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The Impact of Information Technology in Accounting System

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The Impact of Information Technology in Accounting System.

INTRODUCTION

Before now, business Success was built on the ability to move goods and services with speed and accuracy. Today, information has become the fuel that powers business Success .In contemporary Cooperate world, information technology is deployed to gain competitive edge.

Information technology has been defined as the processing and distribution of data using computer hard ware, software, telecommunication, and digital electronic (Encarta Encyclopedia: 2004). Therefore it is now obvious that computer component of information technology can no longer stand alone without the combination of other component.

However, management planning and control responsibilities are also par amount to a successful enterprise and they represent a mandatory of an Organization to progress and survive in today highly unpredictable and competitive business environment.

The projected plan of operation must be decisive and dynamic timely, intelligent planning must be predicated on current known fact and a thorough analysis and realistic approach to inevitable Feature probabilities .

 

These key requirement for planning directions will lead to Business probability and an equitable return on investment, which are the objective of a successful management.

The techniques and mechanical tools required to accomplish the development of planning and control objective are now available, but in many instances, appropriate management organization, interest and progression in fully acknowledging their utilizations unfortunately lacking.

This is a dilemma that must be overcome. In addition, management control system must not be overlooked. It comprises; the plan of an organization and all of the Coordinates methods and measures adopted within a business safeguard its assets check the accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribe managerial policy.

STATEMENT OF PROBLEMS

  • Management will often worry about the cost(financial and social) of putting computer based system for processing accounting data and generating accounting information.
  • incident of computer fraud.
  • Problems that may be associated with real time online operations.
  • Errors of input (garbage in garbage out) (GIGO) Problems of system errors.
  • Problems that may be associated with the applications of computer based audit procedures. 1.3

BIBILIOGRAPHY

Amor, D. (2000). The E-Business (R) Evolution: Living and Working in an Interconnected Working. Upper Saddle River, New Jersey: Prentice Hall Inc.

Asika, N. (2001). Research Methodology in the Behavioural Science. Nigeria: Longman Plc.

Barnabas, O. A. (2007). Accountants, Internet and Information. London: Prentice Hall.

Beardon, J. B., Hasty, I., & Coe, B. (1996). “The effect of information technology on productivity in retailing”. Journal of Retailing. Vol. 3, Pg 23.

Bhatia, H. L. (2003). Public Finance, (24th Edition). New Delhi: Vikas Publishing House.

Igben, R. O. (2009). Financial Accounting Made Simple-Volume 1. Lagos: ROI Publishers.

O‟Brien, J. A. (2002). Management Information Systems: Managing Information Technology in the E-Business Enterprise, (5 th Edition). New York: Irwin/Mc-Graw Hill.

Oladele, O. K. (2009). Computer-Based Accounting Systems in the Private Sector, ICAN Students Journal. Vol4, Pg 31.

Richard, O. A. (2003). Effects of Information Systems on The Efficiency and Profitability of Banks In Nigeria. ICAN Students Journal. Vol3, Pg 12.

Shofe, S. M., & Byrd, T. (2000). A Framework for Measuring The Organizational Investments in Information Technology Using Data Envelopment Analysis. London: Omega Press.

Venkotesh, V., & Daxis, F. D. (2000). A Theroritcal Extension of the Technology Acceptance Model: Four Longitudinal Field Studied Management Science. New York: John Wiley and Sons.

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