The is a thread you can throw up any challenge and difficulty you are facing and let us all team up and explore the individual competencies deposited in us. This thread can equally be useful for ICAN students, Accounting undergraduates to ask questions and let the experts answer you.
I have HND, ACA, i work too.

1.what could have possibly been the error committed if a debtor's balance is having a credit balance?
2. Where is Withholding tax from corporate organisations remitted ?
Let us start our debate on these questions first

Pls what will be my faith if i spend 2 to 3 years to acquire ican without work experience? I studied engineering but i have stronge desire for accounting.do you think is wise to spend 2 to 3 years just to acquire ican?moreover am 31 now.

Chudoify: Pls what will be my faith if i spend 2 to 3 years to acquire ican without work experience? I studied engineering but i have stronge desire for accounting.do you think is wise to spend 2 to 3 years just to acquire ican?moreover am 31 now.

My dear, there is no such thing as 2-3 years in ICAN once u are a graduate. The expected period of completion is just about 14monts if you dont have reference at all. It is worth it, go for the registration and register for lectures in a good tutorial center. ICAN plus any first degree in engineering that land you a an amazing offer in an oil and gas company as Audit manager or Head of Internal Control. I have my proofs

Thank you so much for answering my question.pls i asked question and i was told that i will start from foundation to pe 2.Each stage takes 6 months to complete .so if u calculate it now is 2 years.But you said 14months.pls explain to me.Am waiting.Thank u.

Bsc Econs, ACA. Experience in Fixed Asset and Tax Accounting.

Sigining in.

musulumi: 1.what could have possibly been the error committed if a debtor's balance is having a credit balance?
2. Where is Withholding tax from corporate organisations remitted ?
Let us start our debate on these questions first

- Wrong posting of cash sales transaction, like, instead of posting the corresponding transaction of cash sales(not credit sales) to the cash account, it is posted into the debtors account.
Illustration:
Cash sales (sales with immediate payment by the buyer)
Wrong
Credit sales a/c and debit debtors a/c
Right
Credit sales a/c and debit cash a/c.

Basically, it is wrong entry of transactions that affects the balances on a/cs.

-FIRS

@ musulumi,pls i am still waiting for your reply.thank u.

Chudoify: Thank you so much for answering my question.pls i asked question and i was told that i will start from foundation to pe 2.Each stage takes 6 months to complete .so if u calculate it now is 2 years.But you said 14months.pls explain to me.Am waiting.Thank u.

Yeah, it does not take up to six month at any level at all depending on your level of assimilation. You write exams twice in a year and i think, it is 3 years. Just try and endure it. it is worth it my man!

I saw your reply.thank you.But pls how would i make up for work experience before getting a job.pls enlighten me on this.thank u.

Chudoify: I saw your reply.thank you.But pls how would i make up for work experience before getting a job.pls enlighten me on this.thank u.

If you go for lectures,especially where there are pools of experience lecturers, then u must have been taught all you need practically to work in any company as a Chartered Accountant! I am talking from experience. So just go for your registration first and kick off. The sky is your stepping stone!

[quote author=musulumi]The is a thread you can throw up any challenge and difficulty you are facing and let us all team up and explore the individual competencies deposited in us. This thread can equally be useful for ICAN students, Accounting undergraduates to ask questions and let the experts answer you.
I have HND, ACA, i work too.[/quo


As a ACA holder..... Do you think it is necessary for someone to go for ACCA also. Advice

^

You don't need it, ACA is enough, especially if you don't have plans to work outside these shores. Even if you have I still believe ACA should be tenable in many countries, after all most of these expat accountants in my company here have accouting certifications of their home country like Switzerland, New Zealand etc and are working in Nigeria with them. Not even ACCA.

However, since you will only be writing 5 papers, you can do it, as it doesn't take away anything from you even it it doesn't add much to you. I am also comtemplating writing ACCA, and I have ACA already, not because it will be much useful to me, but because of my love for exams and certificates. I hate being idle, always wanting to have one exams in front of me.

[quote author=Jarus]^

You don't need it, ACA is enough, especially if you don't have plans to work outside these shores. Even if you have I still believe ACA should be tenable in many countries, after all most of these expat accountants in my company here have accouting certifications of their home country like Switzerland, New Zealand etc and are working in Nigeria with them. Not even ACCA.

However, since you will only be writing 5 papers, you can do it, as it doesn't take away anything from you even it it doesn't add much to you. I am also comtemplating writing ACCA, and I have ACA already, [b]not because it will be much useful to me, but because of my love for exams and certificates. I hate being idle, always wanting to have one exams in front of me. [/qu[/b]ote]

Bros,

Let your children take over now? You don dey old O, remember!

T22

[b][/b]Thanks for your response... But my primary purpose is the oxford Brookes Bsc certificate because I am not Bcs in Accounting while I am an ACA holder. It is worthwhile going for it if not for anything but to align someone with international terrain most especially IFRS.[/color][color=#990000]

@Op: Thanks for starting this thread.I'm an Accounting graduate from The University of Benin. I need training manuals on Peachtree Accounting or Quickbooks.Thanks in advance.

Businesstools: @Op: Thanks for starting this thread.I'm an Accounting graduate from The University of Benin. I need training manuals on Peachtree Accounting or Quickbooks.Thanks in advance.

i will check my files and try to help with some on pdf file formats. Drop your email and do not hesitate to ask me anything you need at anytime.

My professional collegue.... What is your understanding of the new amendment of the personal income tax. Have you adopt it in your work place? Share your experience
Teslim ACA

TEXZLEM: My professional collegue.... What is your understanding of the new amendment of the personal income tax. Have you adopt it in your work place? Share your experience
Teslim ACA

I am very much aware of the effective amendment in the Personal Income Tax, but no change is made yet in our payroll system, as at least a year of assessment is giving to make companies adapted wholly to the new development. But colleagues, i am an open fan of the new Act! I love d amendments!!

musulumi:
i will check my files and try to help with some on pdf file formats. Drop your email and do not hesitate to ask me anything you need at anytime.

patrickokunima@gmail.com Thanks a million.

Have companies actually started implementing IFRS? And I'd like to know if the current ICAN pack (PE1) is based on it (IFRS). I'm asking cos I heard rumours of change in the syllabus soon. Don't know how true though.

Meanwhile, I'm surprised at the number of failure in AAA in the just released ICAN results. Really depressing. About 90%(if not more) failure.

The new PITA is good for low to middle income earners. In my former place of work(early this year), my monthly PAYE reduced by 12k due to switch to amended PITA. In my new place, we started implementing the new PITA since February.

It however takes much from the high income earners.

The new Consolidated Relief Allowance is also cool.
Altogether, I think it's good system for both government and the tax payers. It is also more straighforward.

I'm always surprised how people fail AAA and other auditing courses. For any ICAN candidate that works in a Finance/Accounting unit, I honestly don't think he needs to read before passing AAA. If he reads, he should be able to grab it at once. Auditing is usually the cheapest course for me. Before I moved to Tax, Tax used to be the most difficult for me.

hello all. B.A, AAT.
I'm currently studying for my pe 1 exams. however, the failure rate in the past exam scares me a bit. I would appreciate materials that will aid my passing.
also, I heard that one needs to have work experience to pass pe exams. I don't have such, though I did my ATS without any reference. do I need to garner experience beforehand, or am I grounded enough?

mrjimmy: hello all. B.A, AAT.
I'm currently studying for my pe 1 exams. however, the failure rate in the past exam scares me a bit. I would appreciate materials that will aid my passing.
also, I heard that one needs to have work experience to pass pe exams. I don't have such, though I did my ATS without any reference. do I need to garner experience beforehand, or am I grounded enough?

Don't be scared. If you can pass ATS without failing a paper, you can pass professional levels too. Work experience clearly makes it easier to pass, but the irony is students have more higher pass rate than workers and prize winners are usually students, principally because you have more time to study and you've got less things to think about unlike a worker. I know people that qualified far back our 200 level days in the university and they were not even studying Accounting.


Walk into ICAN bookshop at Idowu Taylor, VI and buy materials or from any iCAN centre.

Infact i love this thread.may God bless the person began this thread and may God bless all that have contributed to this thread.Pls i am currently preparing for ICAN November diet(foundation).i am disturbed because of my age(31 years).if after taking my time to obtain ICAN maybe like 2-3 years.what are my chances in the labour market?i studied engineering and i have no work experience.i am confuse and affecting my studies.luv u all.

Chudoify: Infact i love this thread.may God bless the person began this thread and may God bless all that have contributed to this thread.Pls i am currently preparing for ICAN November diet(foundation).i am disturbed because of my age(31 years).if after taking my time to obtain ICAN maybe like 2-3 years.what are my chances in the labour market?i studied engineering and i have no work experience.i am confuse and affecting my studies.luv u all.

dont be confused you need to identify what you want and go for it. I know that you are bothered about your age and the fact that you dont have any work experience. But then God is able to make a way even when all looks dark and gloomy. Keep ur head up and know that ur breakthru is just around the corner. But i have a question for u, why do u want ACA ? Do u have passion for accounting/finance or u just want a prof certfication to boost ur cv?

Thank you my brother.I have passion for accounting and infact it makes me happy anytime i am studying it and i dont find it difficult understand.i love accounting and IT.I am also going for ICAN because i think it will enable me get a good job since is a professional certificate.My problem is my age and lack of work experience.thank u.luv u all.

thank you Jarus. much appreciated.

Jarus: I'm always surprised how people fail AAA and other auditing courses. For any ICAN candidate that works in a Finance/Accounting unit, I honestly don't think he needs to read before passing AAA. If he reads, he should be able to grab it at once. Auditing is usually the cheapest course for me. Before I moved to Tax, Tax used to be the most difficult for me.

I do not agree with you. To me AAA is one paper that u can not boast of passing easily. May be you ve a technique to share with us on how to pass it with ease. I ve wrote AAA twice without passing it why? If one can pass mighty MA and FA what then do I do to crush AAA? Are u ACA?

mrjimmy: hello all. B.A, AAT.
I'm currently studying for my pe 1 exams. however, the failure rate in the past exam scares me a bit. I would appreciate materials that will aid my passing.
also, I heard that one needs to have work experience to pass pe exams. I don't have such, though I did my ATS without any reference. do I need to garner experience beforehand, or am I grounded enough?

You re grounded enough considering the fact that u ve gone through Ats. All u need is a good tutorial centre and constant reading (do not read outside the syllabus except AAA). You do not need any experience to pass ICAN exams

My professional colleague...let us share our view on this issue. Experience has shown that many people engage in Biz without doing feasibility report or Business plan.

As a professional Accountant... I am privilege to have written some plan for some biz owner. If you have written one... Let us discuss the content of forecasted cashflow,profit and loss, balance sheet and breakeven point. Assumption adopted.

Most Nig small scale biz do not have data... And they believe you to manufacture data off air and balance it all...