3. Accountants all over the world would agree on certain basic points on which accounting theory and practice is based being commonly referred to as accounting concepts and principles. computer science-related jobs are appealing in their versatility, earning potential and demand. Tables are widely used in communication, research, and data analysis.Tables appear in print media, handwritten notes, computer software, architectural ornamentation, traffic signs, and many other places. This board retained the service of the BBWAA as the currency distribution agent. Overall, the accounting department can determine the health and efficiency of a business, and increase profitability just by … Both accounting and computer science careers have optimal outlooks, with both boasting above-average numbers in earnings and job growth. But although they require some of the same skills and aptitudes to perform the job duties, the jobs themselves are quite different. So how do you know which career path is right for you? 1.5 HISTORICAL BACKGROUND OF THE CASE STUDY. Accounting has been done manually till the 1980s, when the advent of fast computers and easy-to-use, accurate and reliable software started.. An accounting system is a collection of processes, procedures and controls designed to collect, record, classify and summarize financial data for interpretation and management decision-making. According to the Bureau of Labor Statistics (BLS), the job growth outlook for … The program you have selected is not available in your area. 05.04.2020. 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. 8 Entry-Level Computer Science Jobs that are ACTUALLY Hiring, Generally accepted accounting principles (GAAP), Financial Aid and FAFSA (for those who qualify). The importance of a Computerized Accounting System Computer is an important part of an accounting system. The West African currency Board (WACB) was established in 1912. 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. Offered by IESE Business School. His interest in writing articles for students stems from his passion for poetry and fiction and the belief that all words can educate. Computer science and information technology play an important role in medicine and health care. the forth generations of computer which contain sophisticated micro-electronic device are in the today. You now know earning a degree will help set you up for success in the industry, but that’s only the beginning. Accounting involves learning about financial performance and risks by gathering, recording, analyzing, and interpreting information. The technological development of computer can be traced to the first generation computer which is first calculating machine invested by Blaise Pascal in 1942. 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. 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. Is an Accounting Degree Worth it or Worthless? Career Prospects. Reluctant of organisation to release facts and figures. accounting data such as a numerals and words and debits and credit are accepted as symbols which are unique to the discipline of accounting. 6. – Is there need for accountant to use a computer in an organisation? Accounting jobs often require knowledge of a variety of computer programs and systems. You now have an arsenal of information that should put you one step closer to making your decision. Accounting Software is a class of computer programs that perform accounting operations. There is no obligation to enroll. Myth vs. 2. Department: Business & Computer Science Course Title: Accounting I: The Accounting Cycle Course Number: 5521 Description: This course provides excellent preparation for college accounting courses. 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. Auditing, the importance of computer in auditing cannot be overstressed since it makes for the issue of appropriate internal control computer based – management information system. A computer can be defined as a set of machines which accept data from an input device perform arithmetical and logical operation in accordance, with or predefined programme and finally transfer the data being processed to an output or useful information device either for further processing or in final printed form, such as business document, schedules and management control reports. Lewis Harcourt. The use of computer contains in tax offices as ensured … 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. We used real-time job analysis software to determine just how important this factor is in each field. There are several careers that fall under the umbrella of computer science, all of which come with impressive figures. 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? The effectiveness or relevant of computer as a high implication on the accounting sector in an economy. Some common duties you can expect, however, include writing code to create software programs, creating information systems solutions for an organization’s current computer systems, and using specialized software to store, organize and protect data. All researchable topic have a problem, the research problem is the academic perplexing question post for resolution. 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. – Does computer provide a framework for responsibility accounting. The importance of computer science to geology is that it helps in research matters. Earning a degree is one of the most important credentials for both accounting and computer science careers. 3 The BLS also projects jobs for accountants to increase by 11 percent through 2024. It set up four currency centers in Lagos (Nigeria), ACCra (Ghana) Freetown (Sierra Leone) and Barthrist, now Banjul (Freetown). It is possible for accountants to keep large amounts of data, conduct intricate calculations and manage financial transactions all from a computer. 1.3 BRIEF HISTORY OF COMPUTER DEVELOPMENT. A Look at Life Behind the Ledger. They are also important in keeping of statistical and analyzing economic information for government purpose. Rasmussen College is a regionally accredited college authorized to operate as a postsecondary educational institution by the Illinois Board of Higher Education. The information obtained is then reported to the tax authority or tax administration. It’s going to take a bit more research before you’re able to choose a winner in the accounting versus computer science debate. The analyses mentioned above helped us identify the top skills employers are seeking in each field. 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. There is no gain saying the fact that computer are tremendous importance to organisation and the society in general. Controlling is essential for the completion of activities according to the plan. 2 BurningGlass.com (analysis of 1,715,856 computer science job postings, Dec. 1, 2014 – Nov. 30, 2015) 1.4 IMPORTANCE OF COMPUTER IN RELATION TO ACCOUNTING. 01.11.2021, Hannah Meinke | The importance if computer to accounting will be considered from three perspectives viz: Taxation, Auditing, and General. 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 complete accounting cycle is taught in this course including special journals; ledgers and financial statements for sole proprietorships, partnerships and corporations. This suggests that pursuing a formal education will increase your employment chances in both industries. The present age computer came inte existence when Dr. Herman Hollerith an American who invested the punched card system merged his company with other to form what is known today as International business Machine Corporation (IBM). Please correct the errors and submit again. Keep reading to discover which career is your calling. There is need for the scope to be increased in accounting sector. For PROPER paraphrasing (see your university definition of plagiarism and acceptable paraphrase) Accounting system is based on some concepts and conventions. Financial constraints lack of credit facilities. This makes you well-equipped to succeed in either industry! Doing accounting manually takes a lot of time and involves many people, especially if the information to be processed is complex. However, BBWA was Scrutinized by nationalist and indigenous businessmen in Nigeria for its discrimination lending activities. Nobody working in business can afford financial illiteracy. Yes, computer applications are used greatly in the field of finance and accounting. Accounting accounts of various transactions are to be recorded and the results are to be determined. IMPORTANCE AND RELEVANCE OF COMPUTER IN ACCOUNTING SECTORABSTRACTThis study was conducted to know the importance and relevance of Computer in accounting Importance of a Computer:Computer use in all moments in this Computer … You might hear about all of the things we use on a daily basis today that were only created because of computer science 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 … Please select another program of interest. Rasmussen College is a regionally accredited private college. This includes finding ways to reduce costs, increase revenue and manage other budgetary concerns within the company. There is need for accountant to used computer in an organisation. The good news is that both accounting and computer science offer promising prospects. First Bank of Nigeria Plc was formerly known as British Bank of West Africa was established in 1894. Hence, the findings in this study cannot be vouch safe to be conclusive. Base on the findings of the study, a number of recommendation were made. TAXATION. TAXATION: Is the process by which tax is been collected and assessed by the tax authority or tax administration. 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. It also intends to use a case study of First Bank of Nigeria Plc. This simply punched card system was soon replaced by the digital computer, which is the invention of Charles Babbage. (v) Accounting as science or art Science is a systematised body of knowledge. Rasmussen College may not prepare students for all positions featured within this content. There are also certification opportunities to further your training in either field. External links provided on rasmussen.edu are for reference only. All Rights Reserved. Charlie is curious. As a source for ideas for your own research work (if properly referenced). Its a no trust double entry arithmetic system. Callie Malvik | Furthermore, there are set backs faced before retrieving necessary information for the accomplishment of this project work. Reality: What is Being an Accountant Really Like? This data does not represent starting salaries and employment conditions in your area may vary. This website uses cookies to ensure you get the best experience. Before we get any further, it’s imperative that you understand what each of these jobs actually entails. The use of computerized accounting eliminates duplicating entries, hand-written ledgers and notes and manual calculations, saving staff time and allowing the same staff to … 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. 5. Aaron is a freelance writer for Collegis education who writes student-focused articles on behalf of Rasmussen College. Financial constraints lack of credit facilities. 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. 1. Rasmussen College is not enrolling students in your state at this time. The word “compute” means counting and the meaning of the computer is counter. If you’re leaning towards accounting, learn more about the ins and outs of the job in this article: What Do Accountants Do? This led to the development and introduction of accounting software packages. The entire banking operation are computerized, using online and batch operation. 50 sample was taken. Please visit www.rasmussen.edu/degrees for a list of programs offered. © 2021 Rasmussen College, LLC. Using this Service/Resources: The time limit for the research work has not give way into all the aspect of controls in existence. What are the importance of a computer? Computerized accounting systems are important to business in various ways. The importance of computer to accounting will be considered from three perspectives, taxation, auditing and general use. It’s important to expose students, however the main … But a bit more research will help you be certain you’re making the right decision. Thus, it is said that accounting, information system and computer auditing form the core of this chapter. 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. this led to the clamor, which brings about indigenous participation in the bank and that was how the name was changed by the Federal Government as First Bank of Nigeria Plc. Manchly and J.P Ecwarty in collaboration with some school of electrical engineering after the development ENIAC, we have came into being in the 1940’s and the second in the 1950’s. The accounting department typically monitors this closely by recording transactions, analyzing transaction patterns and dealing with things like payroll and taxes. That fall under the umbrella of computer can be traced to the development application. 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