I checked my mail this morning and was greeted with this email from Jude “Good day Mr. Chinweike, What is accounting fraud? Please sir help me “. I initially did not want to respond to the mail as I considered it a cheating if I help provide an answer to this question. But taking a […]
ACCOUNTANTS STEALING | 8 REASONS WHY ACCOUNTING PROFESSIONALS STEAL
There is no month that passes that you will not hear the news of an accountant stealing from his or her company. You can confirm this by subscribing to Google alert. You will be surprised at the amount of alert you will be getting in relation to situations where qualified accountants have stolen money from […]
What is Risk Based Auditing? Meaning | Process and Importance of Risk Based Audits
What is risk based auditing was one question that I had problem in answering for a very long time before I finally had my breakthrough in understanding what a risk-based approach to auditing is all about. It won’t be out of order if I make the assertion that many practicing accountants and auditors still have […]
TWENTY ATTRIBUTES | TRAITS | CHARACTERISTICS OF SUCCESSFUL MANAGERS
Succeeding as a manager is a function of: attributes, traits, and characteristics of managers. This can mathematically be represented thus (A x T x C = SM). You can call it successful management equation if you wish to. The debate as to whether managers are born or made has been settled long ago. Yet, one […]
IMPORTANCE OF INVESTMENT | INVESTING
The importance of investment cannot be fully appreciated without firstly coming to terms with the meaning of investment. To get better insight on the meaning and definition of investment, please kindly refer to the hyperlinked article on what is investment. This article on the benefits of investment is a follow up on an early article […]
WHAT IT TAKES TO BECOME A MODERN QUALIFIED OR CERTIFIED ACCOUNTANT
Becoming a qualified accountant is the dream of all students of accountancy. Employers don’t really take you seriously if you are not certified as an accountant; and it comes as little surprise that accounting firms can insist on qualifications being completed during a specified period of time. Taking time to study for your professional accounting exams […]
7 IMPORTANCE OF ACCOUNTING SOFTWARE IN SMALL AND MEDIUM SCALE BUSINESSES
7 IMPORTANCE OF ACCOUNTING SOFTWARE IN SMALL AND MEDIUM SCALE BUSINESSES The importance of accounting software in small and medium size businesses became one of my favourite topics after spending some time working with small business owners in Lagos, Nigeria. I was surprised to see that some still stumbled along using the complex and inefficient […]
What is the best small business accounting software? Selection criteria that enables you to make good choice
Sometimes, a business owner needs more than a free efile to keep things running smoothly. When this is the case, it is time to find a piece of software that combines all of your accounting obligations into one easy-to-use technology. Finding the best accounting software that meets and surpass the needs of your small business […]
WHAT IS PERFORMANCE MEASUREMENT SYSTEM IN OUR CONTEMPORARY TIME AND BEYOND?
A performance measurement system is a traditional way of keeping track of what goes on in your business. The aim of performance measurement is to help managers and business owners analyse successes and failures of individuals or group of individuals. Successes or failure in this context is a function of the standard that has been […]
CHARACTERISTICS OF ACCOUNTING INFORMATION SYSTEMS | QUANTITATIVE AND QUALITATIVE | COMPONENTS AND CATEGORIES OF AIS
Characteristics of accounting information systems are those features that distinguish an ordinary system from a system that is designed to provide management of all levels timely, relevant, reliable and unbiased processed data that is suitable for decision making. Accounting information system (AIS) is a well structure secured medium of gathering, processing, sending and receiving both […]
WHAT IS INTERNAL CONTROLS | MEANING, OBJECTIVES AND ELEMENTS
DEFINITION | MEANING OF INTERNAL CONTROLS Internal controls in its broadest sense is the collection of policies, procedures, practices, conventions, norms and organizational structures which managers implement in order to reduce risks to a business model of an organization. Internal controls are developed with the aim of providing management reasonable assurance that an organizations business […]
WHAT IS MANAGEMENT ACCOUNTING? | MEANING | DEFINITION | DISCUSSION | SCOPE | FEATURES
If have ever asked the question ‘what is management accounting?’ you will understand that the generic answer that you will get is tilted towards giving you just definition. Most articles that have attempted to discuss what a management accounting is often ending up supply another definition to the already saturated definitional dictionary of managerial accounting. […]
WHAT IS FEASIBILITY STUDY? |MEANING | DEFINITION | CHARACTERISTICS AND PROCESS
‘What is a feasibility study might?’ sound like a simple question but when faced with the reality of carrying out a feasibility study, one quickly realizes how demanding and complex it is to conduct a feasibility study. Feasibility study is probably one of the most used phrases in businesses and business schools. Yet not very […]
WHAT IS FRAUD? | FINANCIAL AND NON FINANCIAL PERSPECTIVES
DOES EVERYONE KNOW THE MEANING OF FRAUD? This article would be written in a very rather unusual manner as it will start with a very strange story. I happen to take up the role of a business advisor of a young entrepreneur in his early 20s who did not file his tax returns correctly in […]
HOW TO FIND AND CHOOSE OR SELECT AN ACCOUNTANT FOR YOUR BUSINESS | BIG OR SMALL
Finding and selecting an accountant of the right standard and quality for your business can be so demanding and time consuming if you have no idea of what it is that you are looking for in accounting firm. Over time, the role of accountants in mall businesses become more obvious as most business owners that I […]
KEY ACCOUNT MANAGEMENT STRATEGY FOR SUSTAINABLE OVERALL GROWTH OF A COMPANY
Key accounts management strategy is what most companies that are struggling to get and retain profitable customers need in order to turn the business into a profit making venture. In this fierce competitive business environment of today, strategic stance is the key to any successful venture. Customer relation management (CRM) is not an exception. You […]
WHAT IS A BUSINESS? HOW TO BUILD A BUSINESS MODEL THAT WORKS
What is a business as a question might sound silly. But, accounting and business studies teachers will be in a better position to tell how difficult it is to provide a comprehensive answer to this seemingly simple question. I can tell from the perspective of being both a business studies teacher and accounting teacher before […]
WHAT IS COST MANAGEMENT | MEANING |CHARACTERISTICS | COMPONENTS AND PURPOSE
Cost management are those calculated activities that an organization performs in the bid to reducing cost. Traditional management accounting system has been accused of being a cost containment process whereby managers of divisions work towards meeting the standards as contained in the budget. Inherent wastages and inefficiencies that are within the traditional cost processes are […]
ELEMENTS AND CHARACTERISTICS OF STRATEGIC MANAGEMENT ACCOUNTING
Elements and characteristics of strategic management accounting are those features that makes strategic management accounting uniquely different from other forms of accounting (managerial accounting and financial accounting). Before proceeding with the discussion of the elements of strategic management accounting, it will be helpful if a working knowledge of what a strategic management accounting is. Hence, […]
WHAT IS HUMAN RESOURCE MANAGEMENT |DEFINITION |MEANING |SYSTEM| CHARACTERISTIC |AIMS AND GOALS | IMPORTANCE OF HRM
What is Human Resource Management? Human resource management are those strategic interrelated actions that are taken by a manager with the sole aim of managing an entity’s most valuable asset –the workforce. Human resource management goes by many names including the following: human capital management, HR system, personnel management, etc. The management of the working […]
WHO IS A MANAGER | DEFINITION AND CHARACTERISTICS OF MANAGERS IN MODERN COMPLEX BUSINESSES
Who is a manager is the topic of a seminar that I recently attended on management and management functions in Spain last summer. The question seem simple but a deep reflection quickly shows that being a manager is more than a job title given to certain class of people in corporate environment. This article critically […]