DESIGN AND IMPLEMENTATION OF A FIXED ASSET MANAGEMENT INFORMATION SYSTEM (A CASE STUDY OF UNITED AFRICAN COMPANY OF NIGERIA (UACN) DEVELOPMENT COMPANY PLC LAGOS)


DESIGN AND IMPLEMENTATION OF A FIXED ASSET MANAGEMENT INFORMATION SYSTEM (A CASE STUDY OF UNITED AFRICAN COMPANY OF NIGERIA (UACN) DEVELOPMENT COMPANY PLC LAGOS)  

ABSTRACT

With the rapid development in Computer Technology, most organization have embraced the use of computer resources in its activities to enable them achieve its set down objectives. Electronic data processing is a wonderful tool which is used extensively in financial accounting to implore performance and accuracy.

The principle aims of a fixed asset management information system is to create automatic, understandable and efficient system that will eliminate the problems of determining the asset depreciation and value of the conventional system.

The work identifies the various handicaps and significance of fixed asset system in the introductory section, so that proper solution could be proffered.

Moreso, the project critically evaluates some concepts of fixed asset depreciation in the review of past literature.

However, the existing system and its operation was clearly studied to infer proper understanding of the manual approach and justification for a system support. Hence, the new systems design that provides the input and output specification, file analysis form, the piecemeal for the program design.

Furthermore, the project explicit shows the algorithms that really produce the source code and flowchart under the umbrella of project documentation the work explains how the new system could be used via the function keys, password, modification and finally recommendation that will assist in system maintenance.

ORGANIZATION OF WORK

This project work is organized into seven, chapter one introduces the fixed asset information system, depreciation, the statement of the problem, purpose of the study, aims and objectives, scope, constraints, assumption and definition of terms.

Chapter two tackled about reviews of related literature with emphasis on method of depreciation.

Chapter three presents the description and analysis of the existing system. There are facts finding methods organizational structure objective of the exiting system, input, process, out put analysis, justification for he new system.

In chapter four, design of the new system, the output and input specification and design procedural chart system, flow chart and system requirement.

Chapter five deals with the implementation under this title program design. Program flow chart, source program and test run were discussed.

Chapter six discussed the documentation and chapter seven summarizes the work under recommendation and conclusion.  

TABLE OF CONTENTS

Title Page

Abstract

Organization of work

Table of Figures

Table of Contents

CHAPTER ONE

Introduction

Statement of Problem

Aims and Objectives

Scope of the Study

Constraints

Assumption

Definition of Terms

CHAPTER TWO

Literature Review

CHAPTER THREE

Description and Analysis

Fact Finding Methods

Organizational Structure 

Objective of the Existing System

Input, Process and Output Analysis

Information Flow Diagram

Problems of the Existing System

Justification for the New System 

CHAPTER FOUR

Design of the New System

Input Specification and Design

Output Specification and Design

File Design

Procedure Chart

System Flowchart

System Requirements

CHAPTER FIVE

Implementation

Program Design

Program Flowchart

Pseudo codes

Source Program

Text Run

CHAPTER SIX

Documentation

CHAPTER SEVEN

Recommendation 

Conclusion

References

TABLE OF FIGURE

1. Analysis of sum of the year depreciation

2. Analysis of double declining balance depreciation

3. Organizational Structure

4. Information flow diagram

5. Output design for individual asst category

6. Output design for summary

7. (A – D) Input specificationfig. 4.1 Procedure chartfig 4.2 System flowchart

fig 5.1 (A – D) Program flowchart    

CHAPTER ONE

INTRODUCTION 

Fixed asset management information system is a sub-operation in financial accounting that take care of the degeneration of asset usefulness because of this responsibility. Asset management and depreciation is very important in any organization.

Asset management and deprecation is a content of every balance sheet and then proper attention should be given on how asset are depreciated to provide complete and accurate information that will assist management in planning and policy making.

This is why it is important to design a fixed assed management information system

STATEMENT OF THE PROBLEM 

To determine the fixed asset value and depreciation in every organization has been a problem.

Hence, there are limited number of staff working in the account department which makes the existing asset account to be delegated to some staff by their departmental heads at the end of each period. The handling of Asset Account by numerous staff creates positing error omission error and inaccurate calculated results.

Apart from that, there is no adequate record storage and disposal system which resulting in non-documentation of some existing asset are as well as continuous recording of scrapes. However, the method of asset depreciation being used in the existing system is ineffective.

Infact, the researcher shall by the end of this project provide a suitable solution to the pressing problems of fixed asset value and depreciation.

PURPOSE OF THE STUDY 

The fixed asset management information system is cost effective and provides an interactive environment, makes job easier and simpler. Thus it will help the organization to know the various assets she have if location useful and non-useful ones, accurate recording of these assets and moreover assist them in planning and decision-making.

This will help the company in project allocation and proper accountability. Furthermore this project work will serve as a reference to both private and public organizations who are researching in this area and others that will appreciate benefit of automation.

AIMS AND OBJECTIVES

The objective of this project is to design a fixed asset management information system that will curb the problems and malpractices of the existing system. This automatic software facilities online recording and modifying of assets using electronic keyboard. It also enhances automatic depreciation of an asset, proper storage and speedy retrieval any asset value. However, the computerized system will provide management with various reports on depreciation expenses and accumulated depreciation at the end of every period. Hence a graphic operating environment is incorporated to the system so that the software will be easy to use and maintain.

SCOPE 

This project mainly focuses on tangible asset of the company, via land, building, machinery vehicle and furniture. Although land is not depreciated due to its continuous nature, other fixed assets category depreciates and its depreciation depends strongly on the estimated life span of asset.

Moreover, all the acclaimed expenses that increases the cost of the asset are recorded in the estimated cost of the asset. This is made possible using modified submenu.

LIMITATIONS 

This project is limited only to the account section (ACITD) of the organization because it will be tedious to incorporate other activities of fixed asset into this work considering time and resources.

Also, the limited staff in the accounts section have little or no knowledge of electronic data processing and this is a hindrance.

Numerous parameter have seriously hindered the realization and full implementation of this project mostly is money, inadequate this software since the account department do not have the system support.

ASSUMPTION 

Generally, it is believed in this project that fixed asset continue, depreciating until it have completed its estimated life span. Meanwhile the asset stops depreciating once the book value is equal to or less than the scrape value and it is not useful to the organization and must be disposed.   

It is also hoped that the result of this project will further contribute to a suitable practical basis of operation for fixed asset depreciation.

DEFINITION OF TERMS 

It is important to define some basic terms used in this project.

FIXED ASSET: These are long term asset that are used in a firm to provide goods and services over a period of one year.

MANAGEMENT INFORMATION SYSTEM (MIS):   It defines as a programme, which accesses internal (human resources, marketing accounting, production research) records to generate reports to the various levels of information.

BOOK VALUE: This is the estimated cost of the asset less total accumulated depreciation and condition ready for use.

ACCELERATED DEPRECIATION: Method of depreciation that records higher amounts of depreciation in the early years of an asset life and lower amount in later years.

ACCUMULATED DEPRECIATION: A contra account that accumulates the depreciation taken on asset over its useful life.

CAPITAL EXPENDITURE: Expenditure that are debited to an account to an accumulated depreciation account.

CONTRACT ACCOUNT: An account with a balance opposite normal balance.

COMPUTER HARDWARE: The major electronic component in a computer system and other peripheral attached to it.

DATA FLOW: Graphic representation and analysis of data movement processing transformation functions and data store.

DEPRECIABLE COST: This is the asset estimated cost less estimated storage.

DEPRECIATION: The allocation of cost of an asset over it useful economic life.

ESTIMATED COST: This is the acquisition cost plus other expenses that increases the asset value.

FILE: A collection of related records stored in a specific sequence.

IMPLEMENTATION: Consist of the design and installation of new system and the removal of the current system.

INPUT: The raw data, raw material, paper work, computer file, the energizing element that puts the system into operation.

MICRO-COMPUTER: A small relatively in expensive computer that is design to be used by individual at their own desk.

OUTPUT: The end product of the area under study. It can processed computer file.

PASSWORD: A unique word or string of characters that a program computer user must supply to meet security requirement before gaining access to the program or data.

SALVAGE VALUE: This is the appraisal scrape value of an asset.

SOFTWARE: The program control the operation of the computer.

STORAGE DEVICE: The various device whereby data and instruction are stored for immediate or future use.

.

DESIGN AND IMPLEMENTATION OF A FIXED ASSET MANAGEMENT INFORMATION SYSTEM (A CASE STUDY OF UNITED AFRICAN COMPANY OF NIGERIA (UACN) DEVELOPMENT COMPANY PLC LAGOS)



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.NET

Researchwap.net is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.net guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.net is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.net" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.