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.
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(MARCH –APRIL 2015)
ISSN : 2349-9397
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