{"id":4040,"date":"2023-10-06T09:12:56","date_gmt":"2023-10-06T09:12:56","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=4040"},"modified":"2023-10-06T09:13:34","modified_gmt":"2023-10-06T09:13:34","slug":"week-10-ss3-second-term-financial-accounting-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-10-ss3-second-term-financial-accounting-notes\/","title":{"rendered":"Week 10 &#8211; SS3 Second Term Financial Accounting Notes"},"content":{"rendered":"<p>\u00a0<strong>WEEK TEN<br \/>\n<\/strong><strong>TOPIC: INTRODUCTION TO DATA PROCESSING<br \/>\n<\/strong><strong>CONTENT<br \/>\n<\/strong><\/p>\n<ul>\n<li>Definition of terms\n<\/li>\n<li>Stages of Data Processing\n<\/li>\n<li>Methods of Data Processing\n<\/li>\n<li>The Electronic Computer\n<\/li>\n<\/ul>\n<p>\u00a0Data Processing is the process of producing meaningful information from raw data.  It describes the series of actions taken to produce useful information by collecting all items of data together and performing operations on them.  The aim of data processing is to convert raw data into information.<\/p>\n<p>\u00a0<strong>Data<\/strong>: Data represent the raw unprocessed input element introduced into a system from which useful information is extracted.  Data is used to describe the facts and figure obtained which have not been grouped, related or evaluated in any way.<\/p>\n<p>\u00a0<strong>Information<\/strong>: Information consist of data which have been recorded organized classified  and processed into useful and meaningful form.  It is the output element of a data processing system.<\/p>\n<p>\u00a0<strong>QUALITIES OF A GOOD INFORMATION<br \/>\n<\/strong>(i)\u00a0\u00a0\u00a0\u00a0Accuracy<br \/>\n(ii)\u00a0\u00a0\u00a0\u00a0Timeliness<br \/>\n(iii)\u00a0\u00a0\u00a0\u00a0Completeness<br \/>\n(iv)\u00a0\u00a0\u00a0\u00a0Relevance<br \/>\n(v)\u00a0\u00a0\u00a0\u00a0Up to date<br \/>\n(vi)\u00a0\u00a0\u00a0\u00a0Cost effectiveness<\/p>\n<p>\u00a0<strong>DATA PROCESSING STAGES<br \/>\n<\/strong>(i)\u00a0\u00a0\u00a0\u00a0Origination<br \/>\n(ii)\u00a0\u00a0\u00a0\u00a0Preparation\/Sorting<br \/>\n(iii)\u00a0\u00a0\u00a0\u00a0Input<br \/>\n(iv)\u00a0\u00a0\u00a0\u00a0Processing<br \/>\n(v)\u00a0\u00a0\u00a0\u00a0Output<br \/>\n(vi)\u00a0\u00a0\u00a0\u00a0Storage<br \/>\n(vii)\u00a0\u00a0\u00a0\u00a0Distribution<\/p>\n<p>\u00a0<strong>METHODS OR TECHNIQUE OF DATA PROCESSING<br \/>\n<\/strong>(a)\u00a0\u00a0\u00a0\u00a0Manual Data Processing<br \/>\n(b)\u00a0\u00a0\u00a0\u00a0Mechanical Data Processing<br \/>\n(C)\u00a0\u00a0\u00a0\u00a0Electronic Data Processing<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Differentiate between data and information.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0List five qualities of a good information.<\/p>\n<p>\u00a0<strong>THE ELECTRONIC COMPUTER<br \/>\n<\/strong>Characteristics of a Computer<br \/>\ni.\u00a0\u00a0\u00a0\u00a0Speed \u2013 high speed of operation<br \/>\nii.\u00a0\u00a0\u00a0\u00a0Storage \u2013 Large storage volume<br \/>\niii.\u00a0\u00a0\u00a0\u00a0Versatility \u2013 Can be used to perform wide range of tasks<br \/>\niv.\u00a0\u00a0\u00a0\u00a0Diligence \u2013 It can perform similar operations at the same speed and accuracy at all times.<br \/>\nv.\u00a0\u00a0\u00a0\u00a0Automatic \u2013 Tasks are performed automatically based on the programme (instructions) given to the computer.<\/p>\n<p>\u00a0<strong>ELEMENTS OR COMPONENTS OF A COMPUTER<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0<strong>INPUT DEVICES<\/strong> \u2013 i. .e. the unit through which data are fed into the computer e.g. keyboards, terminals, optical mark readers optical character readers, magnetic ink character readers.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0<strong>CENTRAL PROCESSING UNIT<\/strong> \u2013 This is the part of the computer that carry out the computations and calculations.  It is made up of<br \/>\n\u00a0\u00a0\u00a0\u00a0(a)   \u00a0\u00a0\u00a0\u00a0The control unit<br \/>\n\u00a0\u00a0\u00a0\u00a0(b) \u00a0\u00a0\u00a0\u00a0The Arithmetic and Logic Unit<br \/>\n\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0The Internal Memory or Storage<br \/>\n3.\u00a0\u00a0\u00a0\u00a0<strong>OUTPUT DEVICES<\/strong> \u2013 These are used to transmit processed data to the users e.g printer, visual display units, plotters.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0<strong>STORAGE DEVICES<\/strong> \u2013 These are external storage devices used to hold information that would be required by the users of the computer e.g. diskettes, magnetic tapes, punched cards etc.<\/p>\n<p>\u00a0<strong>APPLICATION OF COMPUTERS IN AN ACCOUNTING ENVIRONMENT<br \/>\n<\/strong>Computers are used in finance and accounting for such applications as<br \/>\n1.\u00a0\u00a0\u00a0\u00a0Payroll system<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Nominal Ledger (or General Ledger) system<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Stock Control  System<br \/>\n4.\u00a0\u00a0\u00a0\u00a0Maintenance of Fixed Assets Register<br \/>\n5.\u00a0\u00a0\u00a0\u00a0Reconciliation of Accounts\/Auditing<br \/>\n6.\u00a0\u00a0\u00a0\u00a0Automatic cheque clearing system<br \/>\n7.\u00a0\u00a0\u00a0\u00a0Purchase Ledger System<br \/>\n8.\u00a0\u00a0\u00a0\u00a0Sales Ledger System<br \/>\n9.\u00a0\u00a0\u00a0\u00a0Financial Planning Services<br \/>\n10.\u00a0\u00a0\u00a0\u00a0Preparation of Management Reports<br \/>\n11.\u00a0\u00a0\u00a0\u00a0Financial Forecasting\/Projections and Budgeting<br \/>\n12.\u00a0\u00a0\u00a0\u00a0Computation of job cost estimates<br \/>\n13.\u00a0\u00a0\u00a0\u00a0Electronic fund transfer e.g. from one bank to another.<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What is a Computer?<br \/>\n2.\u00a0\u00a0\u00a0\u00a0List and explain three methods of data processing<\/p>\n<p>\u00a0<strong>GENERAL  REVISION QUESTIONS<br \/>\n<\/strong><\/p>\n<ol>\n<li>List six accounts found in the nominal ledger\n<\/li>\n<li>List six accounts found in the general ledger\n<\/li>\n<li>State two uses of the trial balance\n<\/li>\n<li>List five examples of accounts that have debit balances\n<\/li>\n<li>List four examples of accounts that have credit balances\n<\/li>\n<\/ol>\n<p>\u00a0<strong>READING ASSIGNMENT<br \/>\n<\/strong>Simplified Book-keeping and Accounting page 487-501<\/p>\n<p>\u00a0<strong>WEEKEND ASSIGNMENT<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0The fourth stage of the accounting information system is ____________<br \/>\n\u00a0\u00a0\u00a0\u00a0(a) recording\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(b) interpreting\u00a0\u00a0\u00a0\u00a0(c) summarizing\u00a0\u00a0\u00a0\u00a0(d) classifying<br \/>\n2.\u00a0\u00a0\u00a0\u00a0In the permanent storage device, DASD means________<br \/>\n\u00a0\u00a0\u00a0\u00a0Direct Access Systems Device\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(b) Direct Access Storage Device\u00a0\u00a0\u00a0\u00a0(c) Data Access System Device\u00a0\u00a0\u00a0\u00a0   (d) Data Access Storage Device<br \/>\n3.\u00a0\u00a0\u00a0\u00a0The input output and central processing units are the basic components of a computers _____<br \/>\n\u00a0\u00a0\u00a0\u00a0(a) memory\u00a0\u00a0\u00a0\u00a0  (b) software\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(c) printer \u00a0\u00a0\u00a0\u00a0   (d) skill<br \/>\n4.\u00a0\u00a0\u00a0\u00a0The computer that functions by taking discrete numbers and performing mathematical calculation is called ______<br \/>\n\u00a0\u00a0\u00a0\u00a0(a) mainframe\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(b) digital\u00a0\u00a0\u00a0\u00a0(c) hybrid analogue<br \/>\n5.\u00a0\u00a0\u00a0\u00a0Which part of the computer system does the keyboard device belong to ______<br \/>\n\u00a0\u00a0\u00a0\u00a0(a) output unit\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(b) logic unit\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(c) input unit\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(d) control unit<\/p>\n<p>\u00a0<strong>THEORY<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Mention and explain with diagrams, the stages of data processing.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0State four reasons why some firms still use manual data processing instead of electronic data processing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0WEEK TEN TOPIC: INTRODUCTION TO DATA PROCESSING CONTENT Definition of terms Stages of Data Processing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,313],"tags":[],"class_list":["post-4040","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-ss3-financial-accounting"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/4040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=4040"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/4040\/revisions"}],"predecessor-version":[{"id":4041,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/4040\/revisions\/4041"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=4040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=4040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=4040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}