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What Do Accounting Students Wear To School? / Yes I CAN-A Thread For Accounting Student / OAU Accounting Students Exchange Blows Over Financial Report [Photo] (2) (3) (4)
Re: Thread For Accounting Students by Nobody: 11:27am On Aug 28, 2013 |
haibe: wit regards 2 d question asked,I seem 2 agree wit haibe...though dis case is very rare...however if it is accrued,it will b stated in d additional information. |
Re: Thread For Accounting Students by Nobody: 11:32am On Aug 28, 2013 |
hyzich: huh? am a lady ![]() hyzich: huh? am a lady |
Re: Thread For Accounting Students by hyzich(m): 11:35am On Aug 28, 2013 |
nabsprada: Lol, alright |
Re: Thread For Accounting Students by haibe(m): 1:10pm On Aug 28, 2013 |
nabsprada: Yes its a very rare case, that's why i was a bit confused when the question was asked |
Re: Thread For Accounting Students by timwezzb(m): 3:37pm On Aug 28, 2013 |
How do U Treat a Debit when it has been writting Off and litter on the debtor come to pay for the debit Own by Him?? |
Re: Thread For Accounting Students by haibe(m): 4:09pm On Aug 28, 2013 |
timwezzb: How do U Treat a Debit when it has been writting Off and litter on the debtor come to pay for the debit Own by Him?? Am not sure of this one but when a debtor pays back, i think you have to credit the bad debt expense account and debit the debtors/account receivables a/c. Why i think so is because when a bad debt is written off, the accounting entry should be to debit bad debt account(expense) as increase in expense and credit the debtors/account receivables(asset) as a decrease in asset So when the debtor comes to pay, i think those accounts should be reversed, that is, they should be credited and debited respectively. or simply open a bad debt recoverable and credit it in your profit and loss account. In a situation wher allowance/provision for doubtful debt have been created, then i think the entry will be to debit debtors/account receivables and credit allowance/provision for doubtful debts. So i think it depends on how the organization makes the provision for bad debt and the possibility of it being paid back. Then the recovery of the debt should be recorded to by debiting cash/bank and crediting allwance/provision for doubtful debt account. What's your own take on it? Because am not sure on this. |
Re: Thread For Accounting Students by salex66(m): 5:20pm On Aug 28, 2013 |
haibe:I will shed more light on both questions later |
Re: Thread For Accounting Students by haibe(m): 6:03pm On Aug 28, 2013 |
salex66: I will shed more light on both questions later thanks bro, would be expecting. . |
Re: Thread For Accounting Students by haibe(m): 6:45pm On Aug 28, 2013 |
timwezzb: How do U Treat a Debit when it has been writting Off and litter on the debtor come to pay for the debit Own by Him?? did u get an answer to ur previous question? ?? |
Re: Thread For Accounting Students by Allenkee: 6:48pm On Aug 28, 2013 |
I am waiting for admission but i want to know if it is advisable to start buying accounting text books now that i have small money or is it the school that will specify the type of text books that'll be needed? If i am to start buying please can someone list out the text books i'll need for 100 level. |
Re: Thread For Accounting Students by haibe(m): 6:53pm On Aug 28, 2013 |
Allen kee: I am waiting for admission but i want to know if it is advisable to start buying accounting text books now that i have small money or is it the school that will specify the type of text books that'll be needed? of course there will be recommended textbooks but you still have to get some now in order to prepare ahead. check the previous page for the suggestions I made. |
Re: Thread For Accounting Students by Nobody: 7:00pm On Aug 28, 2013 |
Gud day peepz loveli thread here 1 Like |
Re: Thread For Accounting Students by Nobody: 7:04pm On Aug 28, 2013 |
timwezzb: How do U Treat a Debit when it has been writting Off and litter on the debtor come to pay for the debit Own by Him??i think it should be credited 2 the p&l as bad debt recovered |
Re: Thread For Accounting Students by salex66(m): 8:32pm On Aug 28, 2013 |
haibe:normally if debt is written off it will b debited to p&l a/c nd credited to debtors a/c.By doing that;balance on debtors a/c will be reduced.If it happens dat the debtor pays back the debt;it will be debited to bad debt recoveable a/c nd credited to p&l a/c.It has become non-operating income to the coy. |
Re: Thread For Accounting Students by salex66(m): 11:21pm On Aug 28, 2013 |
salary and wages can be on Cr side of trial balance in rare ocassion.If it occurs;it will b treated as non-operating income to the coy.For instance;a. group of chartered accountant may decide to trade on phone accessories and also render financial services to small retail outlets who know them personally as chartered accountants.It should be noted that d sole aim of d coy is trade on phone accosseries which is being registered under CAC nd any income from it is operating income.If d coy is to prepare her P&L a/c at d end of her accounting period;it will go thus:Gross profit-operating expenses+non-operating income (salary&wages received from retail outlets for financial services rendered to them during d year)=EBIT |
Re: Thread For Accounting Students by haibe(m): 6:36am On Aug 29, 2013 |
salex66: why +non operating expenses, shouldn't it be non operating income? |
Re: Thread For Accounting Students by salex66(m): 9:09am On Aug 29, 2013 |
haibe:thanks bro.I have modified the post.It is non-operating income. |
Re: Thread For Accounting Students by haibe(m): 9:41am On Aug 29, 2013 |
salex66: normally if debt is written off it will b debited to p&l a/c nd credited to debtors a/c.By doing that;balance on debtors a/c will be reduced.If it happens dat the debtor pays back the debt;it will be debited to bad debt recoveable a/c nd credited to p&l a/c.It has become non-operating income to the coy. thanks for the explanation. |
Re: Thread For Accounting Students by haibe(m): 10:57am On Aug 29, 2013 |
salex66: salary and wages can be on Cr side of trial balance in rare ocassion.If it occurs;it will b treated as non-operating income to the coy.For instance;a. group of chartered accountant may decide to trade on phone accessories and also render financial services to small retail outlets who know them personally as chartered accountants.It should be noted that d sole aim of d coy is trade on phone accosseries which is being registered under CAC nd any income from it is operating income.If d coy is to prepare her P&L a/c at d end of her accounting period;it will go thus:Gross profit-operating expenses+non-operating income (salary&wages received from retail outlets for financial services rendered to them during d exactly how it should be, thanks. |
Re: Thread For Accounting Students by Samotology(m): 12:36pm On Aug 29, 2013 |
Accouting rule is that: debit all '' Assets & Expenses'', and credit '' Income & Liabilitie. Since salarie and wages is on d credit side, d 1st thing to do is to check if d debit and credit side of d trial balance balances, if no, check d difference and find out if it did equates with figure of d wages and salaries, then u should know it is an error. But if yes meaning it balanced, it should be assumed that the salarie and wages is received, meaning it should be an income which is 100% possible, what it implies is that d company has used its personel to render services to another entity which in turn has paid salaries and wages to the company, as such it could appear on d credit side of d trial balance. The company could be an out sourcing company that employs personels and send them to another company to work ( eg, banking jobs, security jobs ), the personels dont receive their salaries from where they work but from d company which out sourced them, the company in turn pays d employees. Lets take a good look at FEDEX staff working in UBA plc mailing room, UBA pays salaries and wages to FEDEX, as such u will find it(salaries and wages) on the credit side of FEDEX trial balance which signifies income, while in UBA plc, it (salaries and wages) will be on the debit side of their trial balance, which has satisfy d golden rule of account (every debit entry ( UBA) must have a corresponding credit entry ( FEDEX). Samotology ( ESUT Accounting ) 3 Likes 1 Share |
Re: Thread For Accounting Students by haibe(m): 3:25pm On Aug 29, 2013 |
Samotology: Accouting rule is that: debit all '' Assets & Expenses'', and credit '' Income & Liabilitie. Since salarie and wages is on d credit side, d 1st thing to do is to check if d debit and credit side of d trial balance balances, if no, check d difference and find out if it did equates with figure of d wages and salaries, then u should know it is an error. But if yes meaning it balanced, it should be assumed that the salarie and wages is received, meaning it should be an income which is 100% possible, what it implies is that d company has used its personel to render services to another entity which in turn has paid salaries and wages to the company, as such it could appear on d credit side of d trial balance. The company could be an out sourcing company that employs personels and send them to another company to work ( eg, banking jobs, security jobs ), the personels dont receive their salaries from where they work but from d company which out sourced them, the company in turn pays d employees. Lets take a good look at FEDEX staff working in UBA plc mailing room, UBA pays salaries and wages to FEDEX, as such u will find it(salaries and wages) on the credit side of FEDEX trial balance which signifies income, while in UBA plc, it (salaries and wages) will be on the debit side of their trial balance, which has satisfy d golden rule of account (every debit entry ( UBA) must have a corresponding credit entry ( FEDEX). Perfect answer giving another situation where salaries and wages can be received by a company as income. But I think I have a problem with the bolded part, the fact that the salaries and wages of FEDEX and UBA is on the credit and debit side of their trial balances respectively does not mean the double entry has taken place, the double entry should take place in each of the company's a/c and not in a mixed sense. So the double entry for FEDEX ltd should be: DR. cash/bank a/c (increase in asset) CR. salaries/wages a/c (decrease in expense) Being cash received for salaries/wages DR. salaries/wages a/c (increase in expense) CR. cash/bank a/c (decrease in asset) Being cash paid for salaries/wages Then that of UBA should be: DR. salaries/wages a/c (increase in expense) CR. cash/bank a/c (decrease in asset) Being payment for salaries and wages The second entry would depend on whether UBA also receives salaries/wages like FEDEX ltd. But if both companies have salaries and wages as a credit balance in their trial balance, it would mean that they received more salaries and wages than they paid to employees, so the fact remains that salaries and wages usually have a nominal debit balance and therfore an expense but for certain reasons, the salaries and wages account might end up having a credit balance if the credit side of the account is greater than the debit side,this credit balance is then what is brought to the trial balance as salaries and wages figure, for example a company receiving more salaries and wages than paying it, the trial balance will show salaries and wages on the credit side(its a very rare case though and so not usually expected) |
Re: Thread For Accounting Students by haibe(m): 9:25am On Aug 30, 2013 |
Does anyone know if U.S.A has adopted I.F.R.S?? I heard some time ago that they refused to. |
Re: Thread For Accounting Students by nsidible(f): 6:07am On Sep 03, 2013 |
what can 1 do wit accounting b.sc(ed) in Nigeria's labour market apart 4rm teaching |
Re: Thread For Accounting Students by Patwitme(m): 7:38am On Sep 03, 2013 |
Hello my fellow charted accountant,realy love our contribution keep it on.kudos to all of you.remeber witout the service of an accountant the company is useless.truly we are the back bone of any society.what a profession body is this!am proud to be an accounting student 1 Like |
Re: Thread For Accounting Students by salex66(m): 10:29pm On Sep 03, 2013 |
House let discuss ifrs. |
Re: Thread For Accounting Students by Sanbuchi: 12:10am On Sep 04, 2013 |
D question is straight,wen given such kind of question,d 1st tin 2 do is 2 make d possible adjustment..i.e,d arrears,prepaid,advance etc... must b solved be4 postin it.......in mani question av seen,such like diz r normally are treated in d P/L acct.. |
Re: Thread For Accounting Students by haibe(m): 8:18am On Sep 05, 2013 |
nsidible: what can 1 do wit accounting b.sc(ed) in Nigeria's labour market apart 4rm teaching If you love teaching, then its a good idea to go for accounting edu, if not just study accountancy(bsc), i think that of edu is "BA". But it doesn't matter, if you are a good accounting student, you can still get employed in the labour market even though the chances may be slim, just prove you know what it takes. |
Re: Thread For Accounting Students by haibe(m): 8:20am On Sep 05, 2013 |
Double post |
Re: Thread For Accounting Students by haibe(m): 8:41am On Sep 05, 2013 |
NEED FOR ACCOUNTING THEORY KNOWLEDGE. Many students of Accounting are often of the believe that they do not need to study Accounting Theory.A cross section of this set of students is of the opinion that since Accounting Practice is based on Established Principles and Techniques that are Derived from Standards (Accounting Standards),set by Superior Bodies often Referred to as Regulatory and Professional bodies;thus,they do not have to study or familiarise themselves with the study. However,Accountants in Practice,recognise the need for a good understanding of the course,as they are now faced with more complex or changing business environment-that renders previous standards almost useless(obsolete).To the Auditors,it is a general believe that while an Accountant need not know Auditing(the independent examination of,and an expression of opinion on the Financial Statements of an Enterprise,by an appointed Auditor,in Pursuant of that Appointment,and in Compliance with other relevant Regulatory reguirements),an Auditor needs to know Accounting(an art of Recording, Classifying, and Summarising in significant manner and in terms of money,Transactions and Events that are atleast,in part of Financial character and the Interpretations of the Results thereof..AICPA).It is non-negotiable that an Auditor needs to acquire a good knowledge of Accounting since he can not give his opinion (either to collaborate or contradict the Assertions inherent in the Financial Statements) on what he has no knowledge of.Hence,he needs to know the basis behind the Preparation and Presentation of the Financial Statements;adopted by the Accountants.No wonder the Axiom-''You Can Not Give What You Do Not Have''. Hence, while it is paramount for a practising Accountant to have a good knwowledge of Accounting Theory,the Auditors too, need have a good foundation of Accounting via Accounting Theory.As this will enable the Auditors function well in their field. If Accounting Students,and all lovers of Accounting must fit into this dynamic business environment,it is apparently that,students of Accounting and lovers of Accounting,all need to get themselves equiped with a good knowledge of Accounting Theory.Many believed that since Accounting Practice is based on Established Principles and Standards,they need not Theorise (an act of developing a Logical Reasoning Characterised by a body of Principles that form the general frame of Reference,with which Accounting Practice(current Accounting Practice) can be evaluated,and guide in the Development of new Accounting Standards.This view portrays Accounting Profession as a static, monotonous, and boring discipline.This perception of Accounting,partronise Accounting as a mere Activity geared towards Preparing Minds to becoming Accountants.It views Accounting as a non-dynamic discipline,and assume a static business environment,as opposed to the Real world Environment of Business. Obviously,Accounting is never a Monotonous exercise as to be the Summation of Debits and Credits,as perceived by many.Hence,stakeholders in Accounting need to Familiarise themselves with Theoretical Knowledge of Accounting.Among others,below are points on the importance of Accounting Theory; THE NEED FOR A GOOD KNOWLEDGE OF ACCOUNTING THEORY As stressed above,the importance of Accounting Theory can not be over emphasised nor Estimated,its importance are as follows: 1.The study of Accounting Thoery will correct the wrong believe of Accounting to be a monotonous and boring exercise; 2.It will bring to right,the wrong conception of Accounting as a summation of Debits and Credits,by introducing Students to the techniques behind every Accounting Treatment; 3.Enable Accountants perform their work Skillfully and Flawlessly; 4.The Accountants not only perform their work effectively,but also help others do the same;paving way for efficiency of personnels. 5.Accountants,fully equiped with Theoretical Knowledge can supply crutial information to the management at the right time and at the lowest cost possible.This in turn is expected to lead to an inflow of Resources embodying Economic Benefits to the Entity. 6.The Business Environment is very dynamic,hence,only an Accountant with a good knowledge of Accounting Theory can do better in this Real Business World;as he can use judgement(unbiased) in dealing with emerging Business World. 7.Since,the Real Business Envrinment is Expected to be very dynamic,a single Accounting Treatment can not,and is not expected to quarantee fair Preparation and Presentation of Financial Statements. Hence,only an Accountant with a good understanding of Accounting Theory can Select Accounting Treatment that would best depict the economic reality at the reporting period. 8.Asset and Liability Valuations can not be best valued without the Expertise Experience of an Accountant with superb understanding of the aspect of Accounting Theory,that deals with the Recognition,Measurement and Recording of these Elements of the Financial Statements. 9.Governments,Investors,Creditors.Shareholders and other Stakeholders in businesses recognise the importance of Accountants who know theory,than those who do not.Hence,creating the avenue for a more market for this set of Accountants. 10.Only Accountants with a great understanding of Accounting Theory can detect flaws both in the Preparation and presentation of Financial Statements,as well as defects in the Accounting system of the Entity;ensuring an efficient Internal Control System. 11.Many a time,Entities do need to do a reasonable and legal management decision making and reporting,that will ensure a stable and predictable Financial Results (Creative Accounting and Earnings Management),paving way for increased market value of their shares, encouraging Investment in its Equity.and improving management image at the Annual General Meetings of Companies.This arises as Reported Financial Results match-up with Financial Analysts' forecasts,limiting the negative reaction of these stakeholders, regarding fluctuations in Financial Reports. Only an Accountant with substantial knowledge of Accounting Theory could do this. It follows that a good understanding of Accounting theory is paramount for a good practice of Accounting.This statement finds its strenght in the fact that no Practice is in isolation of a Prior Theorisation.Since Theory and Practice have Causal Effect-none can exist without the other,then,for a good Accounting Practice,a Proper Prior Theorisation is needed.Needless to point out that Accountants who know the genesis of Accounting Practice (accounting theory),do better than Accountants that do not. http://icansubset..com
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Re: Thread For Accounting Students by haibe(m): 1:47pm On Oct 01, 2013 |
salex66: House let discuss ifrs. What do you think, is the adoption of Ifrs really a good idea ?? |
Re: Thread For Accounting Students by Nobody: 10:42am On Oct 05, 2013 |
Any diff between accounting and accountancy |
Re: Thread For Accounting Students by haibe(m): 11:44am On Oct 05, 2013 |
@elgaitan, accounting has different meanings, and in one sense refers to the process of keeping or maintaining financial records; while accountancy is more like the profession of an accountant. So accountancy is the work done by an accountant or profession while accounting is the activity or process of maintaining financial records and interpreting them for the users of the financial information. But still, they are sometimes used interchangeably |
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