Accounting for purchases is a must-know if you are starting or working in a business involved in manufacturing or trading. In this post, I will guide you on what purchases signify in accounting, how to go about purchases accounting entry, we’ll also look into the special case of asset purchases accounting and the …
One of the subscribers to our free email newsletters sent a mail the other day. Why do assets equal liabilities? her message read. To answer this question, you will first need an understanding of the most important equation in accounting as well as the elements of the financial statements. The basic accounting equation …
The basic accounting equation is Assets equals Liabilities plus Equity i.e. Assets = Liabilities + Equity. But then: You can easily mistake asset and equity as meaning the same thing if you are not well-grounded in accounting. From my experience, people tend to think asset and equity represent the owner or shareholder’s interest …
Assets Vs Equity – Difference Between Asset And Equity Read More »
Starting out, you may categorize all monies spent in running your business under the general umbrella of “expenses”. Yes, they are expenses, but in accounting, there are different types of expenses. Knowing these types of expenses would help you in the preparation of sound financial statements and this is what you will learn the …
It is important for you as a business owner to understand the accounting elements. Fondly referred to as ALICE amongst accounting professionals, ALICE means Assets, Liabilities, Income, Capital (Equity), and Expenses. Particularly, you must be able to tell the difference between Assets and Expenses as you will be dealing with them frequently while running …
Asset Vs Expenses – Difference Between Assets And Expenses Read More »
Monk Fra Luca Pacioli may be unknown to you if you are not in the field of accounting but to every accountant, accounting students, and aspiring accountants, Luca Pacioli is the reason why the accounting course exists today. Luca is sometimes called Luca Di Borgo in recognition of his place of birth–Sansepolcro, formerly Borgo Santo …
Congratulations on your bold decision to become an ICAN certified accountant but as you know, you will need to fulfill certain key obligations before you are acknowledged as chartered by the country’s leading professional accountancy body. The salient requirement being that you must complete a series of examinations. Just like you know there are …
Preparing for ICAN exams can be very dreadful especially if it is your first time and you don’t know what to look forward to in the exam. If not properly put in check, this dread can have an adverse effect on your performance when it’s time to write the exams. This is why it …
ICAN Pathfinder: ICAN Past Question For All Levels Read More »
ANAN is the second professional accountancy body in Nigeria. While It is safe to know that there is a silent tug of war that exists between this accounting body and the other body in Nigeria — ICAN. It is also important that we don’t get drowned in the irrelevancies, chances are if you are …
What are some investment opportunities in Nigeria? How can I invest money wisely in Nigeria? Those are the 2 most-asked questions by the business-minded. Why everybody seems to frequently ask question 2 is that getting scammed in Nigeria is very easy. Talk about the endless list of Ponzi schemes out there. So to speak, if …
