Accounting

A peculiar thing for businesses is the purchase of goods or services that aid the day-to-day running of the enterprise. The cost incurred in the process is referred to as “expenses,” which may be related to production or regular business operations. As a business owner, it is essential to keep a record of all expenses, …

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Difference Between Accounting Concepts And Conventions

The word “accounting” refers to a business language used in communicating the financial information of a company to its stakeholders as regards the enterprise’s performance, profitability, and position, which then assists in rational decision-making. The financial information or statements of a business organization are based on various concepts and conventions that are categorized as “Accounting …

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Accounting Professional Bodies In Nigeria

Accounting is definitely one of the most respected careers in Nigeria, considering the criteria involved in getting the professional tag as an accountant. Becoming a certified accountant is not an unachievable task, as there are recognized accounting bodies in Nigeria that conduct examinations, give licenses, and induct qualified candidates. Without a doubt, there is no …

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Types of source documents

Top 10 Types of Source Documents In Accounting

It is necessary to have business transactions recorded for reference purposes, and at every financial transaction of a company, a paper trail is generated. In accounting, the paper trail generated is called a “source document,” and it is the first document that exists in connection to transactions.   Source documents in accounting serve as evidence …

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