INTERNATIONAL STANDARDS & ACCOUNTING TERMINOLOGY

INTERNATIONAL STANDARDS & ACCOUNTING TERMINOLOGY

Bycalebho

The terminology for accounting varies across different levels of study. Those of you who have moved on to study accounting at tertiary level would agree – terms like debtors and creditors have a different meaning in ICCI, CAT, ACCA and other accounting diploma/degree programs. The term Debtors used for O’/N’ Level, for example, becomes Accounts…

Dump the Monetary Concept – Measure What Makes Life Worthwhile!

Dump the Monetary Concept – Measure What Makes Life Worthwhile!

Bycalebho

“Not everything that can be counted counts, and not everything that counts can be counted.” Albert Einstein, physicist (1879 – 1955) The principle of monetary concept states that anything which cannot be measured in monetaryterms will not be considered as a part of the accounting data. While accounting captures the numerical performance of a business,…