THE IMPACT OF TRIPLY ENTRY ACCOUNTING SYSTEM ON FINANCIAL REPORTING
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- 1-5 Chapters
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- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
The research proffers an assessment of the impact of triple entry accounting system on financial reporting, a study of bitcoins. It analyses triple entry accounting system and financial accounting, its functions and significance. The research projects triple entry accounting system and financial accounting as a unifying factor to enhance accounting firms and bitcoin users towards the accomplishment of easy transaction, proper recording and reporting. The relevant research questions were analyzed using the chi- square statistical tool. Result from the study indicated that triple entry accounting has had positive impact on financial reporting which is significant. Adequately bitcoin network is secured against hacking and fraud which is seen has the ultimately resulted to the confidence in bitcoin. Lastly, the bitcoin network is being regulated by external bodies against use in fraudulent businesses. Base on this, the study advised the accounting firms to evaluate more on triple entry accounting on financial reporting, look towards advance way bitcoin network can be more secured against hacking and fraud, proper regulation on bitcoins users against use in fraudulent businesses, Bitcoin users should be encouraged, motivated by exchange rate and commission, regardless of their status should make the bitcoin activity a priority which should surely have effect on the triple entry transaction, Accounting firms should monitor the progress of their entries closely.
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