Managerial accounting is an accounting system prepared by management accountants with the sole aim of assisting the management of a company make an informed internal economic decision. Management accounting as it is popularly known as is a branch of accounting that uses many decision making tools to filter information leaving only useful information for the consumption of responsible officers. DIFFERENCE BETWEEN COST ACCOUNTING AND MANAGEMENT ACCOUNTING There is actually no difference between cost accounting and management accounting when viewed from a broader view but, in the world of academics   read more

Just like every other variables of life, completion needs motivation for it to be sustained on a long run basis. We quickly lose focus of our destination immediately we lose motivation to face the challenges of competition. In this article are valuable points that can be employed in order to get the right kind of motivation required in business world.HOW TO GET MOTIVATION FOR COMPETITIONAVOID COMPLACENCY: complacency and comfort zone is one factor that damp people’s motivation not only in business and competition but also in all facets of life. For you to be motivated in competition, you must try   read more

Green funds are collection of public funds by fund managers with promise of investing in green projects. Some green fund will promise not to invest in tobacco while green funds will promise not to invest in non-renewable energy projects. A good example of green fund is the alternative energy mutual funds. This brings us to the question ‘what are alternative energy mutual funds?’ Alternative energy mutual fund is a pool of; business angels, venture capitalists, and other investors who trust their money in hand of fund managers with the mandate of investing in startups that promise to invest in alternative   read more

Job scams are another scheme devised by online fraudsters to further rip money off the pocket of their victims. People are more likely to fall victim to this kind of scam as the global economy is still feeling the effects of global financial crisis. Job scams perpetrators promise bogus job offers that range from online to offline job offer to their victims. In this article are list of common job scams and the catchy phrases used by job scammers and what you should do to protect yourself from being a victim of job scams. INTERNET JOBS SCAMS Working from home jobs / work from home jobs Work   read more

The importance of accounting in the church is a controversial issue that is giving a lot of clergymen and women concern in our modern world. This is particularly important now that churches have been taken to be a profitable business venture. Without prejudice, this is a fact that may be difficult for some people to accept.Church business has become a large industry with investments that is worth billions if trillions of dollars and as such needs to be treated with utmost care hence, the importance of accounting in churches. Before I go on bringing out the importance of accounting in the church,   read more

Liability is any obligation of outflow of resources that we are obliged to recognize as a result of what we have done in the past. Any outflow of resources that has economic value that we are committed to take responsibility of is known as liability. There are various kinds of liabilities that one can think of. Some of such liabilities are discussed below:WHAT IS PROFESSIONAL LIABILITY? Professional liability is the obligation that professionals like; accountant, lawyers, medical doctors, etc face as a result of factors like; negligence, incompetence, carelessness, etc. Example of professional   read more

AIS are an acronym used to represent that aspect of MIS (management information system) that deals with accounting informational flows. AIS stand for accounting information system. The main classes of people that use AIS (users of AIS) are the accountants and auditors that can act in various capacities. Below are the major users of accounting information system: THOSE THAT USE ACCOUNTING INFORMATION SYSTEM Designers of AIS: designers of accounting information system are the main users of accounting information system. Some people call these classes of people ‘the systems analysts’. What ever name   read more

Land scam and property scam are proving to be one major source that people lose their money fast to fraudsters these days. The fact that real estate investment makes a good investment has made land scam and property scam to be the toast of fraudsters. Millions if not billions of dollars have been lost to land and property scammers. This article is written as part of my job as a forensic accountant (fraud fighter) to educate the general public on the activities of fraudsters and other criminals. HOW IS LAND SCAM AND PROPERTY SCAM PERPETRATED? In this section of the article are common   read more

Internal audit is no doubt the best tool for internal control. I am sure you already know that the establishment and operation of internal control in an organization is the best way to prevent fraud, deter fraud and discover fraud. FTA stands for Fraud Triangle Analytics. FTA is a revolutionary tool designed and introduced by the ACFE in November 2009 to enhance effectiveness of internal control measures on e-mails and instant messages (IM). It is a system that is based on keyword censor. FTA system is fed with keywords that will trigger investigation whenever certain keywords are mentioned a number   read more

Relevant cash flows of capital budgeting and investment appraisal are one area that confuses people a lot. This confusion is common amongst students that are taking financial management as course in their bid to become finance professionals. This is basically motivation for writing this article. In this article, you will learn what relevant cash flow is and how to identify relevant cash flow. You will also get explanation to some other questions that bother around relevant cashflow of capital budgeting and investment appraisal. WHAT ARE RELEVANT CASH FLOWS? Relevant cash flows are inflow and outflow   read more