Why the double-entry principle remains relevant despite the AI revolution
The AI revolution has made accountants' jobs easier. It has reduced the need for more employees…
The AI revolution has made accountants' jobs easier. It has reduced the need for more employees…
The traditional ledger remains the basis for classifying and summarising business transactions. The…
One of the basic fundamentals in accounting is understanding what accounts are. Without them, busin…
Accounting is an evolving profession. It was earlier taught that accounting and accountants would g…
Social media provides a platform for everyone to say what they know on topics of interest. But not …
Businesses cannot be operated with a closed eye. Therefore, to ensure that the business numbers mak…
Accountants are guided by principles. These principles are used in posting business transactions in…
There is no doubt that accounting is the language of a business. So, accountants are always needed …
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 …