SCHOLARS SCITECH RESEARCH ORGANIZATION

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Online Publication Date: August 11, 2016

Volume 1, No. 1

SCHOLARS SCITECH RESEARCH ORGANIZATION Journal of Research in Humanities and Social Sciences www.scischolars.com

E-Accounting System as a Tool for Institutional Revenue Based and Attaining Efficiency in Nigerian Tertiary Institutions Raymond A. Ezejiofor1 Okoye, F. N. Jane 2 and Nwakoby, Nkiru Peace3 1

Department of accountancy, Nnamdi Azikiwe University, P. M.B. 5025, Awka. Department of Entrepreneurship studies, Nnamdi Azikiwe University, P. M.B. 5025. Awka. 3 Department of Entrepreneurship studies, Nnamdi Azikiwe University, P. M.B. 5025. Awka. 2

Abstract This study appraises electronic accounting in ensuring efficiency of operation and accountability in Nigerian tertiary institutions. Hypotheses were formulated in line with the objectives of the study. Survey research design was adopted. Data were obtained through the questionnaires administered on a sample of 160 respondents. Data collected were analyzed with five point likert‟s scale and the formulated hypotheses were tested with one sample t-test with aid of SPSS Version 20.0. This study reveals that electronic accounting system is a necessity in the operations in Nigerian tertiary institutions in this modern era. Another finding is that Lack of accountability and corruption practices by some public office holders are affected by lack of e-accounting system in the operational structure in Nigerian tertiary institutions as the absence of this breeds lack of accountability and corruption in the system. The study recommends amongst others that all the tertiary institution who has not been adapts to e-accounting system should as a matter of necessity to incorporate the attributes of effective computerized accounting system.

Keywords: Electronic accounting; Efficiency and accountability; Tertiary institutions. 1. Introduction The introduction of advanced information technology (IT) has changed the way that businesses or organizations conduct their businesses. The capabilities of IT have led to the introduction of various information systems, such as, accounting information system (AIS), manufacturing resource planning system (MRP) and human resource system (HRM) to manage the various aspects of a business (Kharuddin, Ashari, & Nassir, 2010). The proper use of this technology may create competitive advantage for most businesses and organizations in all fields, including accounting. As a single largest user of IT and purveyor of information for the organization (Hall, 2007), the evolution of IT in accounting has transformed the accounting information flow within and outside the organizations. Zakaria, Rahman and Elsayed. (2011), posit that the introduction of advanced information technology (IT) has changed the way that businesses or organizations conduct their businesses. IT as a key resource in accounting and financial information processing has enabled the tedious. Previous inefficient traditional paper-based manual accounting methods caused some problems, such as, wrong data entry, slow and inefficient task performance and massive utilization of paper products. Lack of data security was also a major issue. But, the emergence of computer based IT (Kharuddin et al., 2010) has changed not only the accounting profession itself, but also the accounting information systems and practices (Jackling & Spraakman, 2006). IT as a key resource in accounting and financial information processing (Salehi, Rostami, & Mogadam, 2010) has enabled the tedious task of manual bookkeeping to be substantially eliminated through the implementation of computerized accounting information systems (Aziz, 2003). Internal controls must be consolidated with the electronic systems in light of the huge development in the data electronic processing (Allaila and Tagreed Salem, 2002). Accordingly, internal control plays an important role in the prevention and detection of fraud. It is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations (Rezaee and Zabihollah, 2002).Internal control has critical task to monitoring financial data are relevant and accurate in electronic accounting system to avoid any fraud. In Fact, internal controls focused on the real risks of an organization to maintenance of value (Edward Chow, 2007). However, with a

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poor accounting system, the agencies may experience serious problems in managing public resources, such as, excessive costs, significant downtime, lost employee morale, inaccurate and inconsistent data generation, confusion, and blame shifting within the organization. Government accounting generally, is the process of recording, analyzing, classifying, summarizing, communicating and interpreting financial information about government in aggregate and in detail, reflecting all transactions involving the receipts, transfer and disposition of government funds and property. The purpose is to demonstrate the propriety of transactions and their conformity with established rules to give evidence of accountability for the stewardship of government resources and to provide useful information for the good control and efficient management of government operation (Nnamani, 2010). The information technologies that bring new approaches to the business administration of today have also influenced the accounting practices of establishments; especially the emergence of electronic business administration concept and the impacts of that concept on the accounting function have brought forward a new organization type called electronic accounting. According to Süleyman and Seçkin, (2012) stated that the new system has caused some changes on the basic principles and entry system of accounting and there are several studies within the literature in which the electronic accounting and fraud management concepts are taken into consideration separately. In this context, the purpose of their study is to determine the role of fraud management efficiency of the electronic accounting practices. Reem (2012) in his research, demonstrates the effectiveness of electronic accounting systems in providing appropriate financial information, which helps companies administrations to take decisions related to operational alternatives and means which can be used to manage the crisis encountered by electricity companies. However, the electronic accounting and electronic audit concepts are basis for curbing the inefficiency in corporate organizations. To best knowledge of the researcher, most of the studies in this area were carried out in private sector organizations; Amidu, Effah and Abor, (2011); Al-kasswna (2012); Serafeimidis and Simithon, (2003); Khalid, (2004); Muasher and Khisbeh, (2006); Abdullah and Qatanani, (2007); Naash and Khamis, (2009); Kalpona et al, (2011); Adel (2012); Siamak (2013); Agbim (2013). Much has not really done in Nigerian public sector, out of the two available studies on public sector, one was carried out in Malaysia, Wan Zakaria, Rahman and Elsayed (2011) while the other Amaefule, and Iheduru (2014) study was conducted in Nigerian government ministries. Since electronic accounting enhances decisions making in relation to financial policies, and fund transfer, it means that e-accounting system is an inevitable tool that required in the operations of the Nigerian public sectors to stamp out corruption and facilitates development of which Nigerian tertiary institutions are not left out. In view of this, the study appraises electronic accounting in ensuring efficiency of operation and accountability in Nigerian tertiary institutions. This paper is developed to add credence to the fact that e-accounting system is an inevitable tool required in the operations of the Nigerian government sector to stamp out corruption and facilitates development in Nigerian tertiary institutions. Specifically, the study intends to achieve the following; 1.

To ascertain the extent electronic accounting system is a necessity in the operations of government activities in Nigerian tertiary institutions in this modern era.

2.

To determine whether lack of accountability and corrupt practices is being affected by lack of e-accounting system in the operational structure of in Nigerian tertiary institutions.

1.2 Formulation of Hypotheses (Null) 1.

HO: Electronic accounting system is not a necessity in the operations of Nigerian tertiary institutions in this modern era?

2.

HO: Lack of accountability and corruption by some public office holders are not affected by lack of e-accounting system in the operational structure in Nigerian tertiary institutions.

2. Review of Related Literature 2.1 Conceptual Frame Work 1. Electronic Accounting The new information and communication technologies represent a vector of development and an important component of the formal information system is represented by computerized information (Alves, 2010). Many traditional accounting tasks dealing with recording and processing of accounting transactions can be reliably automated. Thus, accountants add little incremental value to organizations in this regard anymore. Rather, an accountant's worth is now reflected in higherorder critical-thinking skills, such as designing business processes, developing e-business models, providing independent assurance, and integrating strategic knowledge (Hunton, 2002).


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E-accounting is the application of online and Internet technologies to the business accounting function. Similar to e-mail being an electronic version of traditional mail, e-accounting is "electronic enablement" of lawful accounting and traceable accounting processes which were traditionally manual and paper-based. E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as digital tool kits, various internet resources, international web-based materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making (Wikipedia,2016) Online accounting through a web application is typically based on a simple monthly charge and zero-administration approach to help businesses concentrate on core activities and avoid the hidden costs associated with traditional accounting software such as installation, upgrades, exchanging data files, backup and disaster recovery. E-accounting does not have a standard definition but merely refers to the changes in accounting due to computing and networking technologies. Most e-accounting services are offered as SaaS (Software-as-a-service). E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as: digital tool kits, various internet resources, international webbased materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making (Mehmet, 2011). The advancements in information technology have eventually led to the introduction of computerized accounting systems in corporate reporting to help produce relevant and faithful representative financial reports for both management and external users for decision making (Greuning, 2006). The computerized accounting is designed to automate and integrate all the business operations and helps the company handle all the business processes easily and cost-effectively. With computerized accounting the company will have greater visibility into the day-to-day business operations and greater access to vital information automatically (David & Quang, 2012). It has the ability to handle huge volumes of transactions with speed or efficiency. The many advantages from the use of these systems have led many to conclude that computerized accounting systems in corporate reporting are the „engine of growth‟ in business organizations (frenzel, 2006). Financial reporting can be defined as the process of presenting financial data about a company‟s financial position, the company‟s operating performance, and its flow of funds (Rose & Hudgins, 2008). E-accounting or online accounting is the application of online and Internet technologies to the business accounting function. Similar to e-mail being an electronic version of traditional mail, e-accounting is "electronic enablement" of lawful accounting and traceable accounting processes which were traditionally manual and paper-based (Wikipedia, 2015). Financial reports are an essential source of information for the decision-making processes of economic agents. It‟s allows decision to judge the results of business strategies and activities in objective monetary terms to evaluating the financial performance of a business (Cláudia Lopez et al., 2011). Financial performance evaluation will process data through financial statement that will provide from accounting system (Matt, 2005) to assessing the profitability, operational efficiency and liquidity for a company by financial ratios (Bradley James Bryant, 2012).E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as digital tool kits, various internet resources, international webbased materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making. How does E-Accounting work? For e-accounting, the same software needs to be running simultaneously in the customer‟s computer and in the accounting office. The customer would log in to the accounting programme running on the server of the accounting service provider. The programme allows you to submit queries about the financial status of your company, print reports, view and change any data, prepare, change, view and enter invoices into the system 24 hours a day. The customer can work side by side with the accountant, discussing any issues or asking for explanations. Well implemented accounting supports the collection and processing of management information. A proper information management system enables you to add and process data that are not included in the accounts, ensuring the availability of all necessary information. What are the Merits of E-Accounting? 

Flexible – quickly customizable, according to the needs of companies operating in different sectors and with different requirements.

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Functional – software modules for general financial accounting, inventory, payroll or personnel administration can be used together or independently.


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User Friendly – simple and efficient to use.

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Current – provides direct access to accounting data 24 hours a day.

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Automatic – repetitive processes have been streamlined and automated.

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Trustworthy – simple to avoid and find any faults caused by human errors.

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Secure – the database is located in a reliable and secure server.

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Convenient – clear and easy to divide various tasks among several people, both within the company and between the customer company and the accounting office.

Online accounting is a convenient bookkeeping method for companies that need constant access to their financial details and reporting facilities. The software is easy to use and it helps save time and resources by making any repetitive operations redundant, since many of the processes have been automated. Uses of Electronic Accounting 

Accounts payable

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Accounts receivable

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Payroll

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Job costing

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Financial write-up and reporting

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Bank and account reconciliations

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Quarterly tax reporting

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Compliance reporting

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Tax return preparation

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Internal financial consultant

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Establish the control system

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Inform those concerned of financial condition

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Supply the business with adequate information

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Maintain contact with government agencies, bankers, etc.

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Provide insight, courses of action

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Facilitate future planning and growth

E-Accounting Entries When entries are considered within the traditional accounting approach, the issue is entering financial transactions in ledgers. When entries are considered within the electronic accounting, the issue is entering financial transactions on magnetic environments called electronic ledgers. The entries made on those magnetic environments are called e-entry. It is possible to perform the entry function of accounting easily by the “barcode” technology. In the establishments that prepare the accounting plan in detail, it is possible to enter the information read by "barcodes" automatically to the accounts. Because the codes on a barcode are identified to the computer previously, the data of stock ins and outs are directly entered into the related accounts. For example, when a good requested by a customer is passed through the barcode reader, the amount of the good and the sale price are automatically multiplied, the debt is entered into the current account of the customer while the receivable is entered into the sales account and the accounting entries are arranged (Dinç and Varici, 2008). The reliability of the entry function in electronic accounting depends on the structure of the accounting package software. On the other hand, within electronic accounting, the account codes, the document related detailed information, entry date and change date incase of essential cases have to be entered. In addition to the security precautions, identifying a separate input password for each computer and software will also increase the reliability of information within electronic accounting (Dinç and Varici, 2008). Great facilities are provided both for tax management and tax payer with electronic accounting system by keeping the ledgers and documents in electronic environment. The tax payer who avails from that


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system is saved from protection of ledgers, documents kept on paper and their transfers and paperwork, can reach any information at any time easily and the error possibility on papers is minimized.

2. Corruption in the Public Sector in Nigeria Corruption is defined as "an arrangement that involves an exchange between two parties (the demander and the supplier) which (i) has an influence on the allocation of resources either immediately or in the future; and (ii) involves the use or abuse of public or collective responsibility for private ends" (Salisu 2006). The International Monetary Fund defined corruption as “abuse of authority or trust for private benefit: and is a temptation indulged in not only by public officials but also by those in positions of trust or authority in private enterprises or non-profit organizations (Wolfe & Gurgen 2000). A corruption is endemic as well as an enemy (Agbu, 2003). It is a canker worm that has eaten deep in the fabric of the country and has caused stunted growth in all sectors (Economic and Financial Crime Commission (EFCC), 2005). It has been the primary reason behind the country‟s difficulties in developing fast (Independent Corrupt Practices Commission (ICPC), 2006). This is evident that Transparency International has consistent rating of Nigeria as one of the top. Corruption in Nigeria, as it presently manifested can be appropriately termed endemic or systemic. Corruption is an effort to secure wealth or power through illegal means for private benefit (Osimen, Adenegan &Balogun, 2013). Corruption like cockroaches has coexisted with human society for a long time and remains as one of the problems in many of the world‟s developing economies with devastating consequences. Corruption as a phenomenon, is a global problem, and exists in varying degrees in different countries (Agbu, 2003). In Nigeria, it is one of the many unresolved problems (Ayobolu, 2006) that have critically hobbled and skewed development. It remains a long-term major political and economic challenge for Nigeria (Sachs, 2007). It is a canker worm that has eaten deep in the fabric of the nation. It ranges from petty corruption to political/bureaucratic corruption or Systemic corruption (international Center for Economic Growth, 1999). In many African states, particularly Nigeria, corruption is a clog in the wheel of progress, as well as a malaise that inflicts every aspect of the society. Corruption drains African countries more than US$140 billion yearly (Ribadu cited in Obuah, 2010). Corruption deprives enabling environment for potential investors to invest; it distorts public expenditure, increases cost of running businesses, cost of governance and diverts resources from poor to rich nations. Nigeria is the most populous country in Africa; it has an estimated population of 160 million people (Ogbewere, 2015).

3. Efficiency in Public Sector An efficient and neutral public bureaucracy is essential in a democratic system because it leads to an efficient and effective public bureaucracy. The public bureaucracy has a significant role to play in the administration of government; it ensures that the delivery of goods and services are evenly distributed to ensure equity (Okekeocha, 2013). A corrupt bureaucracy can lead to a decrease in the quality of goods and services being provided by the government. The public bureaucracy in Nigeria is plagued with a number of problems that have hindered its effective role in the country (Okotoni 2001). One problem encountered by the public sectors is the politicization of jobs in the sector. Bureaucrats are supposed to be non-partisan but some positions in the public sector in Nigeria are highly political. Some positions in the public sector during the military era have some political influence, offices like the Permanent Secretary and the Head of Service were given to political military officers. Although there is nothing wrong with civil servants having an interest in politics, it can sometimes undermine the decisions made by their office. Public perception on such a decision will be highly criticized as being unprofessional and unfair because of their political party affiliation (Okotoni 2001).

4. Accountability Adebayo (1981) defines accountability as “. A requirement which subjects public officers to detailed scrutiny by the legislature over objectives, use of resources and manner of performance” ; Also, it is a process whereby one renders an account of his activities to someone who has the power to ask for it and also evaluate and reward ones performance” (Olowo-okere,1986). While for Onochie (2001) it is seen as “the duty to truthfully and transparently do ones duty and the obligation to allow access to information by which the quality of such services can be evaluated and being responsible and answerable to someone for some action. Accountability is not just another political catchword; it is an institutionalized practice of accounts giving. Accountability refers to a specific set of social relations that can be studied empirically. Accountability has been defined from this perspective as a social relationship in which an actor feels an obligation to explain and to justify his or her conduct to some significant other (Day and Klein 1987; Romzek and Dubnick, 1998). Schlenker (1997) sees accountability as "being answerable to audiences for performing up to prescribed standards that are relevant to fulfilling obligations, duties, expectations and other charges. The International Organization of Supreme Audit Institutions (INTOSAI) as cited in Boncondin (2007) defines it “as the obligation of persons or entities entrusted


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with public resources to be answerable for the fiscal, managerial and program responsibilities that have been conferred on them and to report to those that have conferred these responsibilities”. Similarly, Inanga (1991) views accountability as a process in which individuals and organizations are compelled to be answerable for their actions and responsibilities. Implied in these definitions is the notion that those entrusted with public funds have a legal duty to count and report the way in which the resources were allocated, applied and the results achieved. Accountability can also be seen from the perspective of social relationship as Bovens (2006) sees accountability as a relationship between an actor and a forum, in which the actor has an obligation to explain and to justify his or her conduct in which case, the forum can ask questions and pass judgment and the actor may face consequences. The actor may be an individual or an organization while the forum can be a specific individual, usually a superior or an agency such as legislature or the audit office. The concept of accountability involves two stages: answerability and enforceability. Answerability refers to the obligation of the government, its agencies and public officials to provide information about their decisions and actions and to justify them to the public and those institutions of accountability tasked with providing oversight. Enforcement on the other hand suggests that the public or the institution responsible for accountability can sanction the offending party or remedy the contravening behaviour (Akinbuli, 2013). As such, different institutions of accountability might be responsible for either or both of these stages. -Legal Accountability: Under this, the Public officers can also be summoned by courts to account for their acts, or on behalf of the agency as a whole. The Parliament and the judiciary act as legal accountability. The Parliament holds the executive politically accountable, while the judiciary holds the executive legally accountable. -Professional Accountability: Professionals also take appointment as public servants; Such Professionals include: Chartered Accountants, Doctors and Engineers. These professionals belong to one association or the other and they are to act in compliance with their ethics and code of conduct. They are also accountable to both the public and their professional body.

2.2 Theoretical Framework 1. Agency Theory: Contrary to the resource dependency perspective, an agency theory perspective according to Li, (2011) suggests that if owners are concerned that managers‟ interests are not in congruence with their own and that managers will act in ways that will prevent profit maximization and potentially threaten the company‟s existence, then owners must believe that such managers have a great deal of control over the firm. In order to show the appropriateness of their conduct, managers will emphasize their role in positive outcomes, and maximize their role in negative outcomes. To the extent that one would expect the Enron scandal to be on the minds of most top management teams. One might expect to find this effect regardless of firm characteristics. This study was anchored on the Agency theory. The theory states that problems are bound to arise in any cooperative exchange when one party (principal) contracts with another (the agent) to make decisions on behalf of the principal (Michael, Peter, Sven-Olaf, Philippe, 2005). According to agency theory, the firm is a legal fiction which serves as a focus for complex, process in which the conflicting objectives of individual are brought into equilibrium within a framework of contractual relations (Amat & Gowtharpe, 2010). Agency as widely known is a consensual relationship existing between two parties by which one the agent (Accountants/ Auditors) is authorized to act on behalf of another, the principal (Management/ Stakeholders).

2.3 Empirical Studies Serafeimidis and Simithon, (2003) assessed the information systems by studying the social and organizational dimensions affecting them and to achieve the objectives of the study, the questionnaire was designed and applied to a sample of 160 employees working in information systems departments of participating companies . One of the most important results of this paper is that there are social and organizational dimensions must be addressed and the assessment process of these systems were complex and needs large human efforts of the entity‟s staff who are familiar with the system and know its secretes and capacities. The study indicates that it is necessary that assessment process is synchronously conducted and planned on a regular basis with the work performance. Amidu, Effah and Abor, (2011) explores the e-accounting practices among SMEs in Ghana. The study also looks at the expectations, realities and barriers in adopting e-accounting. The research design is based on a survey methodology using a sample of systematically selected SMEs throughout the country. The findings reveal that SMEs put in place accounting softwares to generate their financial information. The main value of this paper is the discussion of e-accounting practices of SMEs in Ghana.


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In another, Al-kasswna (2012) evaluate the effectiveness of electronic accounting information systems in energy sector under conditions of uncertainty in the electricity companies in Jordan through studying and assessing the availability of properties related to the quality of accounting information systems in electronic information System in electricity companies, and the ability of accounting information system to provide appropriate information for planning, control and decision-making under conditions of uncertainty. The researcher uses the descriptive analytical method reviewing the related studies and literature of accounting information systems and the preparation of questionnaires distributed to the electricity companies in the energy sector. 4 questionnaires are distributed to cover categories of the system users: financial and control managers in those companies to assess the characteristics and provide data required under conditions of uncertainty. The study has found that the characteristics of electronic accounting information systems highly influence the performance of electricity companies of Jordan under conditions of uncertainty. The electronic accounting information system in electricity companies in Jordan is effective in providing information for the purposes of planning under conditions of uncertainty, and in providing information for decision-making under conditions of uncertainty and for the purposes of control under conditions of uncertainty. Khalid, (2004) evaluate the performance of computer-based accounting systems suitable to meet the department needs. The questionnaire was designed to explore the opinions of officials of industrial companies in Jordan on the performance of those systems. The study results shows that the majority of Jordanian Industrial Companies rely on computer-based accounting information systems and applicable regulations achieve the objectives of users of financial and administrative statements as well as ease and speed of such systems to meet the needs of such data users. Muasher and Khisbeh, (2006) identify the impact of organizational and technical factors on the applications of management information systems in the Jordanian banking sector and to achieve the objectives of the study, the questionnaire was designed and developed for the purpose of data collection and distribution to the study sample. The most important results of the study is that there is a statistically significant effect for the technical and organizational factors variables in the applications of management information systems in its role and importance in achieving psychological satisfaction, acceptance of the resistance reasons, the raise of employees morale and importance in the organization. Abdullah and Qatanani, (2007) aims to identify the characteristics and variables, and factors that make up the banking environment and to measure the impact on the efficiency and effectiveness of accounting information systems in Jordanian commercial banks. The study data has been collected through a questionnaire that distributed to a sample worker in management of information systems in those banks. The most important results of the study are that there is a great influence for each legal factors, professional regulations, technical factors administrative and organizational factors, and behavioral factors on the efficiency and effectiveness of accounting information systems. The efficiency and effectiveness of these systems vary depending on the different level of the banking management interest of these factors at building, designing and developing accounting information systems. Naash and Khamis, (2009) The study aims to determine the impact of accountants in developing accounting information systems on those systems efficiency and application on financial performance of industrial companies in Jordan, as well as to investigate the effect of the application of those systems on the financial performance of companies. This study has applied on a sample of 53 industrial companies listed in the financial market in Jordan. The most important results of the study are that there is a direct correlation of statistical significance between participating accountants at all stages of the development of accounting information systems and the performance of those systems. It also indicates that there are statistically significant differences between performance indicators before and after the application of system except for sales operating income while it also shows that there are statistically significant differences between the financial performance indicators of companies that apply the computer-based accounting information systems and those companies‟ financial indicators that do not apply such systems. Kalpona et al, (2011) examine the impact of the use of accounting information systems on the financial performance of Jordanian industrial companies, by comparing the averages of some financial measures of performance before and after using the computerized accounting information system. The certain financial performance measures have been used such as the return on assets (ROA) and return on equity (ROE) and Earnings Per Share (EPS) before and after using the accounting information system in companies. The most important results of this study are that there is no statistically significant difference between the averages of the three financial measures used in the study before and after the date of the use of accounting information system, indicating that there is no effect of accounting information systems on the financial performance of companies. Wan Zakaria, Rahman and Elsayed (2011) investigate the impact of E-Accounting on task performance outcomes in public sector agencies (PSAs) in Malaysia. The target population for the study was the users of E-Accounting from the accounting, finance and budgeting departments of federal ministries and agencies in the administrative centres of Putrajaya, Kuala Lumpur and Selangor areas. Using the random sampling method, 643 questionnaires were distributed, but 399 were collected. A multiple regression model and Pearson correlation coefficient were used to test the hypotheses


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of the study. Results of the study show that the adoption of E-Accounting within public sector agencies in Malaysia has significantly improved the budgeting, accounting and reporting, and auditing and controlling task performance of the public sector agencies. In a similar study by Adel (2012) determined the effect of electronic commerce (e-commerce) on Accounting Information System (AIS) in Jordanian banks. The study importance arises from the need to recognize e-commerce and AIS as the greatest development in the world of business, the variables that will be affected by e-commerce are: reliability of AIS on the bank, the operational performance, cost of reduction, customer services. To achieve the objectives of the study a questionnaire was designed and distributed to the society of the Jordanian bank sector. The data analysis found out that the banks in Jordan have positive impact towards information technology they agree on the benefit of e-commerce and what customer can get from it. The statistical analysis showed that e-commerce had a positive impact on the AIS and that e-commerce has a significantly statistical relationship with AIS itself, AIS development, cost reduction aspect in the AIS of the bank, the aspect of improving the operational performance of the bank‟s AIS and finally with the customer service. Siamak (2013) identifying the impact of implementation of e-accounting system on financial performance with effects of internal control systems in services industry. The population of the study consisted of all listed companies have been operating in United Arab Emirate. Questionnaires were distributed among them through email; the researcher designed the questionnaire to target financial managers, accountants and internal auditors who worked at these companies. The hypotheses of the study were tested using the appropriate statistical methods, which are Cronbach Alpha, standards deviations and means, and One Sample T-(Test). The results of this study indicate that implementation of e-accounting system at these companies caused to effect on financial performance with effects of internal control systems. Results also show that measures of risk are more closely associated with internal controls and will effect on using e-accounting systems in these companies. In a related study, Amaefule, and Iheduru (2014) This paper focuses on underscoring the significance of electronic accounting information system in the operations of the Nigerian public sector, and highlights the inevitability of eaccounting system in checkmating corruption in the sector. It views e-accounting approach as a catalyst to the nation‟s economic development. An empirical survey was conducted on the government ministries. Data collected were analyzed using 5-point Likert Scale tool. Findings show, among other things, that the Nigerian public sector has not clearly operationalized e-accounting system and that it is of necessity that this system be activated in the sector‟s operational structures because corruption in the sector has been partly credited to its absence. The paper thus recommends the activation of the ideals of electronic accounting system in the structure of the nation‟s public sector. Agbim (2013) assess whether the application of Computerized Accounting System superceeds that of manual Accounting System, and that if computerized Accounting System enhance higher turnover and profitability, and also whether a computerized accounting system is an effective means of keeping accounting records. The study population is 70 persons who are the members of the staff of the three major selected banks. Using the Taro Yamene‟s formula the sample size calculated gave (60). The formulated hypotheses were tested using the analysis of variance (ANOVA) statistical technique at 5% level of significance. The researcher also made use of primary methods of data collection which included questionnaire and personal interview. Also the secondary method of data collection used was gotten from official documents of the banks, various research work on computerized accounting system, accounting journals, textbooks and Caritas University Amorji – Nike, Emene, Enugu State library. Based on these, the researcher recommended that banks in Enugu Metropolis should channel most of their resources in the training and development of bankers and Accountants personnel in computerized accounting system related technology such as I.C.T to boost performance in their banking operations and their personnel.

2.4 Summary Amidu, Effah and Abor, (2011); Khalid, (2004) reveal that SMEs put in place accounting soft wares to generate their financial information. Al-kasswna (2012) found that the characteristics of electronic accounting information systems highly influence the performance of electricity companies of Jordan under conditions of uncertainty and effective in providing information for the purposes of planning under conditions of uncertainty, and in providing information for decision-making under conditions of uncertainty and for the purposes of control under conditions of uncertainty. Wan Zakaria, Rahman and Elsayed (2011) Results of the study show that the adoption of E-Accounting within public sector agencies in Malaysia has significantly improved the budgeting, accounting and reporting, and auditing and controlling task performance of the public sector agencies. Siamak (2013) results indicate that implementation of e-accounting system at these companies caused to effect on financial performance with effects of internal control systems. Results also show that measures of risk are more closely associated with internal controls and will effect on using e-accounting systems in these companies. Amaefule, and Iheduru (2014) Findings show, among other things, that the Nigerian public sector has not clearly operationalized e-accounting system and that it is of necessity that this system be activated in the sector‟s operational structures because corruption in the sector has been partly credited to its absence.


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3. Methodology 3.1 Research Design A survey design method was adopted in this work because the study involves an investigation of people‟s opinion or other manifestation through direct questioning. The study covered Enugu and Anambra state of Nigeria. Since the research is a survey designs that needs people‟s opinion, the researcher choose these areas for easy accessibility in order to administer questionnaires to the respondents.

3.2 Population of the Study The accessible population for the study consists of Institution, Management and Technology, Enugu, Federal University of Nigeria Enugu Campus and Odumegwu Ojukwu University, Igbariam campus in Anambra state. The elements of the population includes; both the senior and junior staff of bursary department of these three institutions. The total population is 790.

Table 1: Population for the study S/N

Institutions

1

Institution, Management and Technology, Enugu,

108

2

Federal University of Nigeria Enugu Campus

72

3

Odumegwu Ojukwu University, Igbariam campus in Anambra state

87

Total

267 Source: Field Survey, 2016

In determination of sample size for the study, the researcher used the Taro Yamane method to determine the sample size as follows: N n

= I + N (e)2

Where N = the population size e= estimated error of 5% Applying the formula; Sample size

=

267 1 + 267 (0.05)2

= 160

3.3 Method of Data Analysis Data collected for the study were analyzed by the researcher using five point likert scales. The three hypotheses formulated for the study were tested with t-test with aid of Statistical Package for Social Sciences (SPSS) version 20.0 software package.

Decision Rule: Using SPSS, 5% is considered a normal significance level. The accept reject criterion was based on the computed tValue. If the calculated t-value is equal or greater than table t-value, we reject Null and accept alternate hypothesis.

4. Data Presentation and Analysis 4.1 Questionnaires Distributions and Collection Form the above table, out of 160 questionnaires that were administered, 236 were collected, and this represents 91%.

4.2 Data Analysis


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Table 2: Summary of data for hypothesis one S/N

Questionnaires

SA

A

UN

D

SD

1

The adoption of E-Accounting system in tertiary institutions will improve on information relating to accounting matters.

53

60

3

28

2

2

Electronic accountings enable the organization to easily identify the weakness in financial transaction of the tertiary institutions.

40

74

4

23

5

3

Using electronic means of accounting will reduced duplication of accounting work thereby reduced cost of operations

47

68

0

31

0

4

Electronic accounting ensures proper accountability in accounting section of the tertiary institutions.

41

78

0

20

7

5

E- Accounting system is more reliable and accurate in proving transparency of accounting works.

50

77

6

13

0

6

Fraudulent activities of the clients or management can be easily detected with the aid of E-Accounting system.

47

71

5

23

0

Source: Field Survey, 2016 Table 2. Summary of data for hypothesis two S/N

Questionnaires

SA

A

UN

D

SD

7

E-Accounting helps in reducing the volume of accounting jobs to be done by the accountants hence cost of operations will be reduced.

40

69

3

29

5

8

Electronic accounting promotes service delivery in order to improve corporate performance.

49

79

0

19

0

9

Electronic accounting ensures quick delivery of accounting work.

50

75

6

13

2

10

More work on accounting can be done hence early completion of accounting jobs and curb some manipulations.

47

71

5

23

0

11

Electronic accounting techniques promote effectiveness of accounting reports.

45

73

0

26

2

12

Electronic accounting has ensured integrity and transparency on financial duty of the tertiary institutions.

41

70

4

31

0

Source: Field Survey, 2016

4.3 Test of Hypotheses (Null) Hypothesis One HO: Electronic accounting system is not a necessity in the operations of Nigerian tertiary institutions in this modern era. One-Sample Test Test Value = 0 t

df

Sig. (2-tailed)

Mean Difference

95% Confidence Interval of the Difference Lower

Upper

1

2.407

4

.074

29.200

-4.48

62.88

2

2.245

4

.088

29.200

-6.91

65.31

3

2.198

4

.093

29.200

-7.69

66.09

4

2.078

4

.106

29.200

-9.82

68.22

5

1.975

4

.119

29.200

-11.84

70.24

6

2.162

4

.097

28.000

-7.97

63.97


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From the above one sample t-test table, there is a positive result from all the questions tested. The calculated t-value is 13.065 greater than table t-value is 1.812. This means that the calculated t-value is greater than the table t-value. It shows that the Using electronic means of accounting will reduced duplication of accounting work thereby reduced cost of operations. We therefore reject null hypothesis and uphold alternative hypothesis which states that electronic accounting system is a necessity in the operations of Nigerian tertiary institutions in this modern era .

Hypothesis two HO: Lack of accountability and corruption practices by some public office holders are not affected by lack of eaccounting system in the operational structure in Nigerian tertiary institutions. One-Sample Test Test Value = 0 T

df

Sig. (2-tailed)

Mean Difference

95% Confidence Interval of the Difference Lower

Upper

1

2.395

4

.075

29.200

-4.65

63.05

2

1.922

4

.127

29.400

-13.08

71.88

3

2.047

4

.110

29.200

-10.41

68.81

4

2.184

4

.094

29.400

-7.98

66.78

5

2.127

4

.101

29.200

-8.92

67.32

6

2.275

4

.085

29.200

-6.44

64.84

From the above one sample t-test table, there is a positive result from all the questions tested. The calculated t-value is 12.950 greater than table t-value is 1.812. This means that the calculated t-value is greater than the table t-value. It shows that Electronic accounting has ensured integrity and transparency on financial duty of the tertiary institutions. We therefore reject null hypothesis and uphold alternative hypothesis which states that Lack of accountability and corruption practices by some public office holders are affected by lack of e-accounting system in the operational structure in Nigerian tertiary institutions.

4.4 Discussion of Findings The outcome of the study indicates that an internal control system is affected by e-accounting systems in Nigerian tertiary institutions. Meanwhile that electronic accounting system is a necessity in the operations of government activities in Nigerian tertiary institutions in this modern era. However the result shows that Lack of accountability and corruption practices by some public office holders is affected by lack of e-accounting system in the operational structure in Nigerian tertiary institutions. This result is in line with Amaefule, and Iheduru (2014) who shows that the Nigerian public sector has not clearly operationalized e-accounting system and that it is of necessity that this system be activated in the sector‟s operational structures because corruption in the sector has been partly credited to its absence. Also the study of Rahman and Elsayed (2011) whose results of the study show that the adoption of E-Accounting within public sector agencies in Malaysia has significantly improved the budgeting, accounting and reporting, and auditing and controlling task performance of the public sector agencies. Others like; Amidu, Effah and Abor, (2011); Khalid, (2004); Al-kasswna (2012) were all in affirmation that e-accounting enhance efficiency and improve performance of an organization.

5. Conclusion and Recommendations 5.1 Conclusion The study focuses on the relevance of electronic accounting system in ensuring efficiency of operation and accountability in Nigerian tertiary institutions. Primary data were utilized in the development of the study. The primary data analysis enabled a clear discussion and decisions on the main objectives of this study; the study adopts Likert scale in analyzing the raw data collected through field survey. The outcome of the study indicates that an internal control system is affected by e-accounting systems in Nigerian tertiary institutions. Meanwhile that electronic accounting system is a necessity in the operations of government activities in Nigerian tertiary institutions in this modern era. However the result shows that Lack of accountability and corruption


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practices by some public office holders is affected by lack of e-accounting system in the operational structure in Nigerian tertiary institutions. The results of the analysis prove that the Nigerian public sector, just like many other public sectors of developing economies in Africa and beyond is in dear need of a well-designed electronic accounting information system in its operational structure, as the absence of this breeds lack of accountability and corruption in the system (Amaefule & Iheduru, 2014).

5.2 Recommendations Based on the results from the analysis of the study above, the following recommendations are proffered towards ensuring that financial irregularities in the Nigerian public sector in particular is curbed, through the installation of electronic accounting information system. Based on the results from the analysis of the study above, the following were recommended; 1.

Government should put more effort in rehabilitating scientific personnel operates the system to enable them deal with the urgent variables and developments in information technology as it concerns accounting.

2.

All the tertiary institution who has not been adapts to e-accounting system should as a matter of necessity in order to incorporate the attributes of effective computerized accounting system.

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