iEphraim

...continuing from Part 1... Tackling Financial Accounting These days Financial Accounting (FA) has proven to be a bit difficult. This is not unconnected with the recent adoption of the International Financial Reporting Standard (IFRS) by the Nigerian Government in 2012. Most ICAN candidates were drawn aback as there were limited materials to prepare for the exams. The only new thing that happened to FA is the approach the examiners have adopted. The focus is now on the standards. You must familiarize yourself with the standards that relates to published accounts and group accounts. The FA syllabus is divided into major topics; Group Accounts, Published Account, Bankruptcy, Interpretation of accounts, Miscellaneous Accounts and Specialized Accounts. Note that I didn't mention standards. The reason is that from IAS 1- 41 to IFRS 1 - 13, they all talk about the major topics I listed above. Your major concern should be to understand, Group, Published, interpretation and Bankruptcy Acc...

INTRODUCTION For the average Nigerian Accounting Graduate, the next part to career advancement is the ICAN exam. This is particularly useful especially with the rate of unemployment in the country. They (the graduate) believe getting the ICAN qualification will enhance their employability. This is also TRUE because most job vacancies today require the qualification. The road to getting this qualification is not an easy one I must tell you but following some secrets that I'll be sharing here is going to make the process less tedious and the qualification quicker to obtain. Before I go on with the secrets, you must have at the back of your mind that the purpose of the exam is not just to land you your dream job but also to make you a thoroughly breed professional. The ICAN PE1 exam is the first stage to write as an accounting graduate from an ICAN accredited institution and this stage comprises of four subjects, including Financial Accounting (FA), Management Accounting (MA), Advance...

I've got several requests on how to prepare payroll from gross earnings to net pay. I will be addressing this issue here today. If you need more clarifications, don't hesitate to ask. The opinion shared here is in compliance with the law (Personal Income Tax Act 2010, as amended) and what is obtainable in the private sector. TOTAL GROSS PAY When an individual employment is confirmed, (s)he is given his letter of appointment which contains also his/her total emoluments. The gross earning is further broken down (according to company policy) into different pay elements of Basic, Housing, Transportation, meal, security, clothing etc. For example, if an individual receives a gross amount of say N1,200,000.00 ( one million two hundred thousand naira) annually. That's 100k monthly. The company might decide to break it down into basic 500k, housing 200k, transportation 150k, meal 100k and security 50k. Like I said earlier, this is at the discretion of the company. STATUTORY DEDUCTI...

An Expense is an overhead that is normally written off in the Income Statement. On the other hand , an Expenditure means PAYMENT which may be a Capital Outflow or a Revenue Outflow. It is Capital when the payment is for a fixed asset whereas it is Revenue if the payment is an expense which is written off immediately from the Profit Loss account. It could also be Deferred Revenue Expenditure such Rent Prepaid , WHT Recoverable ,etc. This can be better enunciated when you are comparing a P&L account with an Income and Expenditure account.

If you are going to see things work for you, then the word of God must be in your mouth, mind, and body. The word of God must take over your ears, eyes, heart.  That means everything God is saying about you should be wrapped in the word. God is saying to you let your eyes read my word, let your ears hear my word, let your heart hide my word, let your mind think my word, let your body carryout my word. When you do this, He said in Joshua 1: 8 “then you will make your ways prosperous.” It is you who will make your way prosperous.  Are you looking for prosperity? It’s in the word of God!

Welcome to the month of August.