Double entry system of accounting follows the principle of

Understanding Derivatives Forward contract: A forward contract is simply a contract between two parties to buy or to sell an asset at a specified future time at a price agreed today. On a simple sense futures and forwards are essentially same except that Futures contract happens on Futures exchanges, which act as a market place between buyers and sellers.

Double entry system of accounting follows the principle of

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A major problem was how to plan for the societies to be confronted with the vast increases in material wealth and leisure. The national priorities shifted rapidly as Nigerians embrace the increased material wealth with poor planning and abundant waste.

The cost of running the government enlarged bureaucracy and social programme increased tremendously as money realized from the oil boom was squandered with impurity.

Inflation, affluence and ostentation life- style became the habits of Nigerians. For these reasons accountability or the demand for public offices to give account of public resources, be it funds, properties, public statement, personal behaviors, actions, performance will continue to be of great concern to government policy makers.

As the public continues to feel an increasing painful economic pinch, the management practices of public officers will be under great scrutiny.

If government and public officers cannot account for the way they use resources, then there will be a complete loss of confidence and trust on programme, necessary resulting to general apathy and discontent among the populace and even a breakdown of law and order.

Thus, the inherent problem, facing the government is to device ways and means of making public officers accountable to the taxpayers for the scarce resources under their care and for their actions while discharging their duties.

In essence, accountability in public administration refers to efficient management of resources for the general welfare of the citizens. This idea will be fully developed in the proceeding discussions. However, the modest intention of this paper is to examine several government policies aimed at inhibility accountability among public officers, determine environmental factors that militate against accountability, and postulate strategies for prudent financial management and propriety among officers.

Pursuit of these objectives wills necessitates relevant discussions of accountability corruption, as a mechanism for controlling waste, property values and efficiency in the management of public of fund. In Nigeria today, accountability has become of great concern to both the government and the taxpayers.

Accountability to public administrators refers to prudent in financial or materials management of scare resources. It connotes the idea of doing more with little and being able to account for every aspect of the resources involved in the process.

Thus, accountability involves a process by which a public officer can be able to give account of his performance through a process model of input-process-output. This implies that there is a contractual agreement either by verbal or written or simply understood that a public officer must give an account of his actions in regard to the property to the owner the public, government or his representatives.

This in effect encourages more embezzlement, as punishments methods on offending public officers are lesser than the offence committed. The extent to which corruption has infested and infact polluted our public institution is far unimaginable. Without disciplined public officers. Who can be accountable for their actions and behaviors and also for the resources under their care?

Hence, accountability should be critically examined to provide some guide towards the transformation of the economics growth and development in our country, Nigeria.

Accountability in public administration refers to prudence in financial and, material management of scare resources for the general welfare of the citizen.

It is concerned with the idea of doing more with little and being able to account for every aspect of the resources involved in the process.

Double entry system of accounting follows the principle of

Many factors militate against accountability in our nation. These factors are instruments of mismanagement of public funds instability of tenure officers, hereditary influences, administrative loyalty and eye —service syndrome and institution inefficiency.

The contains poor accounting conduct in our public sector is contributory to the under development of both local and the nation as a whole.A deferred tax liability is a liability to future income tax.

Accounting, Financial, Tax

For any given accounting period the amount of income a business is taxed on is set out in its tax return, and . 2 Introduction Accounting is a very old science which aims at keeping records of various transactions. The accounting is considered to be essential for keeping records of all receipts and payments as well as that of the income.

2 CONTENTS A) Bookkeeping 1) About Single Entry System and its disadvantages 2) About Bookkeeping and Accounting Process 3) About Double Accounting System and its advantages. According to the dual aspect principle, a business is a separate independent entity, double entry accounting system includes receiving benefits from some sources and giving it to some others.

Benefits received and benefits provided should always match and balance out. Type or paste a DOI name into the text box.

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Your browser will take you to a Web page (URL) associated with that DOI name. Send questions or comments to doi. Double-entry bookkeeping was pioneered in the Jewish community of the early-medieval Middle East.

Jewish bankers in Old Cairo, for example, used a double-entry bookkeeping system which predated the known usage of such a form in Italy, and whose records remain from the 11th century AD.

Double entry bookkeeping principle: explanation and examples