appealing in their versatility, earning potential and demand. 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