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
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