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PROJECT TOPIC: COMPUTERIZED ACCOUNTING SYSTEM AS A PANACEA FOR BANK GROWTH AND SURVIVAL

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CHAPTER ONE

1.0  BACKGROUND OF THE STUDY

1.1  INTRODUCTION

In many organizations, both in the capitalism and socialism, proper accounting system is required. As many professional accountant and because it takes an important role in auditors state “accounting is language of business which is accepted in all developed and developing countries”. Every entity applies accounting because it is generally accepted that entities have  to reveal certain financial and management information to the users and because accounting is an indispensable tool in the business decision making process. With the development of information technologies, computer products  (software) were developed which make accounting very easy for those who uses them from this point categories: the comprised accounting system and the manual, accounting.. the computerized accounting system us the accounting system which is processed using the computer and accounting software. While the manual accounting is the  accounting that is processed using papers. From the accounting theory, it is known that accounting cycle include various steps, such as: journalizing the transactions, posting them to ledger accounts, preparing trails balance, making adjustment, entries, preparing adjusted to end-of-period  trial balance, preparing financial statements and appropriate disclosures, journalizing and posting the closing entries, and preparing after-closing trail balance at last. From the first look it is not very difficult and it is so indeed, but when there are thousands or millions of transactions to be computed especially in a centralized banking where financial reports are computed on monthly, quarterly and, on yearly basis, computerized accounting system is preferred to make accounting cycles easy, faster, compatible, and accurate. The computerized accounting system enables the accountant to record the transactions into the computer which processes the other steps of accounting cycle automatically or by a request. And it requires a qualified accountants to classify some items appropriately in order to have an unqualified or a clean financial reports.


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