The competition for jobs is quite tough in the labour market, so those with an accounting background might want to refresh themselves on what employers look for in an accountant before they start applying for their first accounting job or for a new one.

The good news for all accounting professionals is that this industry has remained both competitive and fast-growing over the years, with expected stable job growth through the end of the current decade. As a result of these, accountants need to be versatile and proficient, educated and certified, and give employers a good reason to choose them over the numerous applicants who will inevitably apply for each open position in a business organization. I compiled a list of what today’s tax, accounting, and corporate firms are looking for among new applicants.

EDUCATION AND CERTIFICATION
Furthermore, an accountant with greater education will be more likely to land the job for which they are applying for than the ones with lesser education. It’s common to see accountants with two-year, four-year or more, and master’s degrees to back it up, all working together. We should note that accountants are simply more likely to land their first position with a bachelor’s degree than with a two-year degree. Likewise, those with graduate-level work in accounting might have a slight edge over other applicants. Also worth noting is that accountants who have taken and passed the professional examination will be far more likely to land a job than those who have not done so. Professional exam certifies the proficiency, ethical knowledge, and expertise of the accountant, and is a key differentiator among other applicants who are applying for the same job.

KNOWLEDGE OF GAAP AND ETHICAL PRINCIPLES
Accounting profession is highly regulated by government laws, including the likes of the Sarbanes-Oxley Act. Furthermore, we should also note that state accounting boards and numerous corporate, internal auditing departments, oversee accounting activities to ensure that they’re properly reporting and disclosing company financial information. As a result of theses, businesses are concerned chiefly with the proficiency of an accountant on GAAP and their understanding of the legal and ethical requirements that govern the profession. An accountant with the above listed knowledge is likely to be less of a risk in a firm and be far more productive than one who does not know the various laws that governs the profession and best practices that make corporate accounting accurate and honest.

TECHNOLOGY PROFICIENCY
While the old generation accountants might have been proficient in binders, log books and calculators, the modern accountant must instead know how to use the various accounting software suites and tools. Most businesses conduct all its accounting activities electronically, since today’s software often comes with built-in checks, balances, and ethical enforcement software, which can safeguard the company from investigation or ethical problems. Accountants who wish to have a competitive edge over other accountants should make sure that they’re proficient in multiple popular accounting software suites for the accounting profession. Some accountants might want to make sure that they know how to e-file personal and corporate tax forms, while others may want to double-check their knowledge of financial reporting software or budget analysis programs.

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2 years ago, while I was doing my compulsory one year national service in Katsina State, I visited a Redeemed church somewhere around Gomad due to the boringness of Winner's chapel, Katsina.

The pastor at the redeemed church said that God doesn't answer the prayers of Muslims but answers the prayers of Christians alone because they pray in the name of Jesus. I didn't agree with what he said though but I joined in shouting "pastor ride on sir" just like the other members shouted.

I got home to search the bible verses about prayer and discovered the following.
1. When Jesus taught his disciples how to pray, he didn't instruct them to pray in his name.

“This is how you should pray.
“ ‘Our Father in heaven,
may Your name be honored.
May Your kingdom come.
May what You want to happen be done
on earth as it is done in heaven.
Give us today our daily bread.
Forgive us our sins,
just as we also have forgiven those who sin against us.
Keep us from falling into sin when we are tempted.
Save us from the evil one." - Matthew 6:9-15

2. When Jesus went to the mountain to pray while his disciples were sleeping, he prayed to God directly without praying in his name.

So please, where did the modern days Christians get praying in the name of Jesus from while even Jesus himself didn't ask us to pray in his name.

Written by: Onyema Donald. onyemadonald@yahoo.com

Accounting and Finance are two different disciples of business but both play vital roles to keep a business afloat. Finance basically is the study and management of assets, planning of cash inflows and out flows of capital as well as day to day expenses. Finance takes the organised information provided by accounting and uses it to help run a company on a daily basis and make long term financing and budgeting decisions.

Accounting on the other hand is about recording and reporting of every single financial transaction which include maintenance of sales day book, purchase day book, cash book, etc. These departments require a lot of paper and physical documents in huge volume. To keep up the workflow, one must have a high volume business printer such as Konica Minolta Bizhub is an utmost necessity to keep up with the workflow.

The following are the Key differences between Accounting And Finance:

Definition:
Accounting: Keeping and preparation of transaction/financial records
Finance: The finance is concerned with Management of assets and liabilities according to the current and future status of the business.
Function:
Accounting: Interpret, past and present financial statements and records.
Finance: Decision making on financial strategies in an organization and also manage and control cash flow
Goal:
Accounting: Monitor accounting operations on a daily basis. Tax preparation and filing.
Finance: Forecast the company’s future performance.
Paper trail and documents:
Accounting: Balance sheets, income ledgers, invoices and cash flow statements etc.

Finance: Finance deals with Performance reports, return of investments, etc.
Printing Solutions:
Like many business papers and report, most financial and accounting documents are time-sensitive and often times comes in multiple pages. They should be printed quickly, accurately and securely. The Konica Minolta Bizhub is an award-winning business printer. Its line of products are work friendly and were developed and dedicated for heavy-printing requirements and flexible workflows.
Accounting and finance are important in business. they are two different functions that require different skill sets. However, both areas revolve around the company’s ability to manage assets and therefore they commonly work hand in hand.

The core difference between finance and accounting is that accounting lays more emphasis on the day-to-day flow of money in and out of a company or institution, while finance is a broadly deals with the management of assets and liabilities and the planning of future growth.

If you want to exercise high-level control over a company’s strategy, then you will be needing finance but if you want to take a detailed look at a company’s books you’re probably more interested in accounting. People often said that accounting looks back to a company’s past financial transactions, while finance looks forward to plan future acquisition of assets.

Accounting is all about accurate reporting of past events and compliance with laws and standards while Finance is about looking forward into the future and growing a pot of money or mitigating losses. If you like thinking in terms of a longer time plans, then you may be happier in finance than in accounting.:

SIURCE: https://www.trendingaccounting.com/2018/09/difference-between-accounting-and.html?m=1

Today we remember the life and time of our very own Chief Mrs. Olutoyin Olusola Olakunri, a legend in accounting and finance profession. Her contribution to the growth of Accounting in Nigeria and Africa will never be forgotten.

Chief Mrs. Olutoyin Olusola Olakunri, A Chartered Accountant, Industry Captain & Administrator was born on November 4, 1937. She attended her elementary school in Nigeria and then relocated to the United Kingdom where she finished her secondary tertiary institution.

In February 1963, Mrs. Olakunri became qualified as a member of the Institute of Chartered Accountants of England & Wales, and also became a Foundation Member the Institute of Chartered Accountants of Nigeria [ICAN] in 1965 when she came back to Nigeria.

Chief Mrs Olutoyin Olakunri is the first female Chartered Accountant in Sub-Saharan Africa and the second female President of Institute of Chartered Accountants of Nigeria (ICAN). Till date, ICAN has only produced six female heads and quite a number of eligible women in line.

In 1978, Chief Mrs. Olakunri became the Chief Promoter of the Society of Women Accountants in Nigeria [SWAN], which she served as Chairman for over 10 years. SWAN has backed women to realize their potentials in the fields of accountancy, mathematics, finance and Economics.

Mrs Olutoyin Olakunri worked with Casselton Elliot & Co. as a Chartered Accountant and also for the then Nigerian Industrial Development Bank [NIDB], among others. She later took a courageous leap into entrepreneurship & corporate management — becoming owner and manager of an industrial outfits and venturing into stock broking.

She was the first female President of the Institute of Directors [Nigeria], former member of the National Revenue Mobilization Allocation & Fiscal Policy Commission, Vision 20: 2020 Committee member, & Council of the Nigerian Stock Exchange, Chief Mrs Olakunri was nominated as a member of the Constituent Assembly that generated the Constitution of the Federal Republic of Nigeria in 1979.

Furthermore, she was a board member of the Finance Committee of Nigeria Institute of International Affairs (NIIA), and for 8 years on the Board of Nigeria Liquefied Natural Gas Limited, Chairman of the then Education Trust Fund [which was renamed to Tertiary Education Fund] for two terms, she has variously served on the Council of Federal University of Ado- Ekiti, Redeemer’s University, Bells University of Technology, & Achievers’ University.
Chief Mrs Olutoyin Olakunri is recognized both internationally and locally for her numerous contributions to the professions and development of the society. Some of the honours are: Officer of the Federal Republic [OFR] of Nigeria, The African Leadership Forum Foundation for Distinguished Contribution to Women Empowerment in Nigeria, International Women Society for Meritorious Services to the Community, ICAN Merit Award for the growth and development of the Accountancy Profession, University of Lagos Law Society for Contributions to the upliftment of Women in the Nigeria, Nigerian Library Association Award for Excellence Services Award, she also bagged a Honorary Doctorate Degrees in Business administration from University of Ado- Ekiti, Lagos State University [the Sciences], and University of Nigeria, Nsukka, She was also awarded Chieftaincy Title Awards by communities in Owo, Ijebu- Ode, Abeokuta and Ijero- Ekiti.

Mrs. Olutoyin Olusola Olakunri died on Sunday June 3, 2018 after a brief illness

SOURCE: https://www.trendingaccounting.com/2018/09/biography-of-olutoyin-olusola-olakunri.html?m=1

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Mr Akintola Williams was born on August 9, 1919 in Lagos State Nigeria. He was born in a wealthy family with generations working with white settlers in Nigeria and the government. His grandfather was a successful merchant while his father, Mr Thomas Ekundayo Williams was a clerk who worked for the colonial office before starting his legal firm in Lagos.

Akintola began his education at Olowogbowo Methodist Primary School, Bankole street, Apongbon, Lagos Island, Lagos, in the early 1930s; He attended the same primary school which his late junior brother Chief Rotimi Williams attended.

During his elementary education, Akintola enjoyed academic success, winning a scholarship to obtain a Diploma in Commerce from Yaba Higher College. Because of the absence of higher education institutions offering Commerce in Nigeria, Akintola Williams travelled to the UK to further his studies in 1944. In 1949, he successfully qualified as a Chartered Accountant in London, UK 3 years after obtaining a Bachelor of Commerce from the University of London.

With an undying interest in the Nigerian economy and business sector, he returned to Nigeria in the year 1950 and immediately got a job with the Inland Revenue as an assessment officer. In 1952, Mr Williams resigned from the Inland Revenue to set up Akintola & Co to compete against already established business firms in the capital many of which were not locally owned.

Between 1964 and 1995, his firm Akintola & Co grew so big that he had over 500 staff, branches all over West Africa and partners worldwide. Akintola Williams retired actively at the age of 64 in 1983 but continued to serve his firm and Nigeria. He was part of the team that established the Nigerian Stock Exchange. He was actively involved in the running of these organisations into his old age. In one of the stock exchange ceremony in May 2011, he called on operators to protect the market and ensure there it is scandal free.

Some public sector positions held by Mr Akintola include Chairman of the Federal Income Tax Appeal Commissioners (1958–68), He was also an important member of the Coker Commission of Inquiry into the Statutory Corporations of the old Western Region of Nigeria in (1962), member of the board of Trustees of the Commonwealth Foundation (1966–1975), Chairman of the Lagos State Government Revenue Collection Panel (1973) and Chairman of the Public Service Review Panel to right the wrongs in the Udoji Salary Review Commission (1975).

Other positions held that he held include President of the Metropolitan Club in Victoria Island, Lagos, Founder and Council member of the Nigerian Conservation Foundation. He also saw the need for more Chartered accountants in Nigeria, so Akintola Williams set up the Association of Accountants in Nigeria in 1960 and the Institute of Chartered Accountants of Nigeria. He was the first president of the Institute of Chartered Accountants until he retired in 1983.

After retiring, Akintola dedicated his time and effort in various projects in the Arts. He built and establish the centre and concert hall for the Music Society of Nigeria. In 1982, the Federal government of Nigeria honoured him with the Order of the Federal Republic award. He was appointed as Commander of the Most Excellent Order of the British Empire in 1997 and the Nigeria-British Association presented him a legacy award in 2011.

With much inspiration from his successful merchant grandfather, Akintola Williams saw a gap in the formal business sector in Nigeria and filled it totally. He was Awarded the Commander of the Most Excellent Order of the British Empire (CBE), Sir Akinola Williams will turn 100 in 2019. He was married to his sweetheart, Mrs Efuntiloye Mabel Williams, who later died on Wednesday, July 8, 2009.

SOURCE: https://www.trendingaccounting.com/2018/09/meet-akintola-williams-first-chartered.html?m=1

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Accountants are saddled with the responsibilities of accurate processing and reporting of a company's financial information, and mistakes can incur penalties, or worse. The job usually involve long, stressful hours, and sitting at a desk all day isn't particularly good for your health. But the good news is that the attention to detail and lifestyle changes can help minimize the risks.

EDUCATION
Although bachelor's degree in accounting is a minimum requirement for the job of an accountant. While it's possible to obtain employment without one, by combining some college work and experience, your opportunities for advancement and higher pay will be greatly limited. Even a bachelor's degree can't guarantee you a good position. Some employers will prefer to hire a master's degree holder; if you have one, your advancement opportunities will be on a rise.

PENALTIES
The suspension or revocation of CPA's license can occur as a result of criminal activity or a violation of ethics in some cases. Licenses to operate are issued by a state board of accountancy, which typically has the power to investigate complaints and discipline CPAs. This may differ from on country to another. In Nigeria, ICAN has the power to revoke the licence of its members. The Securities and Exchange Commission also have the power to ban CPAs from working for businesses registered with the SEC, but only state boards can fully revoke a license to practice.

STRESS
Some accountants are usually classified as exempt employees, so they don't qualify for pay on overtime under the Fair Labor Standards Act. It can also mean that they aren't compensated even if they work for long hours at the office during tax season, or closing the books at month end and the end of the fiscal year. Audit deadlines and the potential penalties as a result of inaccurate reporting can cause stress to the accountant. Because accounting departments is not revenue generating, Downsizing often occur in economic downturns, leading to overwork and doubts over the future of remaining staff.

HEALTH
Accounting isn't an active career. Majority of it is spent sitting at a desk in the office, which has effects on health. Some researchers at Loughborough University and their counterpart at University of Leicester, England found in a 2011 study that long periods of sedentary behavior led to an increased risk of developing diabetes and sometimes heart problems which can lead to health issues, including death from a cardiovascular event. They found out that sitting all day in a place might not be the primary cause of the increased risk, but the evidence is compelling enough to recommend increased movement and regular exercise for desk workers.

PAY AND OUTLOOK
While the average annual wage for accountants was $70,130 in 2011, according to the Bureau of Labor Statistics, the bottom 10 percent earned $39,640, so it isn't always a lucrative career.

SOURCE: https://www.trendingaccounting.com/2018/09/risks-of-accounting-career.html?m=1

Read about the Three golden rules of Accounting here: https://www.trendingaccounting.com/2018/09/three-golden-rules-of-accounting.html?m=1

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Freeze: The nightmare of Nigeria pastors

Flatinho
Biafra Drugs Republic

Overtrading occurs when a firm is engaged in buying too much and selling too little. This means that the organization accumulates more volume of trade than its financial capacity, which results to piling up in debts in the long run. In this case, the working capital becomes inadequate as the current assets of the firm will not be sufficient enough to pay the current liabilities to a ratio of at least 2:1.

SIGNALS OF OVETRADING
1. The signals of overtrading are:
2. Increasing amount of creditors
3.More capital locked up in stock
4. Excessive use of bank overdraft
5. Constant use of trade discounts to customers
6. Cash discounts to debtors to encourage prompt payment
7. Mortgaging the firms properties; in other to obtain loan capital
8. High ratio of debtor to equity capital and to sales
DISADVANTAGES OF OVERTRADING

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wwwmaster:
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Manufacturing of goods and services is the transformation of raw materials into finished goods. Some firms have to manufacture their goods before selling them to the general public e.g Coca-Cola, Nestle etc. where as some merely sell products which are acquired in finished form. A manufacturing organisation will acquire raw materials, engage labour, and other inputs necessary to change the raw materials into finished goods. The main aim of preparing the manufacturing account is to ascertain the cost of goods manufactured during the financial year. It is an extension of the trading account.

PURPOSE OF MANUFACTURING ACCOUNTS
The purpose of manufacturing accounts are as follows
To ascertain the cost of goods manufactured.
To ascertain the amount of any profit on the manufacturing process.

You will also need to know that there are three types of stock in manufacturing account;
raw materials,
finished goods
work in progress.

For a manufacturing business, the manufacturing costs are divided into the following types:
i) Direct material costs
Direct material costs are those materials used directly in the manufacture of products i.e. materials that can be identified in the final products. E.g. in the manufacture of tables, direct materials consists of timber, nails, glue etc.
ii) Direct labor costs
These are wages paid to those who are directly involved in the manufacture of a product e.g. in the manufacture of tables; direct labor consists of wage paid to those workers who saw, shape of join the piece of timber into table.
iii) Direct expenses
These are expenses that must be incurred in the manufacture of a product. That is, they can be directly allocated a particular unit of a product e.g. live charges for a special equipment used in the process of manufacture, royalties
NB: The sum of all the direct costs is known as prime costs
iv) Indirect manufacturing costs / factory overheads
These are any other expenses (apart from the direct costs) for items being manufactured:
E.g. cleaners’ wages, factory rents, depreciation of plant and equipment, factory power and lighting
NB: prime cost + indirect manufacturing costs = PRODUCTION COSTS
v) Administrative Expenses
These are expenses that are administrative in nature, that is, expenses incurred in the process of panning, controlling and directing the organization.
e.g. office rents, office electricity, depreciation of office machinery, secretarial salaries.
vi) Selling and distribution expenses
These are expenses incurred in the process of selling, promoting and distributing the goods manufactured. E.g. advertising expenses, carriage outwards, depreciation of motor van, salesmen salaries etc.
vii) Finance Costs
These are expenses such as bank charges, discount allowed.

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These are some of the commonly used acronyms and abbreviations in the accounting profession. They are arranged in alphabetical order.
A
AAA - Accumulated Adjustments Account
AAA - American Accounting Association
AAA - Association of Accounting Administrators
AAA - Authentication , Authorization , and Accounting
AAA - Authentication Authorization and Accounting
AAA - Authentication Authorization Accounting
AAA - CPA American Association of Attorney - Certified Public Accountants
AAAA - Asian Academic Accounting Association
AAOIFI – Accounting and Auditing Organization of Islamic Financial Institutions (Bahrain)
AARF – Australian Accounting Research Foundation
AAS – Australian Accounting Standards
AASB – Australian Accounting Standards Board
AASOC – Auditing and Assurance Oversight Council (Canada)
ABB – Activity Based Budgeting

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HISTORY: BEHOLD FAMOUS KATSINA GOBARAU MINARET – NIGERIA’S FIRST STOREY BUILDING
The Gobarau Minaret was constructed over 300 years ago – of baked clay and mud. It is a 50-foot or 15-meters minaret located at the centre of Katsina city.

The tower has now become a symbol of the city. It is said to have been completed during the reign of Sarkin Katsina Muhammadu Korau (1398-1408 AD), the first Muslim king of Katsina. Over the centuries, it has been used as a central mosque, an Islamic centre for higher education, and a high tower for spotting invading armies.
The Gobarau minaret is believed to be one of the tallest buildings in Katsina State. The tower is also said to have been constructed 664 years ago.

The minaret reflects the Timbuktu style architecture. Though it was built for religious purposes, the Gobarau was converted to a security tower and it is now a tourist attraction. As it stands today, the famous Gobarau minaret (Hasumiyya) is part of the first Friday Mosques built in the ancient city of Katsina between (1348-1398).

Originally, the height of the 664-year old minaret was said to have been over 122m (400f) before it was reduced to its present height of about 17.11 meters, with a base of approximately 83.36 square meters. The tower was said to have collapsed due to neglect and lack of maintenance before it was rebuilt by Emir Muhammad Dikko.
This ancient tower could be a beautiful sight for tourist.

SOURCE: http://katsinapost.com.ng/2018/08/28/behold-the-famous-katsina-gobarau-minaret-nigerias-first-story-building/

The segregation of duties concept disallows the assignment of responsibility to one person for the acquisition of assets, their custody, and the related record keeping. Segregation of duties is one of the most effective internal controls. It just means that no one person should be responsible for doing everything. Authorization, recording, and custody of assets should be performed by different employees.

For example, one person can place an order to buy an asset, but a different person will record the transaction in the accounting books. By separating duties, it is much more difficult to commit fraud, since at least two or more people must work together to do so - which is far less likely than if one person is responsible for all aspects of an accounting transaction.

Although it improves security, breaking tasks down into separate components can negatively impact business efficiency i.e it is time-consuming and increase costs, complexity and staffing requirements. For that reason, most organizations apply Segregation of Duties to only the most vulnerable and the most mission critical elements of the business. Segregation of duties also means separation of duties


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