Objectivity Principle Explained
In preparing financial statements and other reports, it is essential to be objective rather than su…
In preparing financial statements and other reports, it is essential to be objective rather than su…
Accountants are expected to be prudent when preparing financial reports. The prudency or conserva…
Financial statements are prepared using monetary values. In Nigeria, the Naira is used, the United …
The convention of consistency guides preparers from using different financial assumptions, methods,…
Businesses are expected to continue for a long time. However, for accounting purposes, it is necess…
The realization concept is the basis on which revenue and other income are recognized in the financ…
Finance professionals always consider the materiality of a transaction to decide on what action to …
The term substance over form is an accounting concept that ensures financial statements are true an…
Generally, there are three types of profits in business, which are gross profit, operating profit, …
The going concern concept states that, from a financial reporting perspective, a business should be…
The historical cost concept states that a business entity should identify the value of an item in t…
The business entity concept explains why founders must separate their personal spending and income …
Matching concept in accounting principle ensures that income and expenses are matched in the same p…
The accrual accounting basis ensures that revenue, expenses, liabilities, and assets are recorded i…
Accounting basis is the timing at which financial transactions are recorded in the books of account…
As an accountant, you might have decided on your career path or your current job may have put you o…
Becoming a graduate accountant and chartered accountant gives you the leverage you need as an accou…
Let's believe that you have taken an actionable goal to begin your ICAN journey. Now you need t…
Becoming a chartered accountant in Nigeria requires a rigorous knowledge of accounting algorithms, …
Fintech (or financial technology company) is here to stay. The goal of this financial industry subs…