ASSIGNMENT

COURSE CODE: ACC306

COURSE TITLE: ACCOUNTING RESEARCH METHOD

LECTURER: PROF. G.O AKINOLA

MATRIC NO.: MAC/2018/394

NAME: OMOYAJOWO TEMILOLUWA AKINJIDE

LEVEL: 300L

DEPARTMENT: MANAGEMENT AND ACCOUNTING

DATA COLLECTION

What are Data Collection Methods?

Data collection methods are techniques and procedures used to gather information for research purposes. These
methods can range from simple self-reported surveys to more complex experiments and can involve either
quantitative or qualitative approaches to data gathering.

Some common data collection methods include surveys, interview, observations, focus groups, experiments, and
secondary data analysis. The data collected through these methods can then be analyzed and used to support or
refute research hypotheses and draw conclusions about the study’s subject matter.

Importance of Data Collection Methods

Data collection methods play an important role in the research process as they determine the quality and accuracy of
the data collected. These are some major importance of data collection methods. Here are some major importance of
data collection methods.

1. Determines the quality and accuracy of collected data

2. Ensures that the data is relevant, valid, and reliable.
3. Helps reduce bias and increase the representativeness of the sample.
4. Essential for making informed decisions and accurate conclusions.
5. Facilitates achievement of research objectives by providing accurate data.
6. Supports the validity and reliability of research findings.

The importance of data collection methods cannot be overstated, as it plays a key role in the overall success and
validity of the research study.

Types of Data Collection Methods

The choice of data collection method depends on the research being addressed, the type of data needed, and the
resources and time available. Data collection method can be categorize data collection methods are specific to the
research’s motive and highly accurate.

Primary Data Collection methods

Primary data is collected from first-hand experience and is not used in the past. The data gathered by primary data
collection methods are specific to the research’s motive and highly accurate.
Primary data collection methods can be divided into two categories: quantitative methods and qualitative methods.

Quantitative Methods:

Quantitative techniques usually use statistical tools. In these techniques, forecast is based on historical data. These
methods of primary data collection are generally used to make long-term forecasts. Statistical methods are highly
reliable as subjectivity is minimal in these methods.

Time Series Analysis: the term time series refers to a sequential order of values of a variable, known as a trend, at
equal time intervals. Using patterns, an organization can predict the outcome of its products and services for the
projected time.

Barometric method: also known as the leading indicators approach, researchers use this method to speculate future
trends based on current developments. When the past events are considered to predict future events, they act as
leading indicators.

Qualitative Methods:

Qualitative data collection methods are especially useful in situations when historical data is not available. Or there
is no need of numbers or mathematical calculations. Qualitative research is closely associated with words, sounds,
feeling, emotions, colors, and other elements that are non-quantifiable. These techniques are based on experience,
judgment, intuition, conjecture, emotion, etc.

Quantitative methods do not provide the motive behind participants’ responses, often don’t reach underrepresented
populations, and span long periods to collect the data. Hence, it is best to combine quantitative methods with
qualitative methods.

SURVEYS

Asking questions is an obvious method of collecting both quantitative and qualitative information from people.
Questionnaires are particularly suitable tool for gaining quantitative data but can also be used for qualitative data.
This method of data collection is usually called a survey. Using a questionnaire helps in organizing the questions
and receiving replies without actually having to talk to every respondent. As a method of data collection, the
questionnaire is a very flexible tool, that has the advantages of having a structured format, is easy and convenient for
respondents. As a method of data collection, the questionnaire is a very flexible tool, that has the advantages of
having a structured format, is cheap and quick to administer to a large number of cases covering large geographical
areas. There is also no personal influence of the researcher, and embarrassing questions can be asked with a fair
chance of getting a true reply. However, they do require a lot of time and skill to design and develop. They need to
be short and simple to follow, so complex question structures are not possible. Not everyone is able to complete
questionnaires.

There are three methods of delivering questionnaires, personally and by post or through the internet. The
advantages of personal delivery are that respondents can be helped to overcome difficulties with the questions, and
can be persuaded and reminded in order to ensure a high response rate. Obviously, there are problems both in time
and geographical location that limit the scope and extent to which this method of delivery can be used. Postal
questionnaires are used when they are in different locations. The correct address for each respondent is required and
postal costs must also be taken into account. The rate of response for postal questionnaires is difficult to predict or
control, particularly if there is no system of follow-up. Internet questionnaires are the cheapest and least time
consuming method of delivery. For more structured deliveries, email addresses are required to pinpoint responses
from the chosen sample.

There are basically two question types:

1. Closed-ended questions: It can also be called restricted or closed form. All questionnaire instruments that
call for short, check-mark responses belong to this category. The respondent must choose from a set of
given answers. These tend to be quick to answer, easy to code and require no special writing skills from the
respondent. However, they do limit the range of possible answers. For instance, a respondent may be asked
to mark yes or no, check an item from a list of suggested responses.
Example:
Yes or No type:- Accountancy is a difficult subject. Yes/No
Short response type:- The science subjects that deals with living things is_____
 Marking from a list of suggested response:
All business administration students should offer accountant courses. Strongly agree, Agree,
Neutral, Disagree, Strongly disagree.

The Ooni’s Crown Hostel is a_____ Hostel. 5-star, 4-star, 3-star, 2-star, 1-star
Ranking : kindly rank the options in your order of importance. Why did you choose to study Accountancy?
Advice from friends
Reputation of the program
Expense factor
Professional choice
Availability of job opportunities
Others (specify)

here are important qualities a head of state should possess. They can be numbered from 1-5 in order of
importance- 1 being the most important
Honesty Humor Intelligence Consistency Experience

2. Open-ended question: This can also be called unrestricted questionnaire or free response type. The
respondent is free to answer in their own content and style. The advantage is that open form provides for
greater depth of response. These tend to permit freedom of expression and allow the respondents to qualify
their responses. The respondents may reveal their frame of reference and sometimes the reasons for their
responses. This freedom leads to a lack of bias but the answers are more open to researcher interpretation.
Although, it has such disadvantage as very low returns due to greater efforts needed on the part of the
respondents in filling the questionnaire. They are also more demanding and time consuming for respondent
and more difficult to code. Again, the items can be difficult to interpret, tabulate or summarize in the
research report.

Example: What are the most important qualities a head of state must possess?

The questions can generally take this form

List the causes of……..

What are your opinions about……..?

How do you feel about……..?

What do you think about…….,?

It is a common practice to pre-test the questionnaire on a small number of people before it is used in earnest. This is
called a pilot study.

Questionnaires are commonly used in disciplines that are concerned with people, particularly as part of the society.
Research in social sciences, politics, business, healthcare etc. often needs to gain the opinions, feelings and reactions
of a large number of people, most easily done from everyone in the population, then this kind of survey is called a
census.

ACCOUNTS AND DIARIES

Asking people to relate the account of a situation or getting them to keep diaries is perhaps the most open form of a
questionnaire. These qualitative data collection methods are used to find information on people’s actions and
feelings by asking them to give their own interpretation, or account, or what they experience. Accounts can consist
of a variety of data sources: people spoken explanations, behavior (such as gestures), personal records of
experiences and conversations, letters and personal diaries. As long as the accounts are authentic, there should be no
reason why they cannot be used as an argued explanation of people’s actions.

Since the information must come directly from the respondents, the researcher must take care to avoid leading
questions, excessive guidance and other factors which may cause distortion. The researcher can check the
authenticity of the accounts by cross-checking with other people involved in the events, examining the physical
records of the events (e.g. papers, documents etc.) and checking with the respondents during the account gathering
process. The researcher will need to transform the collected accounts into working documents that can be coded and
analyzed.

CONDUCTING INTERVIEW

While questionnaires surveys are relatively easy to organize, they do have certain limitations, particularly in the lack
of flexibility of response. Interviews are more suitable for questions that require probing to obtain adequate
information.

The use of interviews to question samples of people is a very flexible tool with a wide range of applications.
Three types of interview are often mentioned:

1. Structured interview- This refers to standardized questions read out by the interviewer according to an
interview schedule. Answers may be a closed format.
2. Unstructured interview- a flexible format, usually based on a question guide but where the format
remains the choice of the interviewer, who can allow the interview to ‘ramble’ in order to get insights into
the attitudes of the interviewee. No closed format questions.
3. Semi-structured interview- one that contains structured and unstructured sections with standardized and
open type questions.

Though suitable for quantitative data collection, interviews are particularly useful when qualitative data are required.
Interviews can be used for subjects, both general or specific in nature and even, with the correct preparation, for
very sensitive topics. They can be one-off or repeated several times over a period to track developments. The
interviewer is in a good position to judge the quality of the responses, to notice if a question has not been properly
understood and to encourage the respondent to be in his/her answers.

Face-to-face interviewers can be carried out in a variety of situations: in the home, at work, outdoors, on the
move (e.g. while travelling) and can be used to interview people both singly and in groups. Using visual signs, such
as nods, smiles etc., helps to get good responses.

Focus groups can be seen as a type of group interview, but one that tends to concentrate in depth on a particular
theme or topic with an element of interaction. This group is often made up of people who have particular experience
or knowledge about the subject of the research, or those that have a particular interest in it e.g. consumers or
customers.

Telephone interviews avoid the necessity of travelling to the respondents and can therefore be carried out more
quickly than face-to-face. However, the researcher cannot use visual clues. For interviewing very busy people, it is
best to pre-arrange a suitable time to ring.

Interview can be audio recorded in many instances in order to retain a full, un-interpreted record of what was
said. However, in order to analyze the data, the recording will have to be transcribed- a lengthy process if done in
full. Recording and transcribing interviews do not rely on memory and repeated checking of what was said is
possible. The raw data are also available for different analysis by others.

OBSERVING WITHOUT GETTING INVOLVED

This is method of gathering data through observation rather than asking questions. The aim is to take a detached
view of the phenomena, and be ‘invisible’, either in fact or in effect (i.e. by being ignored by people or animals).
When studying human or animals, this detachment assumes an absence of involvement in the group even if the
subjects are aware that the observation is taking place. Observation can be used for recording data about events and
activities and the nature or conditions of objects, such as buildings, or artifacts. This type of observation is often
referred to as a survey (not to be confused with a questionnaire survey), and can range from a preliminary visual
survey using a range from a preliminary visual survey using a range of instruments for measurement.

Observation is a basic data collecting activity for many branches of research, particularly the natural and
technical sciences, for example, observing the results of experiments, the behaviour of models, the appearance of
materials, plants and animals. It is also useful in the social sciences where people and their activities are studied.
Observation can record how people react to questions, and whether they act differently to what they say of intend.
They can sometimes demonstrate their understanding of a process better by their actions than by verbally explaining
their knowledge. Observation can be used to record both quantitative and qualitative data.
 Observation is not limited to the visual sense. Any sense- e.g. smell, touch, hearing –can be involved, and these
need not be restricted to the range perceptible by the human senses. A microscope ot telescope can be used to extend
the capacity of the eye, just as a moisture meter can increase sensitivity to the feeling of dampness. Instruments have
been developed in every discipline to extend the observational limits of the human senses.

Observations of objects can be a quick and efficient method of gaining preliminary knowledge or making a
preliminary assessment to the amount and type of damage to buildings can be made before a detailed survey is
undertaken. On the other hand, observation can be very time consuming and difficult when the activity observed is
not constant (i.e. much time can be wasted waiting for things to happen, or so much happens at once that it is
impossible to observe it all and record it). Instrumentation can sometimes be devised to overcome the problem of
infrequent or spasmodic activity e.g. automatic cameras and other sensors.

Events and objects are usually complicated, so it is necessary to identify the varaiables that are to be studied, and
to concentrate on these. It is important to devise a simple and efficient method of recording the information
accurately, particularly when recording frequent or fast-moving events. Instrumentation should be used when
appropriate; those that make an automatic record of their measurement are to be preferred in many situations.

Secondary Data Collection Methods

Secondary data is the data that has been used in the past. The researcher can obtain data from the data sources, both
internal and external, to the organization.

Internal sources of secondary data

1. Organization’s health and safety records

2. Mission and vision statements
3. Financial Statements
4. Magazines
5. Sales Report
6. CRM Software
7. Executive summaries

External sources of secondary data

1. Government reports
2. Press releases
3. Business journals
4. Libraries
5. Internet

References:

National Open University of Nigeria (2002). Research Methodology. FMS 304. Lagos; Noun, pp 35-37

Nicholas, S.R. (2011). Research methods: the basics. London, New York: Routledge, 97 -102

Ikekuhua, T. I. and Yesufu, J. T. (1995) Exposing Research Methods in Education, study and
reporting aid for students and beginning researches. Warn Agbon & Botah/okorare
publishers’ ltd
N.O.U.N (2004) EDU 702: Educational Research Methods. N.O.U.N Lagos
Okpala, P. N, Onocha, C. O and Oyedeji, O. A. (1993) Measurement and Education in
Education. Jahu-Uzairue: Sterling –Horden Publishers (Nig) Ltd.