Much of the activities in the preparation and presentation of financial statements are now driven by ICT. The enormous advantages (ICT) has accrued to the delivery of information and communication around the World, as well as the central role of ICT in the new global economy, means that ICT will indeed shape the dynamics of the new millennium. The role of and potential for ICTs in private and public sector accounting, auditing, investigation and reporting is enormous and cannot be over emphasized. This paper therefore assesses the types, benefits, challenges of using electronic accounting processing systems in the preparation and presentation of financial statements in Nigeria. The paper also highlights the Web based accounting system as well as the Peachtree accounting package; the Peachtree accounting package was practically illustrated and the results were presented in Spreadsheet. Secondary sources of data is mostly used. The paper concludes that the losers in this era of digital and information revolution will be organizations and professionals who fails to meet the challenges of Information and Communication Technology (ICT). Based on the findings and conclusion, the paper recommends that Accountants/Professionals should adequately equip themselves with the practical knowledge of information technology relevant in preparing and presenting financial statements.
Presentation on the topic of "Application of Computer in Business".
I hope from this presentation will give a basic idea of how computer are using in Business. There are some useful information, websites address and as well as software information has been provided in this presentation which will gives useful knowledge about computer application.
This informative slide share will be helpful for students of Business and also for Business people.
Information technology uses in insurance industrySujay Kumar
Purpose
Efficiency
Convenience
Information technologies' role in General Insurance
How Is Information Technology Used inLife Insurance?
Challenges Faced
What needs to be done?
IBM Solutions..
Time & Attendance System Purchasing Guide - Purchasing.comPurchasing.com
Time and attendance systems dramatically simplifying accounting procedures while ensuring total compliance with all labor requirements. Widely used by businesses of every size, they automate the tracking of an employee's time.
This purchasing guide covers everything you'll need to make an informed purchase decision on a time and attendance system for your company.
Source: http://www.purchasing.com/software/time-and-attendance-systems/purchasing-guide/
This paper analyzes the challenges involved with BYOD, the ways to leverage the benefits and also brings out the best practices in order to effectively utilize the BYOD trend.
New digital technologies have transformed the way we collaborate and communicate with team members, analyze data, make decisions and ultimately how work gets done.
In this webinar, Withum’s Daniel Cohen-Dumani, Dale Tuttle, Adam Levithan, Fabian Williams and Chris Ertz dove into the top digital workplace trends for 2020 surrounding people, data and content.
They discussed:
- Digital Transformation (What is it?)
- Teamwork
- Artificial Intelligence
- Data Privacy and Transparency
- Robotic Process Automation (RPA)
- Analytics
Presentation on the topic of "Application of Computer in Business".
I hope from this presentation will give a basic idea of how computer are using in Business. There are some useful information, websites address and as well as software information has been provided in this presentation which will gives useful knowledge about computer application.
This informative slide share will be helpful for students of Business and also for Business people.
Information technology uses in insurance industrySujay Kumar
Purpose
Efficiency
Convenience
Information technologies' role in General Insurance
How Is Information Technology Used inLife Insurance?
Challenges Faced
What needs to be done?
IBM Solutions..
Time & Attendance System Purchasing Guide - Purchasing.comPurchasing.com
Time and attendance systems dramatically simplifying accounting procedures while ensuring total compliance with all labor requirements. Widely used by businesses of every size, they automate the tracking of an employee's time.
This purchasing guide covers everything you'll need to make an informed purchase decision on a time and attendance system for your company.
Source: http://www.purchasing.com/software/time-and-attendance-systems/purchasing-guide/
This paper analyzes the challenges involved with BYOD, the ways to leverage the benefits and also brings out the best practices in order to effectively utilize the BYOD trend.
New digital technologies have transformed the way we collaborate and communicate with team members, analyze data, make decisions and ultimately how work gets done.
In this webinar, Withum’s Daniel Cohen-Dumani, Dale Tuttle, Adam Levithan, Fabian Williams and Chris Ertz dove into the top digital workplace trends for 2020 surrounding people, data and content.
They discussed:
- Digital Transformation (What is it?)
- Teamwork
- Artificial Intelligence
- Data Privacy and Transparency
- Robotic Process Automation (RPA)
- Analytics
My project “Inventory Management System” is an online software application which fulfills the requirement of a typical stock analysis in this company. It provides the interface to users in a graphical way to manage the daily transactions as well as historical data. Also provides the management repots like monthly inwards, monthly deliveries and monthly returns. In this software, they can add suppliers, edit or delete suppliers depends on their needs. They can see and keep track of their cost of different types of product.
Control of energy bills helps increase the visibility of overall usage and fees that can be used to boost cost-effectiveness and sustainability.
This task is often handled in-house manually , which makes it very labor intensive and time consuming. Collecting and standardizing data, entering in into a database, and analyzing data to find improvements becomes a process of time management.
Virtualization infrastructure in financial services rully feranataRully Feranata
Over many years, the IT function in financial institutions has evolved from a mere transactional tool into
a pervasive, integral element of virtually every aspect of doing business. This transformation has
constituted a fundamental, structural change in the financial services arena and has put IT performance
at the top of the CEO’s agenda at most banks and insurance companies.
Going Digital? Not Without a Simple, Modern and Secure IT BackboneCognizant
To compete in today’s digital world, enterprises need a fast, efficient and extensible IT foundation that reduces complexity, enhances agility and enables resiliency. Here’s our blueprint on how to get started.
Maximizing-Efficiency-The-Benefits-and-Best-Practices-of-e-AccountingAttitude Tally Academy
In today's dynamic business landscape, staying competitive is crucial. Discover how e-Accounting can help businesses streamline processes and maximize efficiency.
Use full Link: https://www.attitudetallyacademy.com/functionalarea/financial-e-accounting
Changes in the business environment brought by technologyShakthi Fernando
This document is about changes which have occurred within business environment due to technology. Layout of this report is based on the Table 1-1 of the Laudon’s book "Management Information Systems: Managing the digital firm".
Foster Moore® prepared a white paper for the recent meeting of the National Association of Secretaries of State (NASS). It looks at the reasons that Secretaries of State might consider when going digital.
The survival kit for your digital transformationrun_frictionless
To go digital, you need an IT organization, an enterprise architecture, IT processes, and tools that allow for new projects to go live tomorrow instead of next week. The ability to do this will give you a competitive advantage and it will also reduce costs. But how do you get there? This white paper will get you there.
https://runfrictionless.com/b2b-white-paper-service/
Microfinance and the Challenge of Financial Inclusion for Sme’s Development i...IOSRJBM
This paper examined microfinance and the challenge of financial inclusion for SMEs development in Nigeria. The study adopted two separate econometrics models for capturing and testing for significance in the stated objectives between 2005 and 2015. The first model determined whether financial inclusion improve the financial well-being of low-income savers in the study period. The second investigated the impact that micro finance has on the performance of small and medium scale enterprises. Each of the models was subjected to the Ordinary Least Square regression to determine the appropriateness of models estimated. Findings from the empirical results in model one (1) and two (2) indicated relationship between financial inclusion in Nigeria, microfinance, and small business enterprises over 10 years period of study. The study found out that there is a significant relationship between financial inclusion and financial well – being of the low income earners. Empirical finding that examines the relationship between microfinance and small business in Nigeria indicates that there is a negative significant relationship between loan to small enterprises and loan to rural areas in Nigeria in the period under study. The study suggests therefore that financial inclusion will have a positive significant impact on the development of small business if the plan to include everyone works in Nigeria.
Corporate Capital of Domestic and Foreign Firms in Africa – An Empirical ReviewIOSRJBM
The study evaluated the existence and nature of systematic competition for corporate capital between local and foreign firms operating in major African economies. The study is motivated by the debate that foreign firms have easier access to corporate capital than domestic firms, and that the problem in the global financial market might push foreign firms to rely more on domestic financial markets for funds. To achieve the goal of this study, both microeconomic and macroeconomic data were sourced from diverse sources – including the World Bank's Global Development Indicators' database and the individual annual financial reports of firms. The data generated a total of 351 firms based in 11 African countries over a period 2009 to 2014. The results show that the average ratio of total liabilities to total assets is slightly higher among the listed foreign firms (at 48.8 percent) than among the listed domestic firms (47.9 percent), although the differences does not appear significant at conventional levels (t-statistic = 0.601; prob.>t = 0.548). For the whole sample also, it is shown that foreign firms have higher long-term liabilities to total asset ratio than domestic firms, and that the difference is significant at 10 percent level. Whereas the average long-term debt ratio among foreign firms stands at 12.1 percent, for domestic firms, the level is 10.7 percent (t-statistic = 1.751; prob.>t = 0.080). In none of the four sub regions, though, does the difference in the long-term debts ratio significantly differ between domestic and foreign firms. Consistent with the statistical evidence, the descriptive results seem to suggest that the survey evidence reported by the World Bank that in Africa, foreign firms are more profitable, larger, more valued in terms of investments in fixed assets, and older than domestic firms is not true. However, as shown in this report, such differences, with the exception of asset tangibility and age, are not very significant at conventional levels. This suggests that the major source of competition for corporate finance in Africa may be on the extent of collateral value and the reputation that arises from firm age
Improvement for Criterion for Minimum Solution of Inventory Model with Algebr...IOSRJBM
For algebraic method to find the minimum point and value of inventory models, we derive the criterion to guarantee the existence and uniqueness of the interior optimal solution. Our findings will help researchers and practitioners apply inventory models in their research without referring to partial derivatives of calculus.
The Relationship between Foreign Trade and Financial Performance of the Liste...IOSRJBM
The main objective of this study was to determine the relationship between foreign trade and financial performance of the listed manufacturing companies in Nigeria. The study focused on the 32 listed companies randomly drawn from the 74 listed manufacturing companies in Nigeria. The secondary data extracted from the financial statement of these companies were subjected to both descriptive and inferential statistics. The result shows a significant positive relationship between the two variables. It was therefore recommended that the management and the board of directors of the listed manufacturing companies should intensify efforts on how the locally produced products will be able to penetrate into the foreign countries as it was discovered that majority of the goods produced by the manufacturing companies in Nigeria are consumed locally
The Government Policy on Foreign Direct Investment in Sri LankaIOSRJBM
management know-how, and access to export markets-that are desperately needed in developing countries. However foreign capital can play an important role in raising investment levels so as to accelerate economic growth in Sri Lanka as in the case of many other developing countries which are handicapped by inadequate domestic savings. The purpose of this study is to examine the Government Policy on Foreign Investment in Sri Lanka. FDI increased initially due to the favourable investment environment created by the 1977 reforms. During the 1983-89 period, the incentives for FDI were eroded by the setbacks in the foreign trade and payments liberalisation momentum and the macroeconomic disequilibrium. Even though FDI was felt down in year 2000, there were increasing trend in FDI up to year 2008 and FDI was diminished as a result of global financial crisis in year 2009. Basically due to the secure macroeconomic environment, Sri Lanka reached highest level of FDI in 2014. The prospect for a significant expansion of FDI inflows in to Sri Lanka, however, do not seems too bright. To attract further investment, it is paramount that Sri Lanka be able to provide policy stability.
The Relationship between Dividend Policy and Shareholder’s Wealth (A Case Stu...IOSRJBM
This research is about the relationship between dividend policy and shareholder’s wealth from 37 mining companies listed in Indonesia Stock Exchange (IDX) from 2011 to 2013. Independent variable which is used in this research are dividend policy and profitability. Dividend policy is measured as dividend per share (DPS) and profitability is measured as Return On Equity (ROE). Dependent variable which is used in this research is shareholder’s wealth. Shareholders’ wealth is measured as Market Price Per Share (MPPS). Investment opportunity which is measured as fixed asset growth, is used as moderating variable which can strengthen the relationship between independent and dependent variable. The result of this research proves that dividend policy has significant influence to shareholder’s wealth, while investment opportunity, as a moderating variable, is proven to strengthen the relationship between dividend policy and shareholder’s wealth.
Understanding Attitudes towards Gasoline Import Demand in Viet NamIOSRJBM
Even with its vast reserves of oil and gas potential, the government has put this fuel resource the top of priority sectors for development, as it views as central to national economic growth as well as energy security, Viet Nam has remained a net importer of petroleum products over the past eight years. On another word, Gasoline importation has been a superior absorbability on the economy of Viet Nam, the determinants of the refined oil products imported activities analysis have been found no study yet. This paper aims to suggest the leading factors affecting import demand performances for petroleum products. The autoregressive distributed lag modelling framework (ARDL) have applied to this research; we estimated various short-run and long-run import demand models for Gasoline using time series study over the period 1995-2015. The results showed that the application of gas is stable prices in both the long and short term. Other principal operators of gas import probably are the real effective exchange rate, domestic petroleum production, and population growth. Moreover, a real economic activity found the most active and influential driver of gasoline demand accordance with the inelastic and elastic coefficients estimated in the short-run and long-run, respectively.
Cost-Volume-Profit Analysis as a Management Tool for Decision Making In Small...IOSRJBM
This study aimed to figure out if small business enterprises utilize cost volume profit (CVP) analysis as a management tool for decision-making process in Bayero University Kano, with a view to shed light on the reality of the use of CVP analysis as a decision-making tool in small business enterprises. The study population is made up of the entire small business enterprises within Bayero University, Kano. Primary source of data were utilized using structured questionnaires. The hypotheses were tested using Mann-Whitney U test and Pearson correlation coefficient. A very weak relationship (0.02) was recorded, it was discovered that there is no statistical significant difference between having the knowledge of a management accounting tools and its application. The study concludes that small business enterprises utilize CVP ignorantly and it is recommended
From Local to Global- Indian Organic Produce an OverviewIOSRJBM
Organic products have a growing market both in India and globally. The study focuses to explore the strengths and weaknesses of this industry so as to tap the global demand and achieve the export target for organic products. The study will aim to perform SWOT analysis and develop TOWS matrix which will provide an insight to the players of Organic market at all levels. The strategies framed are completely based on the researcher’s interpretation of the information collected from secondary sources and telephonic interviews of the agencies
Analysis of Internal, Market & Economic Based Financial Performance Measureme...IOSRJBM
The aim of this study is to investigate the financial performance of 10 commercial banks listed on Dhaka Stock Exchange. In this paper, financial performance has been measured by using three indicators. Internal–based performance measured by Return on Assets, Market-based performance measured by Tobin’s Q model (Price / Book value of Equity) and Economic–based performance measured by Economic Value adds. The correlation and multiple regression of annual time series data is used to find the impact of bank size, credit risk, operational efficiency and asset management on financial performance measured by the three indicators, The study rejected the null hypothesis and it is found that there exist statistically significant impact of bank size, credit risk, operational efficiency and asset management with ROA and Economic Value Added. On the other hand Tobin’s Q has insignificant impact on financial performance of commercial banks
Factors Influencing Purchase Decision of InstitutionalBuyers in Bangladesh: T...IOSRJBM
The Bangladeshi poultry industry is gradually becoming a leading industry in the Bangladeshi market. It is a labor- intensive sector which does not require lengthy training. Almost anyone can be engaged in the poultry farming because it can be done either on a larger scale or in one’s backyard. The purpose of the study is to identify the institutional buyer preference and to find out the purchase criteria factors which influence the purchase decision of the institutional buyers of poultry chickens in Bangladesh. A total of 110 respondents from 8 different categories of institutional buyers, who were directly related to poultry business were randomly selected to be the respondents for the collection of information within the Dhaka Metro City. All factors were randomly selected towards the collection of relevant information following pretested questionnaire. Advance statistical tools were applied for analysis of collected data. A factor analysis was conducted to identify the purchase criteria factors i.e. Brand, Freshness, Halal, How chicken are raised, Meat Cuts (Breast / Leg), Nutrition Value, Packaging, Price Sensitivity, Processed, Production Technology and Taste. Findings from the factor analysis showed that packaging, processed, production technology, taste and how chicken are raised have a significant effect on the selection of purchase criteria of the institutional buyers and their preference..
Effect of Public Services Quality on Satisfaction and Its Implication on Publ...IOSRJBM
: This research aims to determine: 1) The influence of the public services quality on public satisfaction at Samsat Office Kendari City. 2) The effect of public services the quality on public trust at Samsat Office Kendari City. 3) The effect of public satisfaction on public trust at Samsat Office Kendari City. 4) The mediate effect of public satisfaction in strengthening the influence of public services quality on public trust at Samsat Office Kendari City.The design of this research is associative (causal) design. The object of this research is the people who employ Samsat Office services. The samples were taken by purposive sampling (designation intentionally) which employ 110 respondents. The analysis used is descriptive statistical analysis and analysis of Partial Leas Square (PLS).This research concluded that: 1) The public services quality significantly influence the public satisfaction on Samsat Office Kendari City. it indicated that the good quality of public services is reflected by accountability, responsiveness, orientation to service and efficiency indicators which will increase the public satisfaction which is reflected by their attitude to respect service officers, abide by the rules, is proud of the work of the officers, has the spirit and initiative, and avoid of conflict. 2) The quality of public services does not significantly affect the public trust on Samsat Office Kendari City. This means that the public service quality at Samsat Office Kendari city cannot increase public trust significantly caused by the public tust in the service officer has not been optimal. 3) Public satisfaction has significant effect on public trust on Samsat Office Kendari City. This means that the public satisfaction will increase public trust which is reflected by the increasing of public trust in the service facilities. 4) Public Satisfaction mediates the effect of public services quality on public trust on Samsat Office Kendari City. This means that public satisfaction can strengthen the influence of public services quality on public trust.
Impediments and Inducements to Youth Entrepreneurship Development in Sylhet R...IOSRJBM
The purpose of this paper is to explore and identify the key impediments and constraints that obstruct young people from starting and running a new venture and at the same time, inducements and stimuli that trigger youths to entrepreneurial activities. Data were collected from 80 young entrepreneurs of Sylhet, Bangladesh through a questionnaire gleaned from the literature review following a convenience and purposive sampling technique. Findings revealed, insufficient personal savings, high interest rate, and negative attitude of financial institutions to young entrepreneurs due to high default rate are the major impediments to obtaining start-up fund, being their own boss and earning more money are the prime inducements to engage in business. Parents and teachers influenced most to start business while financial risk reported as the most critical demotivator. Managing fund and fierce competition are main problems in running the business successfully. Lack of vocational education and training and inappropriate and inadequate curriculum and study programs are the key educational constraints, unsupportive tax regulations, complex business registration procedure are the leading administrative and regulatory barriers, dearth of information on available business support services and lack of training and business counseling are the major impediments of business support services. The implications of the study bear far-reaching ramifications to the concerned stakeholders for facilitating and encouraging youth entrepreneurship development by addressing the start-up constraints and problems
An Overview of Export Performance of Agricultural Products in IndiaIOSRJBM
Exports are the basis of the overall growth performance of any country. By increasing the rate of exports, any developing country can pave a way for the development by earning international liquidity thereby; sort out the problem of reserves to start up of any project to come out the circle of poverty. So, it becomes a paramount importance for the country like India to start export promotion measures to boost up the pace of its exports and India has already taken many steps to increase the level of its exports. It is concluded from the results of the study that Cotton raw including waste, iron ore, plastic and linoleum and transport equipment has been observed as the products in which exports have been increased at the maximum rate, whereas exports of Tea, Iron and steel, Mica and Leather and Manufacturing have been identified as the area in which satisfied results have not been achieved. So, it is suggested by the results of study that government should promote exports of different sectors by providing different incentives to different sectors to avail the opportunity and fill up the gaps as well. Indian agricultural export has undergone significant changes during recent times. In this context, the present study has analysed the trend in exports of agricultural commodities from India, the changes in the comparative advantage, the Indian agricultural export scenario has witnessed during the past decade and the prospects for further boosting the agricultural export. The study has also analysed the comparative advantage of India’s exports, through revealed comparative advantage (RCA). The RCA was improving in case of cotton, maize, and certain fruits and vegetables over time, but declining in case of some spices, rice and wheat. In case of plantation based spices and other commodities, India is gradually losing its comparative edge, mainly to Asian countries. The study has so identified yield improvement through growth in total factor productivity (TFP) as a potential factor that would result in generation of exportable surpluses and boosting India’s export
Job Satisfaction and Faculty Turnover Intentions: A Case of Pakistani Univers...IOSRJBM
Retaining faculty members has been a problem in many universities for decades. When competent teachers quit, they depart with critical knowledge and experience that are essential for maintaininga competitive advantage. The aim of this study was to measure the impact of four facets of job satisfaction on turnover intentions of faculty members of different universities of Rawalpindi/Islamabad. A 16-item, selfadministered questionnaire was used to gather data on independent and dependent variables. In questionnaire, researchers used 5 point Likert scale for variables to measure respondent’s possible responses. 110 questionnaires were completed and returned back. Pearson Correlation and Multiple Regression tests were used to test the hypothesis. The results showed that the three facets of job satisfaction i.e. remuneration, supervisory support and work life policies have significant and negative relationship with turnover intentions while recognition has insignificant relationship with turnover intentions and this relationship did not support the researchers’ prediction. Results have been discussed andrecommendations have been made for universities’ administrations.
Health System in India: Opportunities and Challenges for EnhancementsIOSRJBM
One of the basic vitalities of good living is quick access to essential services like health care. But many times it could mean a condition of life and death for an individual who is unable to get the access to these services. Thus an important part of social sector development is incomplete without adequate health care facilities. The quality of human health is the foundation upon which the realization of life goals and objectives of a persona, the community or nation as whole depends. It is both an end and means of development strategy. The relationship between health and development is mutually reinforcing- while health contributes to economic development, economic development, in turn, tends to improve the health status of the population in a country. India as a nation has been growing economically at a rapid pace particularly after the advent of New Economic Policy of 1991. However, this rapid economic development has not been accompanied by social development particularly health sector development. Health sector has been accorded very low priority in terms of allocation of resources. Public expenditure on health is less than 1 per cent of GDP in India. This research paper focuses on the current status of the Indian healthcare industry, the challenges faced plus the comparison of few selected Indian states based on health indicators. Furthermore comparison of India with some developed and developing countries is also employed in order get the clear picture of the health sector. In order to boost the development line, some opportunities in the health care industry are also discussed and necessary policy implications. Regarding in this connection India lags behind in regard of health improvement as compared to U.S.A, Canada, China, and Brazil, but contrary to other developing countries like Pakistan, Bangladesh the scenario is better with life expectancy, Mortality ratios, health care spending speak volumes about the healthcare status. When analyzed through the prism eye, within India there are large disparities amongst states in achieving health outcomes as well. Before liberalization the improvement was at a snail’s pace, but after liberalization the whole picture changed because the key initiatives to improve the current healthcare standard a two prong strategy focusing on the infrastructure needs and the technology solution were implemented, which resulted in the healthy scenario of the healthcare industry. Healthcare sector, a leading weapon as the contributor to GDP (approx.8%) is thus the matter to be deeply looked into, so that golden harvest is reaped.
Total Quality Management (TQM) Practices toward Product Quality Performance: ...IOSRJBM
The purpose of this research was to test and analyze the effect of TQM practices impelementation which consists of leadership, strategic planning, customer focus, information and analysis, people management, and process management to product quality performance. The population were 108 food and beverage companies in Makassar, Indonesia. Respondents are production managers or operation managers. Sample technique which used is population sampling. Method of analysis which use both descriptive statistic and Structural Equation Modelling (SEM). Data processing uses two statistic tools i.e: IBM SPSS and AMOS 19.00. The findings of research indicate that leadership has significant effect on product quality performance, strategic planning has significant effect on product quality performance, customer focus has significant effect on product quality performance, information and analysis has significant effect on product quality performance, people management has significant effect on product quality performance, and process management has significant effect on product quality performance. Leadership factor has dominant effect on product quality performance (critical ratio = 9.760 > t-table = 1.960; and probability = 0.000 < α = 0.05).
The Influence of Work Culture, Work Stress to the Job Satisfaction and Employ...IOSRJBM
This research was carried out starting from the phenomenon of the performance which was not maximized by the employees of State Treasury Service Office in Jakarta. Based on the literature there was a suspicion that the performance which was not maximized due to a weak work culture, work stress and the decreasing of job satisfaction. The purpose of this research was to quantify and explain the relationship between variables of work culture, work stress, job satisfaction and employees performance in the State Treasury Service Office Jakarta. The research method was using quantitative methods. Research locations were located in six State Treasury Service Offices in Jakarta with samples of 152 employees. Data analysis technique was using Partial Least Square (PLS) with the help of Smart program. The results showed that the work culture has no effect on job satisfaction. Work stress has no effect on job satisfaction. Work culture affected to the employee performance. Work stress had no effect on employee performance. Job satisfaction had no effect on performance. The implication of this research was to establish a strong working culture to decrease work stress and increase job satisfaction which ultimately improved employee performance.
Work-Life of Indian Railway's Drivers (Loco-Pilots)IOSRJBM
Railways’ Drivers / Loco-Pilots are the most important person in executing the huge task of transporting nearly 25 Million passengers and more than 2.8 Million Tons of freight daily with the help of 2,29,381 wagons, 59,713 coaches and more than 9,213 locomotive engines of various kinds(www.Indian railways, Wikipedia).To transport 25 million passengers and millions of tons of freight and that too with taking care of both the traveler’s convenience and safety is not a mean task, the driver on whose sincerity the journey of a train depends. If he is not capable of carrying his responsibilities then the efforts of the other employees go waste, in this sense we can say that he is the most important person of the railways. The job of a Railway Driver demands hard work and great presence of mind along with courage to handle diverse conditions. For this one should have discipline, patience, responsibility, punctuality, commitment, courage and above all self-confidence. The job requires lots of hard work, stamina, alertness of mind, adaptability to follow difficult time schedules too. But the main and remarkable, highly appreciable role of Railway drivers is the only who works with full honesty, in day & night, in heavy cold, hot & Rainy weather. For Railways’ drivers operating on long distance routes, overnight stays in various locations will be necessary. Furthermore, it can be stressful, as delays and hazards on the track are not uncommon. His cab of the train should be relatively comfortable but it may be quite cold, hot and noisy.
Liquidity Determinants of Sharia and non Sharia StocksIOSRJBM
This study was conducted to analyze and testing stock liquidity differences of sharia and non sharia stock and determinants of sharia and non sharia stock of manufacturing industry at Indonesia Stock Exchange in 2009-2010. Dependent variable of this study is stock liquidity, measured by relative spread and depth. The Independent variable are insider ownership, institutional ownership, blockholder ownership, and foreign institutional ownership, trading volume, stock price, return volatility, Market to book value, dividend policy and size. In addition, this research is also supported by qualitative data obtained from in-depth discussions with key informants, including investment managers, stock exchanges institution and stock brokers. The results showed there is no liquidity difference, both for relative spread and depth of sharia a non sharia stocks. In sharia stocks, trading volume and dividend policy has a negative effect on relative spread, whereas in non sharia stock the trading volume, stock prices and company size has a negative effect on relative spread. Institutional ownership has negative effect, while foreign institutional ownership, trading volume, dividend policy, and size has positive effect on sharia stock liquidity. For non sharia stock, the trading volume, stock prices and company size has a positive effect on depth.
Vaccine management system project report documentation..pdfKamal Acharya
The Division of Vaccine and Immunization is facing increasing difficulty monitoring vaccines and other commodities distribution once they have been distributed from the national stores. With the introduction of new vaccines, more challenges have been anticipated with this additions posing serious threat to the already over strained vaccine supply chain system in Kenya.
Explore the innovative world of trenchless pipe repair with our comprehensive guide, "The Benefits and Techniques of Trenchless Pipe Repair." This document delves into the modern methods of repairing underground pipes without the need for extensive excavation, highlighting the numerous advantages and the latest techniques used in the industry.
Learn about the cost savings, reduced environmental impact, and minimal disruption associated with trenchless technology. Discover detailed explanations of popular techniques such as pipe bursting, cured-in-place pipe (CIPP) lining, and directional drilling. Understand how these methods can be applied to various types of infrastructure, from residential plumbing to large-scale municipal systems.
Ideal for homeowners, contractors, engineers, and anyone interested in modern plumbing solutions, this guide provides valuable insights into why trenchless pipe repair is becoming the preferred choice for pipe rehabilitation. Stay informed about the latest advancements and best practices in the field.
Final project report on grocery store management system..pdfKamal Acharya
In today’s fast-changing business environment, it’s extremely important to be able to respond to client needs in the most effective and timely manner. If your customers wish to see your business online and have instant access to your products or services.
Online Grocery Store is an e-commerce website, which retails various grocery products. This project allows viewing various products available enables registered users to purchase desired products instantly using Paytm, UPI payment processor (Instant Pay) and also can place order by using Cash on Delivery (Pay Later) option. This project provides an easy access to Administrators and Managers to view orders placed using Pay Later and Instant Pay options.
In order to develop an e-commerce website, a number of Technologies must be studied and understood. These include multi-tiered architecture, server and client-side scripting techniques, implementation technologies, programming language (such as PHP, HTML, CSS, JavaScript) and MySQL relational databases. This is a project with the objective to develop a basic website where a consumer is provided with a shopping cart website and also to know about the technologies used to develop such a website.
This document will discuss each of the underlying technologies to create and implement an e- commerce website.
Student information management system project report ii.pdfKamal Acharya
Our project explains about the student management. This project mainly explains the various actions related to student details. This project shows some ease in adding, editing and deleting the student details. It also provides a less time consuming process for viewing, adding, editing and deleting the marks of the students.
Quality defects in TMT Bars, Possible causes and Potential Solutions.PrashantGoswami42
Maintaining high-quality standards in the production of TMT bars is crucial for ensuring structural integrity in construction. Addressing common defects through careful monitoring, standardized processes, and advanced technology can significantly improve the quality of TMT bars. Continuous training and adherence to quality control measures will also play a pivotal role in minimizing these defects.
Courier management system project report.pdfKamal Acharya
It is now-a-days very important for the people to send or receive articles like imported furniture, electronic items, gifts, business goods and the like. People depend vastly on different transport systems which mostly use the manual way of receiving and delivering the articles. There is no way to track the articles till they are received and there is no way to let the customer know what happened in transit, once he booked some articles. In such a situation, we need a system which completely computerizes the cargo activities including time to time tracking of the articles sent. This need is fulfilled by Courier Management System software which is online software for the cargo management people that enables them to receive the goods from a source and send them to a required destination and track their status from time to time.
Industrial Training at Shahjalal Fertilizer Company Limited (SFCL)MdTanvirMahtab2
This presentation is about the working procedure of Shahjalal Fertilizer Company Limited (SFCL). A Govt. owned Company of Bangladesh Chemical Industries Corporation under Ministry of Industries.
Automobile Management System Project Report.pdfKamal Acharya
The proposed project is developed to manage the automobile in the automobile dealer company. The main module in this project is login, automobile management, customer management, sales, complaints and reports. The first module is the login. The automobile showroom owner should login to the project for usage. The username and password are verified and if it is correct, next form opens. If the username and password are not correct, it shows the error message.
When a customer search for a automobile, if the automobile is available, they will be taken to a page that shows the details of the automobile including automobile name, automobile ID, quantity, price etc. “Automobile Management System” is useful for maintaining automobiles, customers effectively and hence helps for establishing good relation between customer and automobile organization. It contains various customized modules for effectively maintaining automobiles and stock information accurately and safely.
When the automobile is sold to the customer, stock will be reduced automatically. When a new purchase is made, stock will be increased automatically. While selecting automobiles for sale, the proposed software will automatically check for total number of available stock of that particular item, if the total stock of that particular item is less than 5, software will notify the user to purchase the particular item.
Also when the user tries to sale items which are not in stock, the system will prompt the user that the stock is not enough. Customers of this system can search for a automobile; can purchase a automobile easily by selecting fast. On the other hand the stock of automobiles can be maintained perfectly by the automobile shop manager overcoming the drawbacks of existing system.
COLLEGE BUS MANAGEMENT SYSTEM PROJECT REPORT.pdfKamal Acharya
The College Bus Management system is completely developed by Visual Basic .NET Version. The application is connect with most secured database language MS SQL Server. The application is develop by using best combination of front-end and back-end languages. The application is totally design like flat user interface. This flat user interface is more attractive user interface in 2017. The application is gives more important to the system functionality. The application is to manage the student’s details, driver’s details, bus details, bus route details, bus fees details and more. The application has only one unit for admin. The admin can manage the entire application. The admin can login into the application by using username and password of the admin. The application is develop for big and small colleges. It is more user friendly for non-computer person. Even they can easily learn how to manage the application within hours. The application is more secure by the admin. The system will give an effective output for the VB.Net and SQL Server given as input to the system. The compiled java program given as input to the system, after scanning the program will generate different reports. The application generates the report for users. The admin can view and download the report of the data. The application deliver the excel format reports. Because, excel formatted reports is very easy to understand the income and expense of the college bus. This application is mainly develop for windows operating system users. In 2017, 73% of people enterprises are using windows operating system. So the application will easily install for all the windows operating system users. The application-developed size is very low. The application consumes very low space in disk. Therefore, the user can allocate very minimum local disk space for this application.
The Application of Information Technology in the Preparation and Presentation of Financial Statements: Nigeria in Perspective.
1. IOSR Journal of Business and Management (IOSR-JBM)
e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 19, Issue 1. Ver. V (Jan. 2017), PP 43-51
www.iosrjournals.org
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 43 | Page
The Application of Information Technology in the Preparation
and Presentation of Financial Statements:
Nigeria in Perspective.
Nwosu M. Eze1
Mshelia M. Ibrahim 2
1
Internal Audit, National Institute for Legislative Studies, National Assembly, Abuja, Nigeria
2
Finance & Accounts, National Institute for Legislative Studies, National Assembly, Abuja, Nigeria.
Abstract: Much of the activities in the preparation and presentation of financial statements are now driven by
ICT. The enormous advantages (ICT) has accrued to the delivery of information and communication around the
World, as well as the central role of ICT in the new global economy, means that ICT will indeed shape the
dynamics of the new millennium. The role of and potential for ICTs in private and public sector accounting,
auditing, investigation and reporting is enormous and cannot be over emphasized. This paper therefore assesses
the types, benefits, challenges of using electronic accounting processing systems in the preparation and
presentation of financial statements in Nigeria. The paper also highlights the Web based accounting system as
well as the Peachtree accounting package; the Peachtree accounting package was practically illustrated and
the results were presented in Spreadsheet. Secondary sources of data is mostly used. The paper concludes that
the losers in this era of digital and information revolution will be organizations and professionals who fails to
meet the challenges of Information and Communication Technology (ICT). Based on the findings and
conclusion, the paper recommends that Accountants/Professionals should adequately equip themselves with the
practical knowledge of information technology relevant in preparing and presenting financial statements.
Keywords: Information Technology, Electronic Accounting, Web-Based Accounting, Peachtree Accounting,
Financial Statements, Public Sector Accounting.
I. Introduction
The information technology (computer) is a fast "developing one that keeps changing every now and
then. It has touched every profession; thus changing our way of doing things in an organization and society as a
whole. Of particular importance is the electronic accounting aspect which has brought about speedy, timely and
efficient information processing which is very significant for day to day accounting and reporting as well as
decision making.
E-accounting simply means using electronic processing computer base systems to:
Acquire Financial Data
Processing
Storage
Planning and Forecasting
Coordination and Cost Control
Dissemination of Vocal, Textual, Pictorial and Numerical Information for timely decision making.
1.1 E-Accounting Applications Scope:
As at today, most advance organizations are fast changing from their manual accounting system to electronic
systems. Presently, the following accounting softwares are available in Nigeria to solve accounting and financial
problems:
Dac Easy for Window
Ms-Money (Financial Management Software)
Spec - Pay (Personnel Management Software)
Eagle Tracks for Inventory Management
MYOB Accounting
Sages Accounting Software
Peachtree Complete Accounting
Budgetmatic Software for Budgeting and Budgetary Control
Sun System Software
Tally Accounting
Fund Manager Etc.
2. The Application of Information Technology in the Preparation and Presentation of Financial
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 44 | Page
1.2 Benefits of using E-Accounting in an Organization
The following are the benefits of appropriate usage and application of electronic accounting in organization;
especially Peachtree Accounting Software. You are able to:
Get quicker Information on Financial Position of the Organization by just pressing/touching a button.
Ascertain with Accuracy the Revenue Generated in an Organization on daily, weekly, monthly, quarterly
etc. within a second.
Provide detailed Expenditure Information to aid the Management in Cost Control and facilitate Decision-
Making.
Budget and Forecast e. g. Annual Budget etc.
Reduce Clerical and Administrative Overheads.
Project Monitoring and Variance Analysis.
Prevent Frauds.
Eliminate Drudgery in Financial Planning.
Get timely Report and Financial Statement after every Transaction.
Audit Trail and Alarm for use as Security Proof to deter an unauthorized user.
II. Web-Based Accounting
A web-based accounting package is a complete accounting system that resides on a web server.
Anybody in the world can access that accounting system with a simple browser to set up and run their own
company. Instead of paying large sums of money up front for hardware and software, the user pays a smaller
monthly rental fee. It is an interesting concept and there are many inherent benefits, some of which are listed
below:
2.1 Benefits of Web-Based Accounting:
1. You Only Need a Browser: To use web-based accounting solutions, you need only a browser on any
computer and a connection to the Internet. This makes it very easy to deploy the system throughout your
organization. Remote users can even access the system through computers located at the airport or in a cyber
cafe. It is the ultimate thin client model and virtually no effort or expense need be incurred to deliver access to
everyone in your organization.
2. Lower Up-Front Costs for Software: Customers avoid paying larger upfront costs to purchase the software.
Large fees for annual upgrades are avoided as well. Instead, the actual cost of the software is spread over time to
achieve a better matching of expenditures to the benefits produced by those expenditures.
3. Lower Up-Front Costs for Hardware: Customers avoid paying larger upfront costs to purchase and
implement a file server and network software. Ongoing costs to add RAM to the file server replace the server’s
hard drives; maintain the systems etc. are also avoided.
4. Lower Administration Costs: Customers avoid the need to hire an expensive IT professional staff or
consultants to maintain the system. Typically systems that run on the higher-end Microsoft SQL server and
Oracle databases require an IT professional on staff or on call. With the web-based model, certified engineers
are on staff night and day to maintain your system, and their cost is included in the monthly rental fee.
5. Shorter Implementation Time Frame: The implementation time frame is significantly reduced because the
system is already up and running. The customer needs only to log in and begin to enter data. The training
requirement will remain the same whether the system is running locally or via the web.
6. Lower Costs for Multiple Locations: In the past, companies with multiple locations were forced to purchase
expensive solutions such as Citrix or Microsoft Terminal Services Advanced Client to accommodate remote
access to the accounting software database. These remote access solutions alone cost $15,000 to $30,000 and
higher, which prices these solutions out of reach for many small businesses. With the web-based accounting
model, even the smallest of companies can achieve data entry into a single system from multiple locations at
affordable prices.
7. Work from Home: This solution is also ideal for small business owners who occasionally want to work from
home. Suppose a child is sick and cannot attend school on a given day. Web-based solutions make it easier for
the parent to stay home with the sick child, and still access the web-based accounting system to process
payments, print reports, input transactions, etc. As another example, a web-based accounting system might make
it easier for a working parent to leave the workplace early, for example at3:00pm, and continue working from
home in order to miss the rush hour and to be there when the children gets home from school.
8. High-End Databases: These solutions run on the world’s most robust and secure databases such as Oracle
and Microsoft SQL server, yet these solutions cost as little as$10 per user per month. One of the common
shortcomings of low-end accounting systems has been that they incorporate weaker database technology that
does not scalenearly as well as higher-end databases. Today, all web-based accounting solutions use the same
3. The Application of Information Technology in the Preparation and Presentation of Financial
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 45 | Page
high-end database that powers the largest companies in the world. In other words, small businesses need not
worry about outgrowing the system’s capacity.
9. No More Backup Worries: With web-based accounting solutions, backups are maintained on a frequent
basis which further protects small businesses in the unlikely event of data loss. Studies show that only a small
percentage of small businesses perform regular backups properly and store them off-site. With web-based accounting, the
company can still maintain their own local backups if they want, even though the Web-based accounting publisher performs
rigorous back up procedures religiously.
10. Up-to-date Application Code: Under this model, web-based accounting solutions apply enhancements and
patches to their product on a continuous basis compared to the older method in which customers receive patches
and enhancements once or twice a year. The result is that web-based solutions can be more responsive to the
customer’s needs and the application itself always reflects the latest version. There is no more need to pay
consultants hefty fees to come in and implement system upgrades - this occurs automatically on a timely basis
and with no additional cost to you.
2.2 Examples of Web-based Accounting:
1. Oracle Small Business Suite
2. QuickBooks for the Web
3. Peachtree
4. Intact
5. ACCPAC Online
6. My SAP
7. Integral Accounting
8. Peachtree Web Accounting (Combination of local & web-based)
9. Microsoft Small Business Manager (Combination of local & web-based)
2.3 Challenges of Web-Based Accounting:
There are several problems with web-based accounting as follows:
1. Speed - Dial up access to the internet is not enough. It takes cable, DSL, or business class high-speed internet
access to make web-based accounting work at acceptable levels of performance. If you have dial-up access,
don't even bother. On April 3, 2002, Mark Cho of Intuit reported to me that Intuit does not even target small
businesses with dial up access - they actually tell them that QuickBooks for the Web is not for them. This is a
valid concern which is very easily solved - order high speed internet access today. I am usually a very polite
person, but when it comes to this particular issue, I have to say that only an idiot would use dial up access
anyway.
2. Reliability - Web-based accounting relies 100% on the internet being up and running and available. I can
assure you, the internet is not always up and running and available. Ask yourself, how many times has your
internet access been down this year? If the internet is down - you are down, and most likely your business is
down as well. Ouch! This is a valid concern and there really is no answer other than employing a local/web
solution such as Peachtree Web Accounting or Microsoft SBM.
3. Viruses - Because of rampant viruses and media attention, many people fear that they might be at a higher
risk to contract a virus if they run their accounting system on a web- based system. There is little basis for this.
Yes, viruses are a serious threat. You should be running virus protection software and a firewall device anyway.
Theoretically, you are at the same risk level of contracting a virus whether your accounting system is on line or
stored locally. The threat of viruses is not a very valid concern in my opinion.
4. Security - Most companies are very concerned about sending their data over the internet. They fear that their
data will either be viewed or compromised. The reality is that with 128 bit encryption, sending you data over the
internet is probably far safer than whatever you are currently doing now. If you currently keep your data on a
file server at the office, the thieves could steal the computer, fire could destroy the computer, unauthorized
employees might access the system, janitors or security guards may access to your system at night, backup tapes
could be left in non-secure environments, etc. While nothing in this world is l00% safe, security experts agree
that web-based accounting results in a more secure solution than most traditional file server based systems.
Security is not a very valid concern in my opinion.
III. Peach Tree Accounting
This software comes in different flavors depending on the number of users. Between Peachtree Pro,
Peachtree Complete, Peachtree Premium and Peachtree Quantum buyers can choose from among several
features, depending on what they specifically require. Of these, Peachtree Premium and Peachtree Quantum also
have Accountants ‘Editions, which can prove to be of great use for professional accountants. Added to these are
several accounting and business management tools, reports customized for industry specific needs, and even
payroll management solutions - you have a complete accounting software package that is just right for your
pocket as well.
4. The Application of Information Technology in the Preparation and Presentation of Financial
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 46 | Page
3.1 Reasons Why Most Organization Prefers Peachtree Accounting to Any other Accounting
Package(s):
Cost Effectiveness
Comprehensiveness
Reliability
Flexibility
Portability
Interfacing
Storage
Timing
Peripherals
Documentation
3.2 Basic Steps in Using Peachtree Accounting
1. Set Up A New Company Tips/Procedures:
Click Start button
Click on program, select and click Peachtree Accounting
Note: Peachtree Window dialog box will display’
Click on set up a new company
Peachtree new company set up wizard/dialog appears. Click next
Type the Company information e.g. Company Names, Addresses, City, State etc.
Click Next
Select a chart of Account e.g. set up a new company on using Samples, Copy
Chart from existing Peachtree Accounting Company, etc.
Click next and select chart of accounts as related to your business line
Select accounting method e. g. Accrual or cash and Click next
Select posting method e. g. Real Time or Batch and Click Next
Select Accounting period and click next
Select the monthly accounting periods e.g. Jan-Dec 2010. The first month of Data entry e.g. J an. 2010, first
year of entering payroll select 2010 and click next.
Click finish.
2. Working With Chart Of Accounts Tips/Procedures:
Option 1: Set Up a New Chart of Accounts
Click on “MAINTAIN MENU”
Click on Chart of Accounts
A dialog box will appear:
Type Account ID Number
Type the Account description
Select account type e.g. Cash, Income, and Expenses etc.
Click save
Option 11: Modify Existing Chart of Accounts.
Click on “MAINTAIN MENU”
Click on Chart of Accounts
A dialog box will appear
Click on Account ID and Select the account chart to be modified
Type a new ID Number and description as necessary
Click on save option
Option III: Delete chart of accounts
Click on “MAINTAIN MENU”
Click on Chart of Account
A dialog box will appear
Click on Account ID and select the account chart to be deleted
click on Delete option
A dialog box appears asking you “Are you sure you want to delete this record?”
Click yes.
5. The Application of Information Technology in the Preparation and Presentation of Financial
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 47 | Page
3.3 Illustration
The following transactions were extracted from the books of Memzeen Group Limited; a Manufacturing
Company for the Year 2015.
Codes N
Sale – Wholesale 1001 8,790,00
Sales – Retail 1002 697,520
Cost of Goods Sold
Materials 2001 (1,043,100)
Labour 2002 (405,000)
Overhead – Depreciation 2003 (219,300)
Overhead – Transport 2004 (128,640)
Overhead – Other 2005 (32,160)
Change in Inventory 2006 (60,250)
Pension 2007 (51,975)
Loss on Obsolete and Damaged Inventory 2008 (29,000)
Selling Expenses
Advertising 3001 (60,000)
Wages, Salaries and Benefits 3002 (65,700)
Bad Debt 3003 (23,068)
Others 3004 (13,500)
General and Administrative Expenses
Wages, Salaries and Benefits 4001 (321,300)
Depreciation 4002 (59,820)
Pension 4003 (51,975)
Share-Based Remuneration 4004 (22,023)
Interest on Lease Liability 4005 (14,825)
Research and Development 4006 (8,478)
Other Expenses 4007 (15,758)
Other Operating, Investing and Financing Income
(Expense)
Share of Profit of Associate A 5001 23,760
Realized Gain on Cash Flow Hedge 5002 3,996
Dividend Income 5003 54,000
Share of Profit of Associate 5004 7,500
Interest Incomes on Cash 5005 8,619
Interest Expense 5006 (111,352)
Income Tax Expense 5007 (333,625)
Equity and Liabilities
Ordinary Shares 6001 12,000,000
Reserves 6002 -
Profit and Loss 6003 -
Loan 7001 1,000,000
Assets
Land and Building 8001 5,000,000
Machinery 8002 3,000,000
Furniture 8003 1,500,000
Debtors – Wholesale 9001 40,000
First Bank Plc 10000 -
Notes
1. All payments and receipts were effected through cheques, except credit transaction.
2. N30,000 is to be transferred to Reserves
Required
a. Create the Company, Chart of Accounts and Post the transaction above via General Journal.
b. Prepare the following Company’s Reports:
i. Income Statement.
ii. Statement of Financial Position.
iii. Cash Flow Statement.
3.4 Solution
(a) Memzeen Group Limited Account List Monday, February 13, 2015
Account ID Description Type Running Balance
10000 First Bank Plc Other Current Assets N0.00
1001 Sales-Wholesale Income N0.00
6. The Application of Information Technology in the Preparation and Presentation of Financial
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 48 | Page
1002 Sales – Retail Income N0.00
2001 Materials Cost of Sales N0.00
2002 Labour Cost of Sales N0.00
2003 Overhead-Depreciation Cost of Sales N0.00
2004 Overhead-Transport Cost of Sales N0.00
2005 Overhead-Others Cost of Sales N0.00
2006 Change in Inventory Cost of Sales N0.00
2007 Pension Cost of Sales N0.00
2008 Loss on Obsolete Inventory Expenses N0.00
3001 Advertising Expenses N0.00
3002 Wages, Salaries and Benefits Expenses N0.00
3003 Bad Debt Expenses N0.00
3004 Other Expenses Expenses N0.00
4001 Admin Salaries and Benefits Expenses N0.00
4002 Depreciation – Admin Expenses N0.00
4003 Pension-Admin Expenses N0.00
4004 Share based Payment – Admin Expenses N0.00
4005 Interest on Lease Liab-Admin Expenses N0.00
4006 Research & Dev. Admin Expenses N0.00
4007 Other Expenses-Admin Expenses N0.00
5001 Share of Profit – Associate Income N0.00
5002 Gain on Cash Flow Hedge Income N0.00
5003 Dividend Income Income N0.00
5004 Share of Profit – Associate B Income N0.00
5005 Interest Incomes on Cash Income N0.00
5006 Interest Tax Expense Expenses N0.00
5007 Income Tax Expense Expenses N0.00
6001 Ordinary Shares Equity-does not close N0.00
6002 Reserves Equity-does not close N0.00
6003 Profit & Loss Equity-Retained Earning N0.00
7001 Loan Long Term Liabilities N0.00
8001 Land and Building Fixed Assets N0.00
8002 Machinery Fixed Assets N0.00
8003 Furniture Fixed Assets N0.00
9001 Debtors-Wholesale Other Current Assets N0.00
(b) Memzeen Group Limited General Ledger/Trial Balance as of February 29, 2015
Account ID Account Description Debit Amt. Credit Amt.
10000 First Bank Plc 9,325,734.00
1001 Sales Wholesale 8,830,000.00
1002 Sales Retail 697,520.00
2001 Materials 1,043,100.00
2002 Labour 405,000.00
2003 Overhead – Depreciation 219,300.00
2004 Overhead – Transport 128,640.00
2005 Overhead – Others 32,160.00
2006 Change in Inventory 29,000.00
2007 Pension 51,975.00
2008 Loss on Obsolete Inventory 29,000.00
3001 Advertising 60,000.00
3002 Wages Salaries and Benefits 56,700.00
3003 Bad Debt 23,068.00
3004 Other Selling Expenses 13,500.00
4001 Admin Salaries and Benefits 321,300.00
4002 Depreciation – Admin 59,820.00
4003 Pension-Admin 51,975.00
4004 Share based Payment-Admin 22,023.00
4005 Interest on Lease Liab-Admin 14,825.00
4006 Research & Dev. – Admin 8,478.00
4007 Other Expenses – Admin 15,758.00
5001 Share of Profit – Associate A 23,760.000
7. The Application of Information Technology in the Preparation and Presentation of Financial
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 49 | Page
5002 Gain on Cash Flow Hedge 3,996.00
5003 Dividend Income 54,000.00
5004 Share of Profit – Associate B 7,500.00
5005 Interest Income on Cash 8,619.00
5006 Interest Expenses 111,352.00
5007 Income Tax Expenses 333,625.00
6001 Ordinary Shares 12,000,000.00
6002 Reserves 30,000.00
6003 Profit & Loss 30,000.00
8001 Land and Building 5,000,000.00
8002 Machinery 2,780,700.00
8003 Furniture 1,440,180.00
9001 Debtors-Wholesale 16,932.00 f
Total: 21,655,395.00 21,655,395.00
(c) i Memzeen Group Limited Income Statement for the Two Months Ended February 29, 2015.
Revenues Current Month
N
Year to Date
N
Sales-Wholesale 8,830,000.00 91.74 8,830,000.00 91.74
Sales – Retail 697,520.00 7.25 697,520.00 7.25
Share of Profit –Associate A 23,760.00 0.25 23,760.00 0.25
Gain on Cash Flow Hedge 3,996.00 0.04 3,996.00 0.04
Dividend Income 54,000.00 0.56 54,000.00 0.56
Share of Profit –Associate B 7,500.00 0.08 7,500.00 0.08
Interest Incomes on Cash 8,619.00 0.09 8,619.00 0.09
Total Revenues 9,625,395.00 100.00 9,625,395.00 100.00
Cost of Sales
Materials 1,043,100.00 10.84 1,043,100.00 10.84
Labour 405,000.00 4.21 405,000.00 4.21
Overhead-Depreciation 219,300.00 2.28 219,300.00 2.28
Overhead-Transport 128,640.00 1.34 128,640.00 1.34
Overhead-Others 32,160.00 0.33 32,160.00 0.33
Change in Inventory 60,250.00 0.63 60,250.00 0.63
Pension 51,975.00 0.54 51,975.00 0.54
Loss on Obsolete Inventory 29,000.00 0.30 29,000.00 0.30
Total Cost of Sales 1,969,425.00 20.46 1,969,425.00 20.46
Gross Profit 7,655970.00 79.54 7,655970.00 79.54
Expenses
Advertising 60,00.00 0.62 60,00.00 0.62
Wages, Salaries and Benefits 56,700.00 0.59 56,700.00 0.59
Bad Debt 23,068.00 0.24 23,068.00 0.24
Other Selling Expenses 13,500.00 0.14 13,500.00 0.14
Admin Salaries and Benefits 321,300.00 3.34 321,300.00 3.34
Depreciation-Admin 59,820.00 0.62 59,820.00 0.62
Pension-Admin 51,975.00 0.54 51,975.00 0.54
Share based Payment-Admin 22,023.00 0.23 22,023.00 0.23
Interest on Lease Liab-Adm. 14,825.00 0.15 14,825.00 0.15
Research & Dev-Admin 8,478.00 0.09 8,478.00 0.09
Other Expenses-Admin 15,758.00 0.16 15,758.00 0.16
Interest Expense 111,352.00 1.16 111,352.00 1.16
Income Tax Expense 333,625.00 3.47 333,625.00 3.47
Total Expenses 1,092,424.00 11.35 1,092,424.00 11.35
Net Income 6,563,546.00 68.19 6,563,546.00 68.19
(c) ii Memzeen Group Limited Statement of Financial Position as at February, 29, 2015.
Assets
Current Assets
First Bank Plc 9,925,734.00
Debtors-Wholesale 16,932.00
Total Current Assets 9,342,666.00
Property and Equipment
Land and Building 5,000,000.00
Machinery 2,780,700.00
Furniture 1,440,180.00
9,220,880.00
Total Property and Equipment 9,220,880.00
Other Assets
8. The Application of Information Technology in the Preparation and Presentation of Financial
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 50 | Page
Total Other Assets 0.00
Total Assets 18,563,546.00
Liabilities And Capital
Current Liabilities
Total Current Liabilities 0.00
Long-Term Liabilities
Total Liabilities 0.00
Capital 0.00
Ordinary Shares 12,000,000.00
Reserves 30,000.00
Profit & Loss (30,000.00)
Net Income 6,563,546.00
Total Capital 18,563,546.00
Total Liabilities 18,563,546.00
(c) iii Memzeen Group Limited Statement of Cash Flow for the Two Months Ended February, 29 2015
Current Month
N
Year to Date
N
Cash Flows from Operation Activities 6,563,546.00 6,563,546.00
Net Income 6,563,546.00 6,563,546.00
Adjustments to Reconcile Net
Income to Net Cash provided
by Operating Activities (9,325,734.00) (9,325,734.00)
First Bank Plc (16,932.00 (16,932.00)
Total Adjustments (9,342,666.00) (9,342,666.00)
Net Cash provided by Operations (2,779,120.00) (2,779,120.00)
Cash Flows from Investing Activities
Used for
Land and Building (5,000,000.00) (5,000,000.00)
Machinery (3,000,000.00) (3,000,000.00)
Furniture (1,500,000.00) (1,500,000.00)
Net Cash used in Investing (9,500,000.00) (9,500,000.00)
Cash flows from Financials Activities
Proceeds From
Ordinary Shares 12,000,000.00 12,000,000.00
Reserves 30,000.00 30,000.00
Used For
Net Cash Used in Financing 12,030,000.00 12,030,000.00
Net Increase <Decrease> in Cash (249,120.00 (249,120.00
Summary
Cash Balance at End of Period 0.00 0.00
Cash Balance at Beg of Period 0.00 0.00
Net Increase <Decrease> in Cash 0.00 0.00
IV. Conclusion
The world is undergoing revolution in information and communication technology (ICT), which is
righty referred to as the digital revolution. The revolution is already transforming social and economic life and is
moving at near lighting speed. Information and communication technology is one of the most potent forces
shaping the 21st
century. It is fast becoming a vital engine of growth for the world’s economy, creating
opportunities for many enterprising individual, firms and communities, globally. The ongoing revolution in the
area of information and communication technology will continuously present huge opportunities to
internationally recognized scholars and professionals. The losers will be nations, institutions and scholars who
fail to meet the challenges of ICT.
V. Recommendations
Electronic accounting and reporting is here to stay. So far, results have been fair to dismal. Becoming
an accountant on a technology platform is a sure Way for accountants to secure their careers in the digital age.
To remain relevant in the ongoing waves in accounting information technology, accountants require practical
training in IT based accounting system.
9. The Application of Information Technology in the Preparation and Presentation of Financial
DOI: 10.9790/487X-1901054351 www.iosrjournals.org 51 | Page
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