ACCOUNTING EDUCATION STUDENT NEED IN LEARNING FINANCIAL ACCOUNTING IN COLLEGE OF EDUCATION IKERE-EKITI

TABLE OF CONTENTS

Title page                                                                                i

Approval page                                                                        ii

Certification                                                                                      iii

Dedication                                                                               iv

Acknowledgements                                                                 v

Table of contents                                                                     vi

Abstract                                                                                  viii

 

CHAPTER ONE: INTRODUCTION

Background of the study                                                                   1

Statement of the problem                                                                  7

Purpose of the study                                                               8

Significance of the study                                                                   9

Scope of the study                                                                            9

Research questions                                                                           10

 

CHAPTER TWO

REVIEW OF RELATED LITERATURE                                11

Introduction                                                                                      11

Concept framework                                                                 20

CHAPTER THREE

RESEARCH METHODOLOGY                                             22

Research Design                                                                      22

Population of the study                                                           23

Sample and sampling techniques                                            23

Research instrument                                                                24

Validation of the instrument                                                   25

Administration of the instrument                                            25

Data analysis                                                                           25

CHAPTER

DATA ANALYSIS AND DISCUSSION OF FINDINGS                 25

CHAPTER FIVE

DISCUSSION OF RESULTS, CONCLUSIONS                    34

RECOMMENDATION AND SUMMARY                                      37

Summary                                                                                 36

Conclusion                                                                              38

Recommendation                                                                     39

REFERENCES                                                                       40

Appendix A: Letter of Introduction                                        41

Appendix B: The Research Questionnaire                              42

 

CHAPTER ONE

INTRODUCTION

Background of the study

Accounting is the process of recording, classifying, selecting, measuring, interpreting and communicating, financial data of an Organization to enable users make decision. It incorporate measurement and reporting of profit and loss. An accountant must not only be interested in record keeping alone but in the application of his profession competency or knowledge and skill in presenting accounting information to assist management decision making. Accounting is identified as a process as it performs the specific task of collecting, processing and communicating financial information.

Also accounting is an art of recording, classifying, summarizing and finalizing the financial data. The word  art” refers to the way of performing something. It is a behavioural knowledge involving  certain creativity and skill that may help to attain some specific objectives.

Accounting as a means to an end finds out the financial result and position of an entity at the same time, it communicates this information to it users. The users then take their own decision on the basis of such information so, it can be said that more keeping of accounts can be primary objective of any person or entity

Accounting deals with financial information and transactions; accounting records the financial transactions and data after classifying the same and finalizes their results for a definite period for conveying them to their users. Accounting is recognized and characterized as a store house of information. As a service function, it collects processes and communicates financial information of any entity. This discipline has been evolved out to meet the need of financial information required by different interested groups.

Accounting can be used for the following:

  • Decision making
  • Provision for permanents records for all transactions
  • Determination of profitability of a business concern
  • Used for tax assessment
  • Prevention of fraudulent practices
  • Provision for means by which the finances of a business are controlled
  • It shows the income and expenditure
  • The assets and liabilities are shown by the accounting records

There is no accurate record as to when accounts started, but available information suggested that record keeping is as old as man. The starting point can be linked to the merchants in the Babylonian and Assyrian civilizations, about 4000 year BC. The modus operandi for keeping records then was to make marks on the wall or stone or papyrus or wax tablets. The methods of keeping financial records was highly primitive.

The history of accounting is not complete without mentioning the name of an Italian Monk and Mathematician LUCIA PACIOLO  in 1494, the crucial event in accounting was the introduction of double entry book system in Italy describe as “Italian Method”. In his famous treatise Sumina De. Arithmetical Geometrical proportion et proportionalita in 1494 in Venice, Reverend father Lucca Paciolo described the double entry system by giving insight into the reasoning behind accounting records. He postulated that all entries must have double-entry one debtor, and one a creditor. Even though during this period the records were prepared to show statement for the business rather than the owner, but the yearly preparation was still lacking.

After Paciolo, a Dutchman advocated the profit and loss account at yearly interval. The level of civilization and technology advancement helped in the development of modern methods of accounting.

During the industrial Revolution, Different professional bodies were formed e.g. Institute of Chartered Accountants of Nigeria (ICA) Scotland in 1854, Institute of Chartered Accountant (ICA) England and Wales in 1880,  and Association of public Accountants in USA in 1887.

Accounting also entails providing a company’s management with the information it needs to keep the business financially healthy. These analyzes and reports are not distributed outside of the company some of the information will originate from the recorded transactions but some of the information will be estimates and projections based on various assumption.

Today much of the recording, have been automated as a result of the advances in computer technology. Financial Accounting is focused on keeping the books for companies, these records are used to present to the outsides world. To do this you start off by learning the basics calculations and the required journal entries (which you use to keep track of all the dealings of the company).

Accounting programs should ensure that students have the rudimentary tools they need to succeed in the accounting profession. Accounting circular, however, are being criticized  for not focusing enough on values, ethics and integrity (Albrecht &Sack, 2000) past incident of unethical behaviour in the accounting profession echo the need for ethics in accounting education. During the first few years of ethical challenges. How will they react if they have not been taught to handle such situations? Chan and Leung (2006) reported that student may have the ability to determine what is ethically right or wrong, but may fail to behave ethically due to an inability to identify ethical issues.

Accounting educators must no longer argue that restrictions on programs, cost and the lack of resources prohibits a course in accounting  ethics clearly, the most severe threat to the accounting profession deserves more attention.

Many accounting programs continue to struggle with how to effectively include ethics into their curriculum

  • Learning Strategies: selecting and using training / instructional methods and procedures appropriate for the situation when learning or teaching new things
  • Active Learning: Understanding the implications of new information for both current and future problem, solving and decision making
  • Social Perceptiveness: Being aware of others reactions and understanding why they react as they do
  • Coordination: Adjusting actions in relation to other’s actions
  • Persuasion: Persuading others to change their minds or behaviour
  • Operations Analysis: Analyzing needs and product needs and product requirements to create a design.

The purpose of this study is to determine the Need in Learning Financial Accounting by Accounting Education Students College of Education, Ikere-Ekiti.

Information technology has created significant benefit for accounting departments. Information and computer systems have shortened to prepare and present financial information for management and stakeholders. The trend in information communication technology has affected the quality of education received by accounting education students.

Despite the revolution of information communication technology on daily lives, schools are very low in adapting to great resources. The accounting education programmes of most schools like Universities, Polytechnic and College of Education, fail to include the knowledge of accounting packages like, Microsoft Excel, Microsoft Access, Sage Accounting and peach Tree Accounting.

Microsoft Excel is an electronic spreadsheet programme that can be used for storing, organizing, and manipulating data. It helps in inventory management and it is highly suitable for preparing an organization payroll. In the same vein, peach tree accounting packages help the recipients develop skills in management information system. The training in peach tree accounting packages exposes the trainees to the knowledge of inventory management records as well as management of system frauds. Similarly the sage Accounting Scheme encourages accounting trainees of all sizes to become Information Communication Technology specialists knowledge of sage accounting packages enhances good credit control in an organization by guidance of preparation of control account as a result of a good design of nominal records. In conclusion Microsoft Access exposes the learners to the basics in the data base creation  of tables option. The trainee acquire skills in production of works like students, bank and organization’s forms are designed using Microsoft Access.

 

Statement of the problem

The rapid technology changes in method of preparing, recording, summarizing and interpreting of financial transactions call for an introduction of accounting packages into accounting education curriculum.

Ekwue (1993) rightly observed that poor teaching and learning has led to some of the accounting teachers not gotten a high degree of skills. When the quality of skill acquire is deficient, graduate of the programme cannot perform efficiently in organization when employed or effectively teach these skills to their students. This study therefore sought to identify the accounting packages to be included in the accounting education programme for higher institutions in particular the College of Education Accounting Education Programme.

 

Purpose of the study

The main purpose of this study is to ascertain  the skills that graduates of accounting education in higher institution like College of Education would need in learning financial accounting.

 

Specific objectives

  1. To ascertain whether Microsoft Excel sub skill would be part of the need of accounting education students in leaning financial Accounting
  2. To determine whether sage accounting sub skill in part of the need of accounting education students in learning financial accounting
  3. To ascertain whether peach tree accounting sub skills is part of the need of accounting education students in learning financial accounting.
  4. To determine whether the level or requirement of Microsoft access accounting sub skills would be part of the need of accounting education students in learning financial accounting.

 

Significance of the study

Students will be equipped with fundamental accounting skills and principles necessary for preparation of books of accounts and financial statements.

 

Scope of the study

This study is significant in that;

  • It would highlights specific ICT skills need by graduate of accounting education
  • Enable the administrators of accounting education in College of Education to plan for equipping of accounting education laboratories

 

 

 

Research Questions

In order to achieve the objectives for which this study was carried out the following research questions were generated

  • Would Microsoft Excel sub skill be a need for Accounting Education Students?
  • Could sage accounting sub skill be a need for Accounting Education students in learning financial accounting
  • Would peach tree accounting be a need of Accounting Education students in learning financial accounting?
  • Would Microsoft access be a need of Accounting Education Students in learning financial accounting?

 

 

This Project is is available for the below list of Nigerian State capitals.
Abia Umuahia, Adamawa Yola, Akwa Ibom Uyo, Anambra Awka, Bauchi Bauchi, Bayelsa Yenagoa, Benue Makurdi, Borno Maiduguri, Cross River Calabar, Delta Asaba, Ebonyi Abakaliki, Edo Benin. Ekiti Ado Ekiti, Enugu Enugu, Gombe Gombe, Imo Owerri, Jigawa Dutse, Kaduna Kaduna, Kano Kano, Katsina Katsina, Kebbi Birnin Kebbi, Kogi Lokoja, Kwara Ilorin, Lagos Ikeja, Nasarawa Lafia, Niger Minna, Ogun Abeokuta, Ondo Akure, Osun Oshogbo, Oyo Ibadan, Plateau Jos, Rivers Port Harcourt, Sokoto Sokoto, Taraba Jalingo, Yobe Damaturu, Zamfara Gusau, FCT Abuja.

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