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 …

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 …

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 …

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 …

Considering the ICAN alternative, then this article is for you. The Association of National Accountants of Nigeria (ANAN) is the perfect complement if you’re planning to practice accounting in Nigeria. …

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 …

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. …

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 …

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 …

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 …

In public sector accounting, the use of cash basis accounting is very common. This might be because of the ease of application. It allows a primary school certificate holder to …

The audit report is a letter that states the opinion of the auditor regarding its examination of the financial statements. It gives him or her to express his professional view …

The benefits of cost accounting cannot be denied. However, there are disadvantages or limitations to establishing a costing information system. This is more pronounced if the information system of the …

External information for performance management is organized from the business environment. The data collected is used for planning, decision-making, and controlling business processes and resources to achieve organizational goals and …

Will you choose the institute of chartered accountants of Nigeria (ICAN) over the Association of certified chartered accountants (ACCA)? That’s a personal choice. But this article shows their differences. In …

ICAN presidents are voted in for the period of one year. Since 1975 when the institution was established, 57 persons have held the role. A few days back, a new …

The International public sector statement of accounting standards board (IPSASB) is calling on the finance professionals to respond to its latest exposure draft ED81. The ED is available for comment …

Although taxes have their benefits, there are certain disadvantages you should know about. That’s what we will discuss in this article. One necessary disadvantage of paying tax is that it …

Internal Users of public sector accounting (PSA) are those whose decisions cannot affect the government business enterprises or MDAs negatively. For example, the decision of the president of a country …

Bisola was asked in a government accounting class to list the internal and external users of public sector accounting information. This wasn’t a very difficult task for her, since she …

Public sector accounting primary objective is to ensure transparency and accountability of government and those they appointed over ministries, departments, and agencies. Of course, citizens need to know how their …

Government accounting or PSA is guided by certain principles. Here, we will examine 13 such principles. Many of these principles will be discussed separately later on. And many of them …

The term auditing has been defined and explained. So, let’s move forward to explain the types of auditing that exist. You can decide to be one of them by pushing …

Audit or auditing refers to observing and examining accounting records, financial reports, and other statutory items that have an impact on an entity. In doing so, the auditor has a …

ICAN remains the umbrella body for the accounting profession in Nigeria. It conducts the accounting Technician Scheme and the institute of chartered accountants exams. On completion of ATS, you will …

Knowing your financial status either as a student or a member of ICAN and ACA or ATS and AAT is important. You need to know if you’re financially up to …