1. No category

GSRJ
VOLUME 1
ISSUE 5
(MARCH –APRIL 2015)
ISSN : 2349-9397
A PEER REVIEWED INTERNATIONAL
JOURNAL OF GLOBAL SCHOLASTIC
RESEARCH JOURNAL
GSRJ
GLOBAL SCHOLASTIC RESEARCH
JOURNAL OF MULTIDISCIPLINARY
THE CONTEMPORARY DOUBLE ENTRY BOOK KEEPING AND MODERN
ACCOUNTING APPLICATION
EMEKA E. ENE¹; ADEBAYO P. ADEJOLA²; JOSEPHINE C. ENE3
1
Department of Accounting, Bingham University, Karu, Nasarawa State, Nigeria
Department of Accounting, Nasarawa State University, Keffi, Nasarawa State Nigeria
3
Department of Business Administration, Bingham University, Karu, Nasarawa State, Nigeria
2
Abstract
The study undertakes an empirical analysis of double entry book keeping and modern accounting
application. Chi- square method of analysis was used in testing the hypothesis raised for the
study. It was observed from the analysis that there are alternatives to conventional double entry
principle in modern day book-keeping and accounting. The weakness of double entry accounting
system was found not to outweigh its strengths. The result further showed that double entry
accounting system is generally applicable in modern day computerized accounting system; this is
attributable to the fact that conventional accounting books have become more difficult,
cumbersome and susceptible to errors and avoidable irregularities in the contemporary globalized
digital society. The study thus recommends the use of computerized double entry accounting
system for generation of financial information in the modern society as it serves as an antifraud
tool beyond effectiveness and efficiency which it affords financial reporting.
Reference
Anthony, R.N., D.F, Hawkins, and K.A. Merchant, (2007), ‘Accounting: Text and Cases’,
McGraw
Hill/Irwin (Singapore - International edition).
Chatfield, M, (2007), A History of Accounting Thought. New York: Dryden Press.
Gleeson-White, J. (2012), ‘Double Entry: How Merchants of Venice Created Modern Finance’,
W.W. Norton &
Company.
Libna, R (2005).The Development of Double Entry Bookkeeping and its Relevance in Today's
Business Environment. Journal of Business Administration, Management, and Operations,
1(4)
Ingram, R.W (1998), ‘A Note on Teaching Debits and Credits in Elementary Accounting’,
Issues in Accounting Education, 13(2).
Kieso, D.E., J.J. Weygandt, and T.D. Warfield, (2011), ‘Intermediate Accounting IFRS
Edition’, John Wiley &
Sons.
Nelson, I.T.(1994), ‘What’s New about Accounting Education Change? An Historical
Perspective on the
Change Movement’ Accounting Horizons, 9 (4).
Patten, R.J., and D.Z. Williams, (1990) ‘There’s Trouble – Right Here in Our Accounting
Programs: The Challenge to Accounting Educators’, Issues in Accounting Education, 5(2)
Peters, R.M. and Emery, D.R (1978) ‘The Role of Negative Numbers in the Development of
Double Entry Bookkeeping, Journal of Accounting Research, 16(2).
Pincus, K.V.(1997), ‘Is Teaching Debits and Credits Essential in Elementary
Accounting?’,Issues in Accounting Education, 12 (2).
Scorgie, M.E. (1989), ‘"The Role of Negative Numbers in the Development of Double Entry
Bookkeeping": A
Comment’, Journal of Accounting Research, 27(2).
Global Scholastic Research Journal Of Multidisciplinary
www.globalscholasticresearch.org
GSRJ
VOLUME 1
ISSUE 5
(MARCH –APRIL 2015)
ISSN : 2349-9397
Vangermeersch, R.G.(1997), ‘Dropping Debits and Credits in Elementary Accounting: A Huge
Disservice to Students’, Issues in Accounting Education,12(2)
Wallace, W.A. (1997), ‘Where Are the Debits and Credits? Editor’s Perspective’, Issues in
Accounting
Education, 12(1).
Warren, D.L. and M.N. Young (2012), ‘Integrated Accounting Principles: A Best Practices
Course for
Introductory Accounting’, Issues in Accounting Education, 27 (1).
Weygandt, J.J., P.D. Kimmel, & Kieso (2011), ‘Financial Accounting: IFRS Edition’, John
Wiley & Son.
Williams, J.R., S.F. Haka, & M.S. Bettner (2007), ‘Financial & managerial accounting: The
basis for business
decisions’, McGraw-Hill/Irwin (Singapore - International edition).
Yuji, I. (2009), Momentum Accounting and Triple-Entry Bookkeeping: Exploring the Dynamic
Structure of Accounting Measurements. Carnegie Mellon University, American
Accounting Association.
Global Scholastic Research Journal Of Multidisciplinary
www.globalscholasticresearch.org