Month: August 2008

Append below a listing of some popular Professional Business Accounting courses or examinations for colleges students: ACCOUNTING COURSES-DETAILS & SYLLABUS ACCA Examination Syllabus (updated: July 2007) ACCA –Oxford Brookes University(OBU) BSc-Hons-Applied Accounting ACCA Diploma in Financial Management Dip Fm Part1of2 ACCA Diploma in Financial Manaement Dip Fm Part 2 of 2 ACCA-Certified Accounting Technical -CAT Faster … Read more

Append below are the main differences/distinction between:   Profit And Loss Account Income And Expenditure Account Prepare by business undertakings Prepared by non-trading organizations Credit balance of this account is known as “Net profit” and added to opening capital Credit balance is known as “excess of income over expenditure or surplus” and added to opening … Read more

Append below are the main differences/distinction between:   Receipts & Payments Account Income & Expenditure Account Receipts are shown on debit side and payment shown on credit side Expenses are shown on debit side and Incomes are shown on credit side Starts with the opening balance of cash in hand and at bank It has … Read more

Append below are the main differences/distinction between:   Bill Of Exchange Promissory Note There are three parties namely drawer, drawee and payee There are only two parties viz maker and payee The drawer and payee may be the same person Maker cannot be the payee There is an unconditional order to drawee to pay according … Read more

Append below are the main differences/distinction between:   Trade Bill Accomodation Bill Arises from an indebtedness arising from the purchase of goods or taking of a loan Is drawn and accepted only for providing funds to one of the parties or both the parties of the bill On discounting a trade bill, full amount is … Read more

In earlier articles, these two terms have been discussed. Tabulated below for easy reference, salient points of the difference/distinction: Cash Discount Trade Discount Is a reduction granted by supplier from the invoice price in consideration of immediate or prompt payment Is a reduction granted by supplier from the list price of goods or services on … Read more

Planning finance involves what kind of finance should be used, where to obtain and when should it be available. The following tabulate some major factors that we should consider:- The factors for consideration when planning finance or financial planning are as follows Cost– minimizing cost is a major financial objective hence the need to evaluate … Read more

Planning finance involves what kind of finance should be used, where to obtain and when should it be available. The following tabulate some advantages or benefits derive from financial planning:- The benefits/advantages of planning finance or financial planning are as follows   The future needs for finance are transparent and understood, both in respect of … Read more

Contract Uberrimae Fidei are contracts of absolute good faith where there is a duty to disclose all material facts which are in the knowledge of one party. Failure to disclose such information will render the contract voidable at the option of the other party. Examples of Contract Uberrimae Fidei are as follows: Contract of insurance … Read more

Append below some basic understanding of the following terms:   A void agreement/contract is one   ·        Which is destitute of all legal effects. In the eyes of law such an agreement is no agreement at all from its very inception. ·         A void agreement does not create any legal rights and obligations. It confers … Read more