Learn what are some of the advantages or benefits derived from using Single Entry System

Tweet Many consider the disadvantages of having single entry system of accounting, below are some practical points on the merits/benefits of having such “incomplete” system:- Simple to maintain even without any bookkeeping/accounting knowledge Flexible as it can be maintain based on the individual needs or requirements of the owner of the business Economical as it […]

What Are the Usual Features, Advantages or Benefits And Examples Of Management Reports Obtained From A Computerized Accounting System.

Tweet Question:I just joined a small company where it is in the midst of acquiring a computerized accounting system. May I know:- (a)  What are the usual features that are available in such system (b)  Advantages of a computerized accounting system (c ) Give examples of some management reports which are automatically generated. Answer:(a)     Some […]

What Are The Advantages Or Benefits Of Having An Internal Audit Department?

Tweet The contemporary trend is to outsource the internal audit department. However, there are many benefits which we have to consider accruing from having an internal audit department. Major advantages Having An Internal Audit Department It dispenses the need to employ external consultants to act as internal auditors hence saving large sum of money. This […]

Relevant Costs: Definition, Criteria And Its Usefulness

Tweet Whether in cost or managerial accounting, we need to understand what are relevant cost, criteria or nature and the benefits or usefulness of understanding relevant costs in decision making: RELEVANT COSTS Management needs sufficient and relevant information make the correct decisions. Hence, the need to understand relevant costs. A relevant cost relates to future […]