Journals with Accounting – 012 – Accounting Standards
Accounting standards are rules and guidelines set by governing bodies of the profession to keep accounting practices consistent and understandable across all companies and industries. Accounting standards improve the transparency of financial reporting in all countries. Examples of governing bodies include the Financial Accounting Standards Board and the International Accounting Standards Board (IASB). Different countries […]
Journals with Accounting – 011 – Tax Accounting
Tax accounting is a branch of accounting that focuses on financial activities that are related to levying and collection of tax. It can also be referred to as taxation. Tax accounting is more concerned about the tax burden of taxpayers rather than the appearance of public financial statements. Tax account is prepared based on the […]
Journals with Accounting – 010 – ICT Accounting
ICT Accounting is the branch of Accounting that integrates traditional accounting principles with software and information systems through the use of computer technologies. As widely known, ICT is an acronym for Information Communication Technology. ICT is concerned with the storage, retrieval, manipulation, transmission or receipt of digital data. It involves the use of digital technology […]
Journals with Accounting – 009 – Components of Business Environment
These are the broad categories of internal and external factors in the environment of a business that influences the actions and operations of the business organization. DIRECT ENVIRONMENT: This is otherwise known as MICRO ENVIRONMENT, TASK OR OPERATING ENVIRONMENT, direct business environment is the immediate periphery of the business that has a continuous and direct […]
Journals with Accounting – 008 – Business Environment
Business environment is the sets of internal and external factors or conditions that directly or indirectly influence the actions and operations of the company. Business environment may also be seen as the web of forces which form the setting in which the firm makes its decisions. For the firm to succeed, it must take its […]
Journals with Accounting – 007 – Forensic Accounting
The branch of accounting that uses the knowledge of accounting, auditing, and investigative skills to launch or conduct an assessment into the financial system of a business or individual. Forensic simply means “to make appropriate for a court of law.” A forensic accountant works with this scope as well. They investigate the operations of an […]
Journals with Accounting 006 – Fiduciary or Trust Accounting
Fiduciary or Trust Accounting is the process of classifying, summarising, and recording of financial transactions related to settlement, estates, and trust entities and the communication of periodic reports to such entity. Fiduciary Accounting is largely carried out on a cash basis where cash is recorded when received and disbursement and distributions were recorded when actually […]
Journals with Accounting 005 – Management Accounting
Management Accounting can be defined as the application of accounting skill or profession towards assisting management in their functions or responsibilities or in planning, controlling and decision making. Management Accounting is one of the branches of accounting that uses the knowledge garnered from other branches of accounting. Management accounting is the broadest area of accounting […]
Journals with Accounting 004 – Public Sector Accounting (PSA)
Public Sector Accounting system is the way of accountability through which the established institutions of the public render stewardship on the revenue of the Nation and how it has been disbursed. This is a branch of Accounting that uses the general principle of accounting in application to government financial transactions. Public Sector Accounting refers to […]