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

okay fnx bro i wil try dat

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..

For real?

SpicyMimi: 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.

Depreciation is an amount that is reduced from asset as a result of usage or old age i.e if you buy a car for 1000,000 and the car is expected to last for five years meaning that every year the usage is 200,000, the 200,000 is the depreciation. Bad debt is an amount someone is owing you that he is not able to pay, that is irrecoverable debt, when you decide to forget about this money, it becomes a bad debt.

Iceslizer: For real?

My advice 4 d ND holder,u can register 4 Ican but pls wen preparing 4 ur ican exam,make sure u get ican pack & some good accounting text book such as Financial Accounting Made Simple by Robert ighen,pls do away wit all ur skool materials,cos ican is no child's play,b ready 2 read as if u had zero knowledge .

LATEST ACCEPTABLE FORMAT OF PUBLISHED FINANCIAL STATEMENT

FUNCTION METHOD

I tried to type it here but the type setting was not working
so use the image below and if any body is interested ask question on it so that I can explained the items one after the others

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Financial Accounting is said to be difficult, just this saying creates that fear subconsciously, causing financial accounting seem difficult. You don't know your way around it, that's just because you don't have enough details or information on it. Once you do,you'd wonder what the big deal is anyway.

Hmmmm, nice thread.

I'll try to be careful with my comments here.

Been practicing accounting for a few years now, and in my opinioin, it's not the most interesting of professions - you can make some cool money though, only if u're smart enough.

Hope no one still in school gets discouraged by this.

And btw, not sure of any easier course to read in school than accounting.

it's just so easy, if you take out the time to STUDY & UNDERSTAND THE FUNDAMENTALS

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.

i dey feel u die

sanb:

1) As a BSc Accounting holder, you’ll have some exemptions.

2) As for how long it’ll take you to complete your ACCA exams, it all depends on you and how well you prepare. If you prepare hard and well, you’ll see the results. ACCA exams are written twice each year. A few things you need to note though;

•Review past questions in each of the ACCA papers you’re preparing which you can get from the ACCA website;
•Get well informed with your student newsletter as the examiners tell a lot of what they expect from students writing their individual papers;
•Know your syllabus for each ACCA paper in and out;
•Use recommended textbooks; and
•Learn exam techniques i.e. allocate the right amount of time for each question.

3) As for the cost, it varies as each ACCA exam period, most times attracts an increase in exam fees.

Thank you very much, ma'am.

Pls I need the full details about ICAN,including the fee and everything attached to it,I want to start soon,

Would like to get more details about the payment and proper registration process for ACCA

acume: Depreciation is an amount that is reduced from asset as a result of usage or old age i.e if you buy a car for 1000,000 and the car is expected to last for five years meaning that every year the usage is 200,000, the 200,000 is the depreciation. Bad debt is an amount someone is owing you that he is not able to pay, that is irrecoverable debt, when you decide to forget about this money, it becomes a bad debt.

bad debt can be recovered,if its recovered,its going b treated as an income. On d credit side of P &L Act.

acume: Depreciation is an amount that is reduced from asset as a result of usage or old age i.e if you buy a car for 1000,000 and the car is expected to last for five years meaning that every year the usage is 200,000, the 200,000 is the depreciation. Bad debt is an amount someone is owing you that he is not able to pay, that is irrecoverable debt, when you decide to forget about this money, it becomes a bad debt.

bad debt are irrecoverable debt.it can also occur if the debtor is bankrupt,dead etc

HNosegbe:

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.

. I A S 1-41. i.e presentation of financial statement to agriculture. part has been modified to IFRS. example i.a.s 27 formerly; CONSOLIDATED & SEPARATE FINANCIAL STATEMENT has been modified has..,IFRS 10; has CONSOLIDATED FINANCIAL STATEMENT,,& I A S 27; has SEPARATE FINANCIAL STATEMENT. IFRS has been introduced in accounting dept. UNIJOS.

The basic Logic to financial accounting is understanding your double entry (debit and credit). If you have a good grasp of this, every other thing would be to just posting (from the P&L to the Cash flow/Balance sheet).

Cool thread. Am loving it. Pls lets keep it alive

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DonCrust
I'm a final year student and I hope to learn more from my senior colleagues who are already practicing accounting. Can someone put more light on Foreign branch account? Also, which is better between ACCA and ICAN?

None is better than the other but to be on the safe side I'll recommend ACCA as it is more international and you can always convert to ICAN after qualifying as ACCA.

Having said that, I'll advise you IMMEDIATELY after completing your final year exams to concentrate SOLELY on getting a GOOD JOB first preferably with a multinational or a Company with ambition that values its staff or with one of the top 4 Accounting / Audit firms in Naija. AFTER securing a job, THEN you can think of doing ACCA exams because its not easy sitting exams with no money or no job and the ACCA or ICAN qualification no longer guarantees ANYONE a job (even an Accounting one) as the laws of demand and supply mean that there are now too many qualified Accountants chasing too few jobs.

I'm an ACCA but if I was younger or if I knew then what I know now about the world of work and business, I would not have spent all those years on the ACCA exams but would instead have done a short course on Java and Web programming and made sure I mastered it up to Guru level and then watch as I pick and choose jobs even on an international level

Computing is the future whilst HONEST Accountants can not thrive especially in Nigeria.

What do Bill Gates and the founder of Facebook have in common ? They are both multi billionaires in dollars they made from computing BUT they are both Computer Geeks and Bill Gates even dropped out of Uni to concentrate on Computing.


In answer to your third question, Foreign branches are independent branches which are operating in foreign countries.

Accounting at Branch :
As the foreign branch is an independent branch, it keeps a complete set of books on the double entry system, prepares all the necessary accounts including the account of the Head Office, prepares its own trial balance, Trading and Profit and Loss Account and Balance Sheet. In short, the accounting procedure adopted at a foreign branch is exactly the same as that adopted at an independent domestic branch.


Accounting at the Head Office :
The trial balance received by the Head Office from the foreign branch is in foreign currency. Therefore, before incorporating the items in the trial balance of the foreign branch, the Head Office is required to convert the various items in the trial balance into the currency of the Head Office. Thereafter, it has to incorporate the items in the Converted Branch Trial Balance in its books, prepare the Branch Trading and Profit and Loss account and Balance Sheet and Branch Account.

Read more :- http://allisaccounting..co.uk/2012/04/foreign-branches-branch-accounts.html

sanb: Nice one…you sure know your accounting professional ethics well....

Lool...funny enough, i created this thread after reading my professional ethics notes...its the reason behind this thread.

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

Yes. Yes you can pay with any master or visa card.

Any synergy student in the house?

Wow! Thanks for your contributions everyone. You ve all been able to educate us here and ve also been able to pass valuable information to some of us here, please keep it coming!

Please, after being granted the certificate as a Professional chartered accountant, is it advisable for one to look for job x in other companies or do one set up his/her own company??
Secondly what are the tips of becoming a Good Tax consultant in Nigeria and what are the things one should know as a Tax consultant?

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

On point!

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

Yes you can. That is what I use

Meklex: 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.

Correct me if I'm wrong. I think the example u sited is called revaluation and not depreciation.

Odunharry:
bad debt are irrecoverable debt.it can also occur if the debtor is bankrupt,dead etc

Bad debt is a very sensitive account. Its treatment depends on the company's accounting policy and requires top management approval. It is discretionary and that is why most companies allow it to sit in there provisions for some years. However, there might still be a slim possibility of recovering it. If that happens, credit bad debt and debit bank or cash.

graceng: Financial Accounting is said to be difficult, just this saying creates that fear subconsciously, causing financial accounting seem difficult. You don't know your way around it, that's just because you don't have enough details or information on it. Once you do,you'd wonder what the big deal is anyway.

It will always remain difficult for those that cannot cram in our institutions of learning. That is because of our teaching technics.