This is a thread for all Accountancy students to share their points and views on Accountancy and every other thing or subjects that has to do with accounting, such as:


1. Asking questions and discussing about your most challenging courses or subjects and also your best and favourite courses.
2. Getting information about Professional Exams like ICAN, ACCA, CITM etc
3. Business one could venture into as an accountant after school.
4. Business one should never venture into.
5. Different types of softwares an Accountant could use.
6. Solving and answering of past questions.
7. Giving tips on how to become a flawless Professional Accountants.
8. Discussing about various issues in Accounting.
9. Discussing about things an Accountant must know or do.
10. Finally.....just discussing about Accountancy generally.

Purpose: Accounting is a professional course and so many of us *students to be precise* are not capable of handling it professionally in the real world, so we could get tips and learn from those who are already working as Accountants in the real-world.

My own question is this, Do you think Finacial Accounting as a subject its a difficult one? And what are the logics and tips in solving and preparing finacial accounting for a company?

And i also need someone to explain/expantiate more on:
Depreciation and Bad debts.

As a fellow in Accountancy please ask any questions

Though i'm a graduate accountant, chartered acccountant and chartered manager. But all na wash wetin i dey find na money put on my microscopic lens and start searching.

i realy would like to know wat is my position?

kennytidistar: Though i'm a graduate accountant, chartered acccountant and chartered manager. But all na wash wetin i dey find na money put on my microscopic lens and start searching.

What do you mean by na wash? Are you saying that all above mentioned qualifications are not relevant or cannot pay the bills or bring food to the table. Please explain vividly.

Financial Accounting is the process of obtaining, recording, classifying, summarising, interpreting and presenting financial transaction in a meaningful way to enable the users make informed decision.

Accounting is not difficult and it's not easy. Pût your mind to it and you be on top.

SpicyMimi:

And i also need someone to explain/expantiate more on:
Depreciation and Bad debts.

depreciation is the wearing away or reduction in the value of a fixed asset. For example, A 1990 Toyota model car must have lost its appeal after many years of usage. Etc.

Bad debts are unrecoverable debts. maybe you debtor died before he could pay back debts he owed you.

My area of specialty in accounting is accounting softwares. As an accountant or student you'r expected at least one accounting software.
I'll entertain any question in this area.

busmagnate:

What do you mean by na wash? Are you saying that all above mentioned qualifications are not relevant or cannot pay the bills or bring food to the table. Please explain vividly.

omope alayokayo ni mi ni,

the type of money i'm talking about is not the type those once are giving me presently.

I want pounds

@SpicyMimi: There are text materials and questions pack prepared by Authors like - Omojola, Adeniyi Adeniji, Akeju, Omolehinwa et'al.
Get any of these materials and read...self explanatory!

While in school i thought financial accounting was very broad ..working and applying the accounting principles in
"real life" has helped me grasp the principles better.

This is how I understand Bad debt.

Baddebt occurs as result of non payment of Accounts Receivable balances from a customer. i.e deliquent customers.

The bad debt account is an expense account as such the normal balance should be debit and the account is usually located in the expense section (income statement) of a company's chart of accounts.

some companies usually (based on management assumptions) calculate bad debt as an estimate of the AR balances that over 60/90 days past due. Smaller companies can record/calculate bad debt based on each customer's account.

you can't talk of bad debt without talking about the "allowance for doubtful accounts" (AFDA is a balance sheet account).

Here are a series of entries that are related to bad debt.

Initail entry to record the receivable for sales/services provided

Debit AR and Credit Revenue account

To record an AFDA for the deliquent receivable

Debit Bad Debt expense and Credit AFDA

To Write off a receivable after it has been deemed uncollectable

Debit AFDA and Credit AR

How much of IFRS is being taught in the schools now as Nigerian SAS has been abolished?

Paulipopor: My area of specialty in accounting is accounting softwares. As an accountant or student you'r expected at least one accounting software.
I'll entertain any question in this area.

Which Accounting Software would you advise I learn how to use and why should I choose it over the others?

kip it comin learning tinzzzzzzzzzz

Good day all, pls i need to know if i can pay for my ACCA exam online with my GTB mastercard. Thanks.

Slimceezy:

Which Accounting Software would you advise I learn how to use and why should I choose it over the others?

are you a student or an accountant? if accountant what sector are you in?

Are there any ACCA study centers in Minna? How long would it take a Bachelor of Science, Accounting holder to write the ACCA exams and get certified and how much would it cost?
Any senior colleague in the house? Please. . .

Which do you guys fink is da best accounting text book and what is da name of da author......100LEVEL-ABU,ZARIA,,,,COURSE-INTRODUCTION TO ACCOUNTING....PLS?

pls ladies nd gentlemen, am through wit my ND, can i collect d ican? Nd wat is d probability of me passing d ican exam.... Pls i need a germane answer, 4rm a very inportant person..

Paulipopor:
are you a student or an accountant? if accountant what sector are you in?

Well, I'm actually serving right now so I'm kinda in between *if there's anything like that* but I don't really DIG the financial aspect of accounting. Feel free to give me handy tips, I'll appreciate that. Thanks bro

Any WYSe student here...

@aliyu, i will advice u 2 go 4 FAMS,,'financial account made simple'.....

Slimceezy:

Well, I'm actually serving right now so I'm kinda in between *if there's anything like that* but I don't really DIG the financial aspect of accounting. Feel free to give me handy tips, I'll appreciate that. Thanks bro

okay, you can learn peachtree. It's very popular and easy. This will give you a general foundation on the workability of any accounting software. Though as it last year it's been replaced with another software - Sage 50. Nevertheless, it's still relevant.

skipo smith: pls ladies nd gentlemen, am through wit my ND, can i collect d ican? Nd wat is d probability of me passing d ican exam.... Pls i need a germane answer, 4rm a very inportant person..

yes you can register for ican. But the percentage of you passing is 0% if you don't prepare with the right materials and100% if you do.

As an accountant, u need to remember the four fundamental principles of ethics.

1. Integrity - u must be straightforward and honest in all your professional and business relationships

2. Objectivity - u must not allow bias, conflict of interest ou undue influence of others to override ur professional judgement

3. Professional competence and due care - be up to date and act diligently

4. Confidentiality - respect the confidentiality of information acquired as a result of ur professional and business dealings

5. Professional behaviour - let comply with laws and regulations and avoid any action that discredits the profession.

As a chattered account I only apply this to my profession and life in general

blank: How much of IFRS is being taught in the schools now as Nigerian SAS has been abolished?

Great question. In fact I asked some of my colleagues back at school whether IFRS has been adopted, and they responded in the negative.

It's a shame that the academic world should fall behind in issues like this. In advanced climes, groundbreaking innovation is actually driven from the universities and bear fruit in the corporate world, but the reverse is the case in Nigeria.

My advice to accounting students who seek to pursue a career in the field is to take up part-time diploma in IFRS from some of the reputable accounting schools around, as SAS is being phased out in Nigeria.

Paulipopor:
okay, you can learn peachtree. It's very popular and easy. This will give you a general foundation on the workability of any accounting software. Though as it last year it's been replaced with another software - Sage 50. Nevertheless, it's still relevant.

Yea, I heard about the 2013 SAGE 50. Thanks bro, I do appreciate.

k.fako:
As an accountant, u need to remember the four fundamental principles of ethics.

1. Integrity - u must be straightforward and honest in all your professional and business relationships

2. Objectivity - u must not allow bias, conflict of interest ou undue influence of others to override ur professional judgement

3. Professional competence and due care - be up to date and act diligently

4. Confidentiality - respect the confidentiality of information acquired as a result of ur professional and business dealings

5. Professional behaviour - let comply with laws and regulations and avoid any action that discredits the profession.

As a chattered account I only apply this to my profession and life in general

looks more like auditing efundamental ......... But its still applicable anyways. #just my thought