BESTLINK COLLEGE OF THE PHILIPPINES

CHAPTER 2
2.1 Reviews of Related Literature 2.1.1 Foreign Literature Meigs et al (1998) defined a computerized accounting system as a system that uses computers to input, process, store and output accounting information inform of financial reports. He adds that accounting system records all transactions that routinely deal with events that affect the financial position and performance of an entity. Marivic (2009) described a computerized accounting system as a method or scheme by which financial information on business transactions are recorded, organized, summarized, analyzed, interpreted and communicated to stakeholders through the use of computers and computer based systems such as accounting packages. He emphasized that its a mechanized process of facilitating financial information inflows as well as the automation of accounting tasks such as database recording and report generation. Marivic adds that keeping accurate accounting records is a vital part of any organization. Apart from helping it to keep its float financially and legal, it is a requirement of funding bodies or donors. However computerized accounting system involves the use of computers to handle large volume of data with speed, efficiency and accuracy aimed at overcoming fundamental challenges which do not change the principle. The principle of accounting remains the limitations of many accounting and hence producing quality and reliable work. 5 McRae (1998) adds that computerized accounting systems are advantageous in consolidating information channels meaning that files that were previously been duplicated by several departments will now be consolidated into single file.

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2.1.2 Local Literature In this study conducted by Ariel Magat (2002), he stated that the Inventory and stock control System of the vital to any institution, agency, or department. The proper safekeeping, processing and disposal of records play important roles in the efficient, effective and smooth operation that eventually would lead to the success attainment of the goal and objectives of institution, agency and department concerned.Based on her recommendation there should be a central record management office that will hold data of the agency to serve as locator of the record and to control the disposal of each record. This can be possible through the use of computerized system. Computer with the appropriate software package is capable of handling records efficiently and effectively. And locating records that are computerized is faster than finding them in the filling cabinet. Degree Programmed in International Business This study the Degree Programmed in International Business Thesis entitled Inventory and Stock Control Jutamas Theptong the writer every single item is accompanied with its stock record card which serves as a tool to control the product flows. Stock record card contains information of quantity received, quantity issued, present balance and signature of responsible person. In addition to the attached stock record card, the inventory is also classified by yearly shelf life by using color codes. The expiration periods are symbolized by using stickers in different colors attached to the location of each item. In addition to stock record card method, computerized information system is also used so that the overwhelming information can be stored and more accurate reports can be generated. Another important activity that must be performed regularly is physical inventory. As previously mention that stock record card is used for controlling inventory when drugs are received and issued. Updating stock record card is done manually, so it is possible that an error might sometimes occur. Hence, physical inventory process is planned to double check the inventory level and also to separate expired medicines from the store area. Accounting is a process of

manual counting in order to ensure that actual Accounting is consistent with the
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numbers recorded in the stock cards. There are two types of physical inventory performed at the pharmacy store as follows: Purchasing and controlling inventory are the key activities in procurement process. One cannot be effective without the other. Purchasing includes selection of the right quality products and knowing the right quantity, when to order, at what price and from which source. Inventory, which is a result of the purchasing process, must be well controlled. However, based on daily activities performed in the hospital pharmacy, the main concerns regarding managing inventory occur during purchasing process. It is problematic and time consuming to decide when and how much to order. A lesson has been learned from too large orders the past some overstocked items have been found after the acquisition of the hospital. It has been therefore agreed that the pharmacy store aims to carrying inventory for one month. The new pharmacy team wants to implement an effective policy that helps balance demand and supply in order 33 to prevent stock out and overstock situations and to improve inventory turnover.

According to restaurants and Philippine institutions magazines the improve technologies from automated Monitoring Attendance to control are increasing efficiency and restaurant profitability and bottom lines haft of operators surveyed by national restaurant association upgrade their computerized system in 1997. Systems now are digital allowing easy to compute for invoice and experience staff. Labeling system keep. One of the advantages less error stock checking and minimal internal theft

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2.2 Reviews of Related Studies 2.2.1 Foreign Literature

2.2.2 Local Literature 2.3 Synthesis The related study helps the researcher to provide a proper result for the need of the company and my advantage related studies also gives you a guide to build a project like propose system. The proponents believe that each and every literature and studies stated in this research is similar on the present study. The proponents relate and differentiate the research based on the flow of their system/network analysis from the proposed study.

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