PROBLEMS AND PROSPECTS OF COMPUTERIZED ACCOUNTING INFORMATION SYSTEM IN MINISTRY OF FINANCE

CHAPTER ONE

INTRODUCTION 

1.1        Background of the study

1.2        Statement of problem

1.3        Objective of the study

1.4        Research Hypotheses

1.5        Significance of the study

1.6        Scope and limitation of the study

1.7       Definition of terms

1.8       Organization of the study

CHAPETR TWO

2.0   LITERATURE REVIEW

CHAPETR THREE

3.0        Research methodology

3.1    sources of data collection

3.3        Population of the study

3.4        Sampling and sampling distribution

3.5        Validation of research instrument

3.6        Method of data analysis

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS AND INTERPRETATION

4.1 Introductions

4.2 Data analysis

CHAPTER FIVE

5.1 Introduction

5.2 Summary

5.3 Conclusion

5.4 Recommendation

Appendix

 

Abstract

This study is on problems and prospects of computerized accounting information system in ministry of finance. The total population for the study is 200 staff of ministry of finance, Uyo, Akwa Ibom state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made chief risk officers, financial officers, statisticians and senior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies

 

 

 

 

 

 

 

 CHAPTER ONE

INTRODUCTION

• Background of the study

Most business organizations maintain some forms of accounting information system ranging from few accounting records to complicated accounting records both complicated accounting records both manually and electronically operated or computerized accounting information systems. First, financial information is gotten from source documents such as receipts, invoices, account deposit slips or paying slips from banks. Transactions are then recorded in the General Journals or special Journals and the entries are posted into the general ledgers or subsidiary ledgers. Many organizations maintain different kinds of ledgers, extract trial balance to test the arithmetical accuracies of the account balances in the ledgers. In addition to maintaining the ledgers, some organizations have cash books different kinds. At certain interval or at the end of the year, financial statements are prepared to reveal the true financial position of the firm and to enable the managers know how they performed during the period (Akpakpan, 2002:24). Government organizations are types of not-for-profit making organizations (Akpakpan, 2002:24). Ministry of Finance, Uyo as government organization has computerized its accounting information system. Hence, this study is conducted to find out problems of the system and make recommendations based on findings. This study will also bring to bear the prospects of computerized accounting information system in their ministry. Generally, most observers believe that the computer can perform wonders, speed up processes, generate accurate and timely information, monitor operations, just to mention a few.

 

1.2 STATEMENT OF THE PROBLEM

The Akwa Ibom State Government has been suffering a huge financial loss since its creation on 23rd September, 1987. At least N20 million is lost annually in all sections of the civil service through fraud (Weekend Pioneer, July 18 – 20, 1997). Other problems include the following:

1. Lack of a good accounting system
2. Delay in the payment of salaries to staff.

• Untimely issuance or periodical accounting statements for control purposes

1. Lack of up-to-date financial information as it affects the states development plan.
2. No exercise of budgetary control over all arms of government due to lack of supply of financial management information.
3. These core and house functions of ministry of Finance have constituted problems to the State Government because they are not properly and timely carried.

To curtail these problems which are mostly accounting in nature, computers were procured and installed. How well have these incident reduced? This is the problem of the study.

 

• OBJECTIVE OF THE STUDY

In order to investigate the statement of problem above, the following objective were identified for study:

1. To find out problems associated with the new system of accounting.
2. To determine whether the computerized accounting information system assist in the timely preparation and assurance of financial statements of government activities.
3. To determine whether there is improvement in operational performance of the Ministry of Finance due to the introduction of computerized accounting information system.
4. To find out whether the computerized accounting information system prevented fraud or not.
5. To find out the limitation of this system and way of arresting it.
   • RESEARCH HYPOTHESES

For the successful completion of the study, the following research hypotheses were formulated by the researcher;

H₀: Computerized accounting information system does not enhance issuance of timely financial statement.

H₁: Computerized accounting information system does enhance issuance of timely financial statement.

H₀²: Computerized accounting information system does not enhance prompt payment of staff salaries and allowances.

H₂: Computerized accounting information system does enhance prompt payment of staff salaries and allowances.

• SIGNIFICANCE OF THE STUDY

The result of this study could benefit Ministry of Finance, Uyo in the following ways:

1. Payroll fraud will be drastically reduced if not completely minimized.
2. Timely issuance of financial statement will be possible as at and when due.

• Delay in payment of salaries will be the thing of the past.

1. The Ministry will benefit from high productivity and efficiency in its general operations.
2. Staff training and development.
3. Confidentiality of important documents will be strictly maintained in the systems.

Other Ministries will also benefit from this study in the following ways:

1. Enjoy timely payment of special impress, standing impress, and subvention.
2. Benefit from prompt payment of their staff salaries and allowances.
3. Staff of other ministries will also be trained in computer illiteracy programme.
4. Use of up-to-date financial information for decision making in their respective ministries.

Government will benefit from this study in several ways, namely:

1. Performance appraisal of all ministries and parastatals.
2. Budgeting and budgetary control become easy tasks;

• Adequate provision is made possible to all sectors of the state economy.

1. Resource allocation becomes less cumbersome for state government as a result of availability of data.

Other researchers (students) will equally, gain from the findings by using the material as reference in their future research works. This study will expand the researcher’s horizon in field of computer science.

 

 

 

 

1.6 SCOPE AND LIMITATION OF THE STUDY

This study is carried out to assess the computerization of accounting information system in Ministry of Finance, Uyo. The study will however, focus attention on salary, and pensions payrolling which computer has impacted upon greatly. Therefore this study covers Ministry of Finance, Uyo which is vested with the responsibility of paying salaries to all government workers and pensions to all retirees. The researcher encounters some constrain which limited the scope of the study;

1. a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
2. b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
3. c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.

1.7 DEFINITION OF TERMS  

 

Computerized: here computerized is used as an adjective to quality a noun (accounting), Computerize therefore means to store information in a computer system.

Information: Accounting to Akpakpan (2002:201) information refers to the data needed by managers or owners of a business organization or other concerned persons for decision-making. Therefore accounting as an information system refers to the interrelated procedures of gathering data needed by managers and other persons who need accounting data for informed judgment.

System: Clark (1977) defined a system as a set of interrelated elements (sub-systems) functionally integrated into a working whole so as to achieve some purposes. In other words, each system must have a reason for being. It should serve some useful and specific purpose or perhaps, a number of related although, different purposes.

Akpakpan (2002:201) refers to a system as “interrelated, interdependent or component parts, which work together for the achievement of a common goal.

 

 

1.8 ORGANIZATION OF THE STUDY

This research work is organized in five chapters, for easy understanding, as follows

Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding.  Chapter five gives summary, conclusion, and recommendations made of the study

 

 

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