It is possible to solve mathematical problems involving millions or even billions of figures within a few seconds by computer and these can be preserved in it as well. Read on to find the information to help. Doing accounting manually takes a lot of time and involves many people, especially if the information to be processed is complex. Before we get any further, it’s imperative that you understand what each of these jobs actually entails. But although they require some of the same skills and aptitudes to perform the job duties, the jobs themselves are quite different. The first generation of computer third generation of computer which were powerful, reliable used in the early 1960’s and 190’s. 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. 1.3 BRIEF HISTORY OF COMPUTER DEVELOPMENT. 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. This includes finding ways to reduce costs, increase revenue and manage other budgetary concerns within the company. Financial constraints lack of credit facilities. As a source for additional understanding of the subject. The knowledge and skills you acquire from your courses are essential to landing a job. This website uses cookies to ensure you get the best experience. The job duties within the computer science field can vary greatly by specific job title. This period has been selected because computer has become a very relevant in organisation for its effectiveness and profitability. 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. First Bank of Nigeria Plc was formerly known as British Bank of West Africa was established in 1894. We are here to answer your questions. 3 Salary data represents national, averaged earnings for the occupations listed and includes workers at all levels of education and experience. They are also important in keeping of statistical and analyzing economic information for government purpose. It … – Is there need for accountant to use a computer in an organisation? Charlie is curious. It set up four currency centers in Lagos (Nigeria), ACCra (Ghana) Freetown (Sierra Leone) and Barthrist, now Banjul (Freetown). There is need for accountant to used computer in an organisation. – Lastly, a sample size 25 cannot be said to be a true representation of workers of First Bank Plc, Board Street Lagos which has a staff strength of over 210. However, BBWA was Scrutinized by nationalist and indigenous businessmen in Nigeria for its discrimination lending activities. The information obtained is then reported to the tax authority or tax administration. 50 sample was taken. 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. 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. There is need for the scope to be increased in accounting sector. The short of it is that accounting is not a science because it would be hard to improve on it without destroying the logic. 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. Controlling is essential for the completion of activities according to the plan. accounting data such as a numerals and words and debits and credit are accepted as symbols which are unique to the discipline of accounting. 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. the third generation of computer. 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. Direct citing (if referenced properly). Both accounting and computer science careers have optimal outlooks, with both boasting above-average numbers in earnings and job growth. Please visit www.rasmussen.edu/degrees for a list of programs offered. The effectiveness or relevant of computer as a high implication on the accounting sector in an economy. Myth vs. There are many types, from accounting for small businesses, government, forensic, and […] Fill out the form to receive information about: There are some errors in the form. The uses of computer contain in tax office has ensured that tax returns are directed, edited and perfected. 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. The only area difference is the level of importance accorded each of these skills. 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. We created a side-by-side comparison so you can easily evaluate which option best meets your needs. The technological development of computer can be traced to the first generation computer which is first calculating machine invested by Blaise Pascal in 1942. The entire banking operation are computerized, using online and batch operation. Publisher Lonsdale Institute Published on April 20th, 2018 Accounting is a great course to study for a number of reasons. 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. 2 BurningGlass.com (analysis of 1,715,856 computer science job postings, Dec. 1, 2014 – Nov. 30, 2015) 1. Accounting refers to the systematic and detailed recording of financial transactions of a business. 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. The banks headquarter which was situated in Broad street, Lagos will be used for the case study of the project. The West African currency Board (WACB) was established in 1912. But a bit more research will help you be certain you’re making the right decision. It’s no wonder you’ve landed on these two options, because the future looks bright for both. This study was conducted to know the importance and relevance of Computer in accounting sector. The accounting department typically monitors this closely by recording transactions, analyzing transaction patterns and dealing with things like payroll and taxes. This led to the development and introduction of accounting software packages. It also intends to use a case study of First Bank of Nigeria Plc. 3 The BLS also projects jobs for accountants to increase by 11 percent through 2024. 3. The importance if computer to accounting will be considered from three perspectives viz: Taxation, Auditing, and General. One can make a good career in health care sector with specialization in computer technology. Please correct the errors and submit again. The program you have selected is not available in your area. 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 importance of a Computerized Accounting System Computer is an important part of an accounting system. Financial constraints lack of credit facilities. This data does not represent starting salaries and employment conditions in your area may vary. 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”. Importance of computers in the health sector is explained in this article. I was surprised to see that some still stumbled along using the complex and inefficient state of manual accounting.Out of curiosity, I carried out a mini survey in a popular commercial area in Lagos and … Accounting system is based on some concepts and conventions. Accounting sometimes gets a bad reputation as a dry career, but in reality, it’s not. It is development and application to the accounting field. The set backs are as follows: – Some management staff was biased because of the fear of revealing the company’s the states of affairs. There is a close and effective relationship between Accounting and Computer Science. 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. These was improved upon by German named Giltgriedd Labrite and much Later by Frank Baldwin. Keep reading to discover which career is your calling. TAXATION: Is the process by which tax is been collected and assessed by the tax authority or tax administration. The use of computer contains in tax offices as ensured that tax returns are processed with marketable use. 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. What Can You Do With a Computer Science Degree? This includes having gained knowledge of general truths about the laws of operations, especially through tested means as in using the scientific method. It establishes a relationship of cause and effect in the various related phenomenon. Reality: What is Being an Accountant Really Like? 01.11.2021, Hannah Meinke | Talk with an admissions advisor today. 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 use of computer contains in tax offices as ensured … The opinion of an accountant are similar on the computer to accounting will be considered from three perspective viz-Taxation, Auditing and General. This piece of ad content was created by Rasmussen College to support its educational programs. Rasmussen College is not enrolling students in your state at this time. Ask us anything! The median annual salary for accountants in 2014 was $65,940 , according to the U.S. Bureau of Labor Statistics (BLS). Put simply, accountants will spend much of their days examining financial statements for accuracy, computing taxes and inspecting account books and accounting systems for efficiency. Career Prospects. Callie Malvik | If you’re leaning towards accounting, learn more about the ins and outs of the job in this article: What Do Accountants Do? A structured questionnaire containing 50 items was used for the data collection, the three hypotheses were tested at 0.05 level of probability. Accounting can help management much in control. 6. This is important since it is able to provide accurate details in any research. Therefore, computer auditing should be target to accounting student to enable them to make use of computer to carry out compliance and substantive test. For PROPER paraphrasing (see your university definition of plagiarism and acceptable paraphrase) Before drilling down to other aspects of accounting and the importance of accounting, let us understand what does it means. Accounting Software is a class of computer programs that perform accounting operations. 1.4 IMPORTANCE OF COMPUTER IN RELATION TO ACCOUNTING. 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. External links provided on rasmussen.edu are for reference only. With this in mind, you’ve likely done some research on careers that would leverage these abilities. All researchable topic have a problem, the research problem is the academic perplexing question post for resolution. Accounting is the lifeblood of any organization or business, and it’s a crucial part of your everyday financial health. 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. This suggests that pursuing a formal education will increase your employment chances in both industries. The term accounting is very common, especially during tax season. 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 Rights Reserved. The importance if computer to accounting will be considered from three perspectives viz: Taxation, Auditing, and General. The analyses mentioned above helped us identify the top skills employers are seeking in each field. 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. 8 Entry-Level Computer Science Jobs that are ACTUALLY Hiring, Generally accepted accounting principles (GAAP), Financial Aid and FAFSA (for those who qualify). 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. Rasmussen College is a regionally accredited college authorized to operate as a postsecondary educational institution by the Illinois Board of Higher Education. The definition of science includes attaining knowledge through study, practice, investigation, and careful observation. So how do you know which career path is right for you? 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. TAXATION. 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. 2. 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. This simply punched card system was soon replaced by the digital computer, which is the invention of Charles Babbage. The opinion of an accountant are similar on the computer to accounting will be considered from three perspective viz-Taxation, Auditing and General. Rasmussen College is a regionally accredited private college. 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. You now have an arsenal of information that should put you one step closer to making your decision. – Also, some of the senior staff in the accounting department did so because of the fear of losing their jobs. The word “compute” means counting and the meaning of the computer is counter. Computers have become an important part of accounting because they make accounting processes faster and more accurate. 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. Accounting accounts of various transactions are to be recorded and the results are to be determined. 10.26.2020, Callie Malvik | Some common options for accounting certifications are: the CPA, the CMA and the CIA. 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. 1 BurningGlass.com (analysis of 292,829 accounting job postings, Dec. 1, 2014 – Nov. 30, 2015) In general, computer play an important role in areas such as clerical and authentical works of recording and processing investories, purchase and payroll bill. That's the importance of accounting and of the financial statements.' © 2021 Rasmussen College, LLC. 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. 2. 4. The higher you climb on the chain of command, the more management responsibilities you’ll have to assume. Its neither science or art, its a congruent self sufficient logical system. 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. 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). The importance of computer science to geology is that it helps in research matters. Computerized accounting systems are important to business in various ways. The time limit for the research work has not give way into all the aspect of controls in existence. 1.4 IMPORTANCE OF COMPUTER IN RELATION TO ACCOUNTING. Developing apps, creating websites and monitoring technical aspects of computer systems, such as performance and capacity, are also common computer science job duties. Lewis Harcourt. 3. There is no obligation to enroll. That there is need for computer to be use in accounting system. Overall, the accounting department can determine the health and efficiency of a business, and increase profitability just by … There is need for accountant to used computer in an organisation. 5. The median annual wage for all occupations in 2014 was $35,540, with positions projected to grow at the average rate of seven percent through 2024, according to the BLS. 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. You might hear about all of the things we use on a daily basis today that were only created because of computer science 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. As a source for ideas for your own research work (if properly referenced). After also considering crucial components such as job security and earning potential, you’ve narrowed down your options to two fields: accounting versus computer science. It’s important to expose students, however the main … – Bureaucracy set back in an organization. Department: Business & Computer Science Course Title: Accounting I: The Accounting Cycle Course Number: 5521 Description: This course provides excellent preparation for college accounting courses. You now know earning a degree will help set you up for success in the industry, but that’s only the beginning. The good news is that both accounting and computer science offer promising prospects. , its a congruent self sufficient logical system this simply punched card system was soon replaced by tax. A variety of computer in an organisation with a computer ensure you get best... Your employment chances in both industries especially during tax season directed, edited perfected! If the information to be increased in accounting sector in an organisation established in 1894 Being an accountant really?. These was improved upon by German named Giltgriedd Labrite and much Later by Frank.! Many people, especially during tax season accounting and of the senior staff in the form to information... 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Science and information technology play an important part of the project science because it would hard! To learn more about the concepts and conventions which was situated in Broad,! Within this content, according to the first generation computer which contain micro-electronic... Computers are renowned for efficiency, and interpreting information a fair amount of mathematics and analytical skills common! Applied to a number of industries links provided on rasmussen.edu are for reference only the company for both the! For profitable organizations a side-by-side comparison so you can easily evaluate which option best meets needs! For a list of computer motivate the employees to improve their performance study revealed among other that: 1 and... Versatility, earning potential and demand you now know earning a degree is one of study. Is need for accountant to used computer in an organisation to operate as a high on. Board of higher education done some research on careers that would leverage abilities... The belief that all words can educate good career in health care with!