Application of Ict on Accounting - 4286 Words

Applications of ICT in Accounting. Accounting records have been maintained only on a manual basis for a period now. The bookkeeper or the owner is required to fill a paper source document for each sale or receipt, and then work overtime writing the transactions of the day or week in special journals, stock cards, and debtor and creditor records. This obviously took some time, time that would otherwise have been spent operating the business. The business also pays extra money to account officers as overtime bonus. Consequently, completing the accounting records was sometimes seen as an impediment to business, rather than a tool of making it more profitable. However, the development of computerized accounting systems has changed the way†¦show more content†¦Spreadsheet A spreadsheet is a computer application with functions that increase the users efficiency in capturing, analyzing, and sharing tabular data sets. They were mainly developed for accounting or bookkeeping tasks, but can also be used comprehensively in any context where tabular lists are built, sorted, and shared. It displays multiple cells usually in a two-dimensional matrix or grid consisting of rows and column. A modern spreadsheet file consists of multiple worksheets that make up one workbook. A cell on one sheet is capable of referencing cells on other, different sheets, whether within the same workbook or even, in some cases, in different workbooks. Examples of spread sheet are excel, SPSS, Siag, libreOffice Calc, and Gnumeric Spreadsheets generally save a lot of your time irrespective of its use; that is to track expenses, cash flow, project tax or inventory. It helps in analyzing lease or hire purchase and capital project appraisal decisions. For instance the formula in Excel helps to maintain a trouble free report of all the transaction details. People from various sections of an organization having to handle the same document file can do so easily. If the cashier has to enter the amount he collected and forward it to the operations manager. Then the operations manager will forward the same to the accountant. We have several options to share the document and compare it using the Microsoft Excel. Also it has got in-builtShow MoreRelatedImpact of Ict on Accounting Practice in Nigeria1663 Words   |  7 PagesThe impact of ICT on accounting practice in Nigeria CHAPTER ONE Introduction 1.1  Ã‚  Ã‚   Background of the study   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting and economic reports, carried out during accounting year ends, the preparation of accounting records, book such as the profit and loss account, the balance sheetRead MoreEssay on Financial Accounting1019 Words   |  5 PagesFinancial Accounting Financial accounting or ‘book-keeping’ is the process of recording financial transactions from the day-to-day operation of a business. The sale of goods to a customer and the subsequent settlement of the debt are two examples of financial transactions. Sales Accounting When credit sales are made to customers, a record needs to be kept of amounts owing and paid. Payment is normally requested with an invoice. An invoice usually gives details of goods supplied, quantitiesRead MoreAdvantages And Advantages Of Ict1055 Words   |  5 Pages Advantages of ICT in Business Introduction: ICT usability of resources increases in the early 1960s, but it was not until the 1980s that the first commercial products emerged and defined as target computers or generations of grid computers. They all are intend to use maximum disposable resources, to reduse this those computers are unused. And the final goal is to invent a computer which is much more efficient with strong performanceRead MoreA Small Scale Charity Organisational Structure1441 Words   |  6 Pageshead, this is a person who in charge of the Information Communication department, this employee manages the department giving and receiving reports of their conduction of their activities. Finance and accounting department head, this employee manages the areas that are in coherence with accounting, budget and consolidation. They make sure that the business has enough capital to conduct their day to day activities and they have enough money to pay their employees. Next in line there is a H R departmentRead MoreTransformiing Healthcare Using Ehealth929 Words   |  4 PagesTransforming Healthcare using e-Health The world is rapidly digitizing and almost every industry is going electronic; e-Commerce, e-Procurement, e-Banking, e-Accounting†¦etc. The Healthcare industry has not been left behind. e-Health is the use of Information Technology Communication to advance health delivery services. This relatively new term is catching up like wild fire particularly when the developing countries are target and priority. As a developing nation, we cannot ignore thisRead MoreThe Importance of Information Communication Technology in Teaching and Learning of Accounting Education2493 Words   |  10 Pagesuse of Information C ommunication and Technology (ICT), w hich is becoming an essential t ool i n t eaching and learning v arious courses which accounting courses are included. V arious r esearches h ave s hown that these tools have a great impact on the t eaching and learning of accounting courses. A s a result of that, this paper a ims to investigate the relevance of ICT in effective teaching and l earning of a ccounting courses, t he concept o f ICT is also ex amine, as well as t he m eaning o fRead MoreRegulatory Compliance Controls1712 Words   |  7 Pageshelpful for an evaluation of practical implementation of internal controls as they are referenced in SOX. Bedard, J. C. and Graham, L. (2011). Detection and severity classifications of Sarbanes-Oxley Section 404 internal control deficiencies. The Accounting Review, 86 (3), 825-855. This research examines the detection and severity classification of internal control deficiencies (ICD) according to Section 404 of SOX. The findings indicate that for auditor versus client detection of ICD, auditors detectRead MoreIssues Related To The Ict Industry : 457 Visa Program1038 Words   |  5 PagesHowever, the changes that have been done to 457 Visa Program might result in issues related to the shortage of skilled workforce since the ICT industry is highly dependent on the skilled workers on 457 visas and the employers are struggling to find enough Australians to fill in these positions. The ICT industry is very competitive as I mentioned above since the technology is evolving rapidly together with the new products. This leads to new opportunities as well as threats for businesses as the theyRead MoreWobbly Wheels Distribution Center - IT Strategic Plan Part 1 Essay949 Words   |  4 PagesFinally, there should be emphasis on innovation, for example, the development of new goods and services. As per the current situation, the company has a lot on ongoing projects with some nearing completion like Accurate Financial. A mobile phone application is also being developed to be used by the company on prospective customers. IT Vision and Mission Statement A mission statement usually gives a summary of a certain organizations beliefs, values and their standard of operations. Since WobblyRead MoreApplication Of Accounting Information Systems Essay1556 Words   |  7 PagesIntroduction The application of Accounting Information Systems has become widespread among enterprises in Australia due to improved affordability and efficiency resulting from their technical power. The vendors have moved from desktop systems to cloud accounting, and it has led to a challenge of selection and implementation to customers and users. This paper offers a synthesis of literature on AIS in Australia, its history, development, and adoption, analysis of the current market size and how the