COMPUTERIZATION OF MOVEABLE FIXED ASSETS (A CASE STUDY OF ONDO STATE INVESTMENT HOLDING COMPANY LIMITED, AKURE)
ABSTRACT
This study was carried out to
investigate the computerization of moveable fixed Assets ( a case study of Ondo State
investment holding company limited, Akure.
investigate the computerization of moveable fixed Assets ( a case study of Ondo State
investment holding company limited, Akure.
The project work was introduced by
its background of the study. Also
problem, purpose, objective, scope, limitation, motivation, contribution to
knowledge were all discussed in chapter one.
its background of the study. Also
problem, purpose, objective, scope, limitation, motivation, contribution to
knowledge were all discussed in chapter one.
Chapter two deals with the reviews of
related literatures where the computerization of moveable fixed assets.
related literatures where the computerization of moveable fixed assets.
In chapter three, research designs
and methodology as well as the population and sample of the study were
discussed.
and methodology as well as the population and sample of the study were
discussed.
While chapter four deals system
implementation, staff training and evaluation and maintenance.
implementation, staff training and evaluation and maintenance.
Finally, the study was summarized and
some useful recommendation and as well as the reference for the research work
were discussed and included.
some useful recommendation and as well as the reference for the research work
were discussed and included.
TABLE OF CONTENTS
Title page
Certification
Dedication
Acknowledgement
Abstract
Table of contents
CHAPTER ONE
1.1
Background
of the study
Background
of the study
1.2
Statement
of problem
Statement
of problem
1.3
Purpose
of the study
Purpose
of the study
1.4
Objective
of the study
Objective
of the study
1.5
Scope
of the study
Scope
of the study
1.6
Definition
of terms
Definition
of terms
1.7
Limitation
of the study
Limitation
of the study
1.8
Motivation
Motivation
1.9
Contribution
to knowledge
Contribution
to knowledge
CHAPTER TWO
2.0 Literature
Review
Review
2.1
The
method of department of fixed assets
The
method of department of fixed assets
2.2
Design
consideration
Design
consideration
2.3
Design
tools 16-17
Design
tools 16-17
2.4
Proposed
procedure for updating Fixed
Proposed
procedure for updating Fixed
Assets Registers
2.5
Structure
program
Structure
program
CHAPTER THREE
3.1
Methodology
Methodology
3.2
System
Analysis method of fact finding employed
System
Analysis method of fact finding employed
3.3
System
Design
System
Design
CHAPTER FOUR
4.1
System
Implementation
System
Implementation
4.2
Testing
Testing
4.3
Staff
Training
Staff
Training
4.4
Evaluation
and maintenance
Evaluation
and maintenance
4.5
Content
of Reports
Content
of Reports
4.6
Program Design
Program Design
CHAPTER FIVE
5.1
Summary
Summary
5.2
Conclusion
Conclusion
5.3
Recommendation
Recommendation
APPENDIX
REFERENCES
CHAPTER ONE
INTRODUCTION
1.1
Background of the Study
Background of the Study
Information is an important asset in
managing, planning and controlling the operations of an enterprise. Nowadays, management in establishments be it
private or government, put in operation systems that enable them to effectively
manage the information requirement of their establishment. One of the important resources of an
organization is the fixed asset. The
effective management of this resource will dictate the level of success of the
organization in its set goals.
managing, planning and controlling the operations of an enterprise. Nowadays, management in establishments be it
private or government, put in operation systems that enable them to effectively
manage the information requirement of their establishment. One of the important resources of an
organization is the fixed asset. The
effective management of this resource will dictate the level of success of the
organization in its set goals.
Keeping record of fixed assets of
most organization is done manually. This
entails the maintenance of ledgers, which are updated periodically as the need
arises. The information in the manually kept
ledgers are not always up to date, many of the records are not updated and even
when done, are prone to human errors including fraudulent manipulation of such
records.
most organization is done manually. This
entails the maintenance of ledgers, which are updated periodically as the need
arises. The information in the manually kept
ledgers are not always up to date, many of the records are not updated and even
when done, are prone to human errors including fraudulent manipulation of such
records.
Nowadays, modern technology has to
the development of information management acquirement the computer that has
made record keeping very efficient and convenient. There is no doubt that the application of
this modern equipment for managing the fixed asset of an organization will
remove inherent problems associated with the current manual method.
the development of information management acquirement the computer that has
made record keeping very efficient and convenient. There is no doubt that the application of
this modern equipment for managing the fixed asset of an organization will
remove inherent problems associated with the current manual method.
The application of computer in
transaction processing has a lot of advantages resulting from the capability of
computers, such fast speed of processing, and accuracy in computation ability
to store voluminous data and facilities for ensuring data security and
integrity which can be applied to keeping the fixed asset records an
organization fixed asset, according to Allen, RGD (1956) defined asset as
economic resources owned by a business that is expected to benefit in future
operations and it can be usefully expressed in monetary terms. Examples are
cash, accounts receivable inventories and plant and equipment.
transaction processing has a lot of advantages resulting from the capability of
computers, such fast speed of processing, and accuracy in computation ability
to store voluminous data and facilities for ensuring data security and
integrity which can be applied to keeping the fixed asset records an
organization fixed asset, according to Allen, RGD (1956) defined asset as
economic resources owned by a business that is expected to benefit in future
operations and it can be usefully expressed in monetary terms. Examples are
cash, accounts receivable inventories and plant and equipment.
Fixed assets are assets of property;
plant and equipment that are not subject top constant change in value and are
help permanently for used in the business.
The term fixed assets in used to describe long – lived assets acquired
for use in the operation of the business and not intended for resale to
customers. Among the common examples are
land buildings, machinery, furniture and fixtures, office equipment, vehicles,
plant, equipment, automobiles and tools.
plant and equipment that are not subject top constant change in value and are
help permanently for used in the business.
The term fixed assets in used to describe long – lived assets acquired
for use in the operation of the business and not intended for resale to
customers. Among the common examples are
land buildings, machinery, furniture and fixtures, office equipment, vehicles,
plant, equipment, automobiles and tools.
A delivery truck in the show room of
an automobile dealers on inventory; when this same truck is sold to a drug
store for use in making deliveries to a drug store for use in making deliveries
to customers it become a unit of fixed assets.
an automobile dealers on inventory; when this same truck is sold to a drug
store for use in making deliveries to a drug store for use in making deliveries
to customers it become a unit of fixed assets.
Useful Life or Productive Life of A Fixed Assets
The
useful life or productive life of an asset is the length of time during which
the asset will remain in use in a particular business. An asset can haves an estimated useful life
of 3 years in company A, where as in company B is different.
useful life or productive life of an asset is the length of time during which
the asset will remain in use in a particular business. An asset can haves an estimated useful life
of 3 years in company A, where as in company B is different.
1.2
Statement of Problem
Statement of Problem
The study sought to design and
analyze a system for fixed asset in Ondo
State investment holding
company limited.
analyze a system for fixed asset in Ondo
State investment holding
company limited.
Moveable fixed asset is depreciable,
if it meet some requirement, firstly that the fixed asset must based for production
of income, secondly, it must have a useful life more than one year, thirdly the
span of its useful life can be determined and lastly it must be something that
wears out or losses it value. In
processing fixed asset information procedures must be developed to do two
things first collect and record moveable fixed assets data and determine the
depreciation schedule and second determine the book value yearly.
if it meet some requirement, firstly that the fixed asset must based for production
of income, secondly, it must have a useful life more than one year, thirdly the
span of its useful life can be determined and lastly it must be something that
wears out or losses it value. In
processing fixed asset information procedures must be developed to do two
things first collect and record moveable fixed assets data and determine the
depreciation schedule and second determine the book value yearly.
Due of the major difficulties
associated with the design of moveable fixed asset accounting system is that
they are greatly affected by ever changing federal and state tax
legislation. Thus before examining the
preliminary processing overview for this application. We need to review the state of methods of
depreciation as well as the basic procedures of the methods of depreciation.
associated with the design of moveable fixed asset accounting system is that
they are greatly affected by ever changing federal and state tax
legislation. Thus before examining the
preliminary processing overview for this application. We need to review the state of methods of
depreciation as well as the basic procedures of the methods of depreciation.
1.3
Purpose of the Study
Purpose of the Study
The study seek to identify
computerization of moveable fixed asset in investment holding company limited
Akure. The company is made of different assets which include tangible and
intangible assets. Tangible asset
donates physical substance as exemplified by land, building or machine. Intangible asset include copyright,
trademarks, franchise organization cost. Etc.
computerization of moveable fixed asset in investment holding company limited
Akure. The company is made of different assets which include tangible and
intangible assets. Tangible asset
donates physical substance as exemplified by land, building or machine. Intangible asset include copyright,
trademarks, franchise organization cost. Etc.
The study seek to identify the
computerization of these intangible assets which are copyright, franchise,
trademark ledgers, organization cost.
The step in carrying out the task include the following:
computerization of these intangible assets which are copyright, franchise,
trademark ledgers, organization cost.
The step in carrying out the task include the following:
1)
Entering
new moveable fixed assets information combine new fixed assets information
Entering
new moveable fixed assets information combine new fixed assets information
2)
Enter
new vendors information. Information
about new vendor is added to the vendors master file
Enter
new vendors information. Information
about new vendor is added to the vendors master file
3)
Each
new classification type and department is added to the classification, types
and department files
Each
new classification type and department is added to the classification, types
and department files
4)
Printing
of the raw data from every database files
Printing
of the raw data from every database files
5)
Updating
which includes auditory debiting, recalling and packing
Updating
which includes auditory debiting, recalling and packing
6)
Printing
of our reports on moveable fixed assets.
Printing
of our reports on moveable fixed assets.
1.4
Objective of the Study
Objective of the Study
A system is defined as a group of
steps or procedure of parts that when combined into a well organizes logical
relationship produces desired result with emphasizes of efficiency and economy
of operation.
steps or procedure of parts that when combined into a well organizes logical
relationship produces desired result with emphasizes of efficiency and economy
of operation.
The need to apply modern technology
method to the management of fixed assets of an organization has been
established. The objective of this project therefore is to development a
computer based information system called “Fixed Asset Register system” (FARS).
method to the management of fixed assets of an organization has been
established. The objective of this project therefore is to development a
computer based information system called “Fixed Asset Register system” (FARS).
1.5
Scope of the Study
Scope of the Study
The transaction connected with the
fixed assets of an organization using in Ondo State Investment Holding Company
Limited, Akure as a study case which be able to accomplish the following
objective.
fixed assets of an organization using in Ondo State Investment Holding Company
Limited, Akure as a study case which be able to accomplish the following
objective.
i.
Up
– to – date record of all assets are readily available.
Up
– to – date record of all assets are readily available.
ii.
Information
on all assets can be easily retrieved which will aid the management in decision
– making.
Information
on all assets can be easily retrieved which will aid the management in decision
– making.
The benefit of computing can be
enjoyed serve asset may be given a useful life of 5 years. Useful life is expressed in units of output
whenever it is possible to measure the assets output.
enjoyed serve asset may be given a useful life of 5 years. Useful life is expressed in units of output
whenever it is possible to measure the assets output.
The useful life of a vehicle can for
instance be expressed in miles or kilometer that the vehicle will cover before
it is put into use. Regular maintenance
can prolong the productive life of an assets so in estimating useful life the
effects of maintenance must be taken into account.
instance be expressed in miles or kilometer that the vehicle will cover before
it is put into use. Regular maintenance
can prolong the productive life of an assets so in estimating useful life the
effects of maintenance must be taken into account.
The estimate useful life for assets
must take into account the nature of the asset and the usage rate of the assets
5 years is a reasonable estimate for most vehicles for typewriters 5 to 10
years is reasonable.
must take into account the nature of the asset and the usage rate of the assets
5 years is a reasonable estimate for most vehicles for typewriters 5 to 10
years is reasonable.
Major categories of fixed assets
Fixed assets items are often
classified into the following groups.
classified into the following groups.
Tangible fixed assets: The term tangible donates physical substance as exemplified by land a
building or a machine. This category may
be subdivided into two distinct classifications.
building or a machine. This category may
be subdivided into two distinct classifications.
a)
Plant
properly subject to depreciation include are plant assets of limited useful
life such as buildings and office equipment.
Plant
properly subject to depreciation include are plant assets of limited useful
life such as buildings and office equipment.
b)
Land: The only plant asset not subject to
depreciation is land, which was unlimited in terms of existence.
Land: The only plant asset not subject to
depreciation is land, which was unlimited in terms of existence.
Intangible assets: Examples are
copyright, trademarks, franchises, organization costs, the operation of the
business but have no physical substance and are non – current Ire high storage
facility and accuracy which may not be hundred percent available in keeping it
manually.
copyright, trademarks, franchises, organization costs, the operation of the
business but have no physical substance and are non – current Ire high storage
facility and accuracy which may not be hundred percent available in keeping it
manually.
1.6
Definition of Terms
Definition of Terms
A.
Block Chart: Shows the sequence of the main
procedure on a system. If is the
simplest flowchart. It gives the broad
picture only and contains no details of how each procedure is carried out. Only one symbol i.e. the rectangle is used in
its construction.
Block Chart: Shows the sequence of the main
procedure on a system. If is the
simplest flowchart. It gives the broad
picture only and contains no details of how each procedure is carried out. Only one symbol i.e. the rectangle is used in
its construction.
B.
System
Flowcharts: It shows in more detail the procedures outline in the block
diagram. It provides a picture of the
processing operation with the complete system and will therefore include
clerical and computer operations.
System
Flowcharts: It shows in more detail the procedures outline in the block
diagram. It provides a picture of the
processing operation with the complete system and will therefore include
clerical and computer operations.
C.
Program Flowchart: Program flowchart may be used to
show how procedures are to be carried out by the computer.
Program Flowchart: Program flowchart may be used to
show how procedures are to be carried out by the computer.
All procedure may be broken down into
combinations of sequences, selections or repetition of basic computer
operations and drawn on a program flowchart using appropriate symbol.
combinations of sequences, selections or repetition of basic computer
operations and drawn on a program flowchart using appropriate symbol.
1.7
Limitation of the Study
Limitation of the Study
These are numerous constraints that
hinder the overall achievement of the study among which are:
hinder the overall achievement of the study among which are:
1)
The
establishment does not keep all the records of fixed assets
The
establishment does not keep all the records of fixed assets
2)
The
establishment does not makes necessary adjustment to their fixed assets
records.
The
establishment does not makes necessary adjustment to their fixed assets
records.
3)
The
establishment failed to handle the end of month processing of fixed assess with
care
The
establishment failed to handle the end of month processing of fixed assess with
care
4)
The
company failed to put assets label and assets control in place.
The
company failed to put assets label and assets control in place.
1.8
Motivation
Motivation
The goal of any system is to improve
on previous practices the current system has systematically proved that as
evidenced in this project, the old practice of using manual method for moveable
fixed assets could not be relieved upon again.
It is not only crude cumbersome and error prone, it was discovered to be
outside and out stated, the new system i.e. database V plus software is able to
handle all moveable fixed asset processing in any computer environment with the
choice of appropriate software.
on previous practices the current system has systematically proved that as
evidenced in this project, the old practice of using manual method for moveable
fixed assets could not be relieved upon again.
It is not only crude cumbersome and error prone, it was discovered to be
outside and out stated, the new system i.e. database V plus software is able to
handle all moveable fixed asset processing in any computer environment with the
choice of appropriate software.
1.9
Contribution to Knowledge
Contribution to Knowledge
The goal of using database V plus
software computerization of fixed assets is to improve on previous
practice. The importance of
computerization of moveable fixed assets can not be over emphasized, be it
private or public to avoid problem of wasting of fund and its adverse effects
such as stoppage of production.
software computerization of fixed assets is to improve on previous
practice. The importance of
computerization of moveable fixed assets can not be over emphasized, be it
private or public to avoid problem of wasting of fund and its adverse effects
such as stoppage of production.
The new system is able to handle all
moveable fixed asset processing in any computer environment within the choice
of appropriate software.
moveable fixed asset processing in any computer environment within the choice
of appropriate software.
It
also enable government to rely on fixed asset application, it also help to
simplify physical audits and inspection.
It also need to prevent dubions means of aheating government and
government agencies in evaluating taxes.
also enable government to rely on fixed asset application, it also help to
simplify physical audits and inspection.
It also need to prevent dubions means of aheating government and
government agencies in evaluating taxes.
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