Accounting and Accountancy. Have you ever been confused by these two terms? This update will show you the difference between accounting and accountancy and make it all crystal clear. Take, for example, one is often regarded as the parent and the other as the child. Do you however know the rationale behind this analogy? Can …
The history of accounting in Nigeria isn’t complete without a mention of ICAN, FRCN, and Akintola Williams. Which begs the question… What roles did Akintola or ICAN play in the development of accounting in Nigeria? Are there other people, bodies, or events that equally played a part–and to what extent–in shaping modern-day accounting in Nigeria? …
In today’s guide, not only will you be intimated on the salaries of accountants in Nigeria, but you’ll also know why some accountants earn lower, the accounting positions that pay the highest, and how to prepare/position yourself for higher pay. ExxonMobil > ₦800,000 – ₦1 Million Chevron > ₦600,000 – ₦800,000 NNPC > ₦190,000 – …
Public and private sector accounting offers great career prospects. Only, like most things, there are points for and against. In this update, I’ll explain public and private accounting, provide details on requirements in public and private accounting, while also making recommendations on which of the two I think should give the most job satisfaction based …
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Direct material mix variance is one of the germane variances to compute for a company using more than one type of direct material in its manufacturing process. What this means is that the production of a single product requires the use of more than one direct material. In this article, I will walk …
The primary purpose why businesses exist is to generate profit. How this profit is earned is primarily through sales of the business’s offering. It is, therefore, essential for every organization to carry out a variance test of its sales price. In this article, we’ll consider everything you need to know about sales price variance. …
Variance analysis is a concept that gives some students the jitters. The reason isn’t far-fetched. Variance analysis has just too many concepts, terms, and calculations you have to wrap your head around. In this article, you’ll learn about sales mix variances. Importantly, I will guide you through calculations of this mix variance. Please, …
Check this fact: Fixed overhead variance is an extension of fixed overheads. Did you nod in the affirmative? Well, let’s proceed. Fixed overhead cost refers to costs that are incurred even when the production level is zero. It includes insurance, rent, utility, office administrative expenses, and other expenses of the same …
Sales is the most important source of revenue for any company. It is, therefore, germane for every business to carry out variance tests on its sales. There are different variance analyses that a business can conduct on its sales effort. Examples include sales quantity variance, sales margin price variance, and so on. In this post, …
Fixed overhead volume variance is a fundamental variance that must be tested for each time a company is carrying out variance analysis to determine the effectiveness of its operational management. Fixed overhead volume variance like fixed overhead expenditure variance is a component variance of fixed overhead variance (FOH). Examples of fixed overhead costs are …
