accounting

You should never compare the term tax to levy. Why? They are different in many respects. While taxes are compulsory charges on the income of individuals and organizations, levies are not compulsory and arise when a service is done by a government agency on your behalf. Let’s discuss five of these differences. Similarities between tax … Read more

In this article, we discuss seven kinds or types of partners. You may already know of them or it may be your first time. Understanding the them will help you understand their role in partnership businesses. However, a common type of partner is the active partner. Let’s roll on! General Partner A kind of partner … Read more

Accounting information Systems (AIS) and Management Information Systems (MIS) are a body of knowledge meant to teach accounting professionals the framework of an accounting system in an organization. While MIS is to explain the management support system for an entity. But that is not all! Why it is important to differentiate between AIS and MIS … Read more

A primary benefit of an assurance engagement is that it helps the intended users make unimpaired decisions. However, if the wrong criteria are used it will lead to the wrong roadmap by users and business failures. In this article, let’s discuss the benefits and limitations of the assurance engagement. Benefits of assurance engagement Reliability Assurance … Read more

If you practice taxation for a fee, note that you must comply with FIRS’s new standard to remain in the field. Right now, the Federal Inland Revenue Service requests that all tax practitioners must get a license from the Chartered Institute of Taxation of Nigeria. FIRS, CITN, ICAN, and ANAN held a meeting On May … Read more

The Chartered Institute of Stockbrokers currently meets with the federal inland revenue service (FIRS) board. The meeting was held at the Service. And feature the current president of CIS Mr. Oluwole Adeosun and the Executive Chairman of FIRS Mr. Muhammad Nami. What’s happening? This marks the second time CIS visits the Service. During the meeting, … Read more

Government establishments are made to provide essential services to the public and nonprofit organizations. One of the tools used to achieve this is fund accounting. This self-balancing account helps ensure that funds for a specific purpose are traced to such purposes and are efficiently utilized. Fund accounting defined According to the institute of chartered accountants … Read more

Commitment basis accounting is primarily used in the public sector along with the cash basis. It records transactions when an agreement or commitment is made between both parties. The issue of a purchase order signifies a commitment. Therefore, the transaction will be recorded in the commitment account. Read: CIS meets with FIRS boss. Talks on tax … Read more

The commitment basis of government accounting helps in budget control. It helps those in charge of governance to know what expenditures are to be committed in a particular period. Therefore aids planning. Commitment basis of PSA defined It is a basis on which expenditures are recognized as soon as an agreement to make a purchase … Read more