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20 Qualities & Traits That Make a Good ACCOUNTANT

Accountants are at their best staying behind the scenes rather than being in the spotlight at work. If you enjoy doing your part from the sidelines instead of on the playing field, accounting could be the right career path for you. Accountants perform their work quietly without a lot of recognition, but they play a crucial role in helping businesses maintain good financial health.

Working as an accountant involves paying close attention to detail. Even the smallest error can result in major money problems for businesses or individuals. If you’re the type of person who has an eye for detail and the ability to quickly find information you need, being an accountant could be your calling.

Money can have an emotional value, often influencing whether people tend to save or splurge. For the ideal accountant, though, money represents numbers or figures to manage. Regarding money, this way helps accountants take the emotion out of managing finances. Being able to think of money in terms of numbers only is among the most important qualities of an accountant.

An accounting career involves doing a lot of calculations, but it’s not just about math. Accountants need to be comfortable working with software and other tech tools that handle these calculations. Being a pro at creating and updating spreadsheets and being a quick learner when it comes to technology can give you a definite advantage in the accounting field.

To succeed in accounting, you’ll need to have a solid work ethic. Accountants sometimes work long hours, or they’re expected to be available more often during certain periods, such as during tax season. If you have a strong commitment to finishing projects, even when they take much longer than usual or require extra effort, this is an essential quality to have as an accountant.

Having integrity both personally and professionally is highly important in accounting. Whether you work for a business or run your own accounting firm, your employers or clients need to be able to trust you with their financial information. If other people in your life know that you’re honest and that they can trust you with sensitive information, you might consider becoming an accountant.

Communication is one of the soft skills that might not seem all that important for accountants. However, being an accountant means having to explain finances and financial information to clients or co-workers who aren’t familiar with accounting terms. If you’re good at explaining complicated concepts in simple, easy-to-understand terms, this is an excellent quality to have as an accountant.

Being able to work well with others can help you thrive in accounting. Accountants often have to work as part of a team with other accounting employees as well as employees in other departments. If you manage an accounting team or department, having leadership skills is also crucial. Your leadership skills can make it easier to train and mentor others and manage your team effectively and efficiently.

If you love figuring out puzzles and challenging your brain in other ways, accounting is a great fit for you. Accountants should have a strong desire to learn and excel at solving problems. As an accountant, you might face complex problems that need to be carefully sorted out. You’ll also need to learn new information, such as updated financial guidelines.

Employers and clients should know that they can count on you to complete work or handle financial data carefully. Being reliable and trustworthy are important personality traits to have if you plan on working as an accountant. If your friends and family know that they can depend on you, these traits should carry over into your professional life in accounting.

Creativity seems to be more of a personality trait for artists, but it’s one of the accountant personality traits you should have. Do you enjoy taking a creative approach to understanding issues or tackling problems in your personal life? Being creative can give you insight into issues and problems and allow you to handle them with ease during your accounting career.

Accountability means you’re willing to take responsibility when you make errors or mistakes. Accountants need to have a sense of accountability when these kinds of issues come up, such as during an audit. Being an accountant involves making judgment calls from time to time. If you’re willing to accept responsibility when things go wrong and take steps to correct your mistakes, you have yet another quality that makes a good accountant.

Having good organizational skills is a big advantage if you plan on pursuing a career in accounting. Accountants need to keep financial information and other data as organized as possible, since this helps reduce the risk of errors and ensures that they’re able to find what they need promptly. You might be a successful accountant if you’re good at staying organized.

If you’re the type who keeps going no matter how challenging or tough certain situations get, accounting might be the right field for you. Accountants must have perseverance to thrive in their work. Being in accounting means facing difficulties and challenges from time to time. You’ll need to be willing to see these challenges through to succeed in this field.

Being efficient as an accountant involves finding ways to stay productive or boost productivity, as needed. When you’re efficient, you might also be able to help your company improve its efficiency overall. You can look forward to being a good accountant if you enjoy finding ways to meet goals as efficiently as possible.

How do you normally handle stressful situations or changes in your life? If you’re able to easily adapt, this is a great accountant quality. Accountants must stay up to date on changing guidelines, quickly learn to use new tech tools and keep up with other changes that affect their job. When you’re already adaptable, you’ll be able to handle these challenges more readily.

Being proactive means being able to anticipate problems beforehand and take steps to prevent them rather than reacting to them after they occur. If you tend to do this in your personal life, your proactive qualities can make you a highly successful accountant. Being a proactive accountant can help you avert financial disasters and lower the risk of facing these kinds of problems on the job, making you a more valuable employee.

It’s probably not surprising to learn that accountants need to have a good understanding of basic math. If you can do basic math problems, including adding and subtracting, you’ll have an easy time doing these calculations as an accountant. Keep in mind that you’ll have tech tools to help you handle more complex math calculations, and you won’t need to have an in-depth understanding of trigonometry, algebra, or other advanced mathematical concepts to excel in accounting.

If you’re used to managing your personal budget and finances, you’re on your way to becoming a good accountant. Accounting involves managing budgets and finances for companies or clients. When you have practice doing this in your everyday life, you’ll have an easier time learning to handle much bigger or more complex finances and budgets.

Accounting schedules can fluctuate throughout the year. During tax season, for example, you can expect to be much busier than normal. If you’re good at managing your time, this is an essential skill to have as an accountant. You’ll need time management skills to make sure you’re able to complete your work on time without feeling overwhelmed.



Accounting graduates can develop their careers in several ways. Here are some recommendations to help them advance in the field:

1. Obtain relevant certifications: Pursue professional certifications such as CPA (Certified Public Accountant), CMA (Certified Management Accountant), or other specialized credentials to enhance your knowledge and marketability.

2. Gain practical experience: Secure internships or entry-level positions to gain practical work experience and develop a deeper understanding of accounting principles in real-world scenarios.

3. Continuous learning: Stay updated with the latest developments in accounting standards, regulations, and technologies. This can involve taking additional courses, attending workshops, or pursuing advanced degrees.

4. Specialize: Consider specializing in a specific area of accounting, such as taxation, auditing, or financial analysis, to differentiate yourself and become an expert in a particular niche.

5. Networking: Build a strong professional network by attending industry events, joining accounting associations, and connecting with professionals in the field. Networking can open up new opportunities and provide valuable insights.

6. Soft skills development: Focus on developing communication, leadership, and problem-solving skills, as these are increasingly important for career advancement in accounting and finance.

7. Seek mentorship: Find mentors within the industry who can provide guidance, share knowledge, and help navigate career challenges.

By following these steps, accounting graduates can position themselves for long-term career growth and success in the accounting profession.


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Roles of Accountants

Accountants play essential roles in various aspects of financial management, reporting, and decision-making within organizations. Their responsibilities may vary depending on the type and size of the organization they work for, but some common roles include:

1. **Financial Reporting:** One of the primary responsibilities of accountants is to prepare and maintain accurate financial records. They create financial statements, such as balance sheets, income statements, and cash flow statements, to provide an overview of the organization's financial performance.

2. **Bookkeeping:** Accountants are responsible for recording financial transactions, such as sales, purchases, expenses, and receipts. They ensure that all financial data is accurately entered into the accounting system.

3. **Tax Compliance:** Accountants help organizations comply with tax regulations by preparing and filing tax returns. They stay up-to-date with tax laws and identify opportunities for tax deductions or credits to optimize the organization's tax liability.

4. **Auditing:** Some accountants work in auditing firms and assess the accuracy and completeness of financial records. They conduct internal or external audits to ensure compliance, identify potential risks, and suggest improvements in financial processes.

5. **Financial Analysis:** Accountants analyze financial data to provide insights into the organization's financial performance. They may create financial models, conduct cost analyses, and identify trends or patterns to help management make informed decisions.

6. **Budgeting and Forecasting:** Accountants assist in the budgeting process by preparing budgets and forecasts based on historical data and expected future financial conditions. These budgets help organizations plan their expenditures and allocate resources efficiently.

7. **Financial Management:** Accountants work closely with financial managers to help monitor and manage the organization's financial health. They provide financial reports and analysis to support strategic decision-making.

8. **Internal Controls:** Accountants establish and maintain internal control procedures to safeguard the organization's assets, prevent fraud, and ensure compliance with financial regulations.

9. **Financial Consultation:** Accountants may provide financial advice to individuals or organizations regarding investments, financial planning, and risk management.

10. **Management Accounting:** In addition to external financial reporting, accountants may focus on providing internal financial information to assist management in making day-to-day operational decisions.

11. **Forensic Accounting:** In cases of financial fraud or misconduct, accountants may be involved in forensic accounting, where they investigate and analyze financial data to identify fraudulent activities and provide evidence for legal proceedings.

12. **Cost Accounting:** Accountants may be responsible for calculating and analyzing the cost of producing goods or services within an organization to aid in pricing decisions and cost control.

These roles highlight the diverse and crucial responsibilities that accountants have in ensuring the financial stability, compliance, and growth of businesses and organizations.


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The main purposes of accounting can be summarized as follows:

📌 Record Keeping: Accounting is primarily concerned with the systematic recording, classifying, and summarizing of financial transactions to provide accurate and up-to-date information about the financial position of an organization.

📌 Financial Reporting: Accounting provides a framework for the preparation and presentation of financial statements that are used to communicate the financial performance and position of an organization to various stakeholders, such as investors, creditors, employees, and regulators.

📌 Decision Making: Accounting information is used by management to make informed business decisions, such as pricing, investment, and financing decisions. The information is also used by investors and creditors to evaluate the financial health and potential of an organization.

📌 Control: Accounting provides a system of internal controls that helps to prevent fraud, error, and other financial irregularities. This includes procedures for the safeguarding of assets, the segregation of duties, and the monitoring of financial performance.

📌 Compliance: Accounting plays a critical role in ensuring that an organization complies with legal and regulatory requirements, such as tax laws, financial reporting standards, and labor laws.

Overall, the main purpose of accounting is to provide timely, accurate, and reliable financial information that can be used by various stakeholders to make informed decisions about an organization's financial activities.

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You loaned your friend ₦4,000,000.00 last year and since then, he has refused to pay back, which has dëterioräted the friendship.

You beg him to just pay you ₦2,000,000.00 and forget the rest because you are in a financial crisis.

Your friend then says he can only get you ₦1,500,000.00 since that's all he has.

You feel like you have no option but to accept.

You eventually give him your account details to send the amount directly to your bank.

You wake up the next morning, checked your account and there is ₦15,000,000.00 in it.

You kept staring at the screen in disbelief but it is indeed ₦15M.

You grab your phone and find 53 missed calls from him and an additional 27 text messages begging you to transfer back ₦13,500,000.00 since he only meant to send ₦1,500,000.00 and mistakenly added an extra "0."

As a well-brought-up person, what are you supposed to do:

1. Send back ₦13,500,000.00
2. Take your full ₦4,000,000.00
3. Keep the entire ₦15,000,000.00
4. Switch off your phone and relocate


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Anything you do in life should lead you to the next level of your dream.

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Plan your early before you receive it.

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The answer is B

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Can you call an Auditor an Investigator and why?


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Financial statements are essential documents that provide a comprehensive summary of a company's financial performance and position. They are prepared by organizations to communicate important financial information to stakeholders including investors, creditors, regulators, and management. The main elements of financial statements include:

1. Income Statement: Also known as the profit and loss statement, the income statement provides an overview of a company's revenues, expenses, gains, and losses over a specific period. It showcases the organization's ability to generate profits and indicates its net income or net loss.

2. Balance Sheet: The balance sheet provides a snapshot of a company's financial position at a specific point in time. It presents the organization's assets (such as cash, inventory, property, and equipment), liabilities (such as loans, accounts payable), and shareholders' equity (common stock, retained earnings). The balance sheet follows the equation: Assets = Liabilities + Shareholders' Equity.

3. Cash Flow Statement: The cash flow statement reveals the inflows and outflows of cash and cash equivalents over a given period. It categorizes cash flows into three main activities: operating activities (day-to-day business operations), investing activities (purchase or sale of long-term assets), and financing activities (borrowing or repaying debt, issuance of stock).

4. Statement of Changes in Equity: This statement presents the changes in shareholders' equity during a specific time frame. It outlines the beginning balance, any additional investments or withdrawals, net income or loss, dividends, and other adjustments that impact shareholders' equity.

5. Notes to Financial Statements: These are additional disclosures and explanatory information that accompany the main financial statements. They provide more details regarding accounting policies, significant estimates, contingencies, and other relevant information not found directly in the financial statements.

It's important to note that these elements follow generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS), ensuring consistency and comparability of financial information across different companies and industries. Financial statements play a crucial role in aiding decision-making by allowing stakeholders to evaluate a company's financial health, performance, and prospects.

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Accounting is a very broad Educational subject and career too. There are so many terms in accounting which are not used anymore in modern day accounting. In this post, we are going to look at some of the old and new name of some accounting terms.

1. Old name: Final accounts
New name: Financial statement

2. Old name: Trading and Profit & loss account
New name: Income Statement

3. Old name: Sales
New name: Revenue
4. Old name: Purchases
New name: Raw materials (Ordinary goods purchased)

5. Old name: Cost of goods sold
New name: Cost of sales

6. Old name: Stock
New name: Inventory (of raw materials and finished goods)

7. Old name: Sundry expenses
New name: Other operating expenses

8. Old name: Sundry income
New name: Other operating income

9. Old name: Interest receivable
New name: Investment revenues

10. Old name: Interest payable
New name: Finance costs

11. Old name: Net profit
New name: Profit (before tax) for the year

12. Old name: Fixed assets
New name: Non-current assets

13. Old name: Land and buildings
New name: Property

14. Old name: Investments
New name: Investment property

15. Old name: Stock
New name: Inventory

16. Old name: Debtors
New name: Trade receivables

17. Old name: Prepayments
New name: Other receivables

18. Old name: Bank and cash
New name: Cash (and cash equivalents)

19. Old name: Creditors
New name: Trade payables

20. Old name: Accruals
New name: Other payables

21. Old name: Long term liabilities
New name: Non-current liabilities

22. Old name: Capital
New name: Equity

23. Old name: Balance sheet
New name: Statement of financial position

24. Old name: Provision for bad/doubtful debt
New name: Allowance for doubtful debt.

25. Old name: Cash flow statements (previously called Funds Flow Statement)
New name: Statement of cash flows

26. Old name: Capital reserve
New name: Gain on a bargain purchase

27. Old name: Minority interest
New name: Non controlling interest
NB: This does not mean that the old terms are wrong

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The objectives of financial statements are to provide crucial information about the financial performance, position, and changes in financial position of an entity. These statements play a pivotal role in enabling various stakeholders, such as investors, creditors, management, and regulatory authorities, to make informed decisions.

1. Provide Information for Decision-Making: Financial statements aim to offer relevant information that assists users in making informed decisions. Investors rely on these statements to assess the profitability and growth potential of a company before investing. Creditors use them to determine the creditworthiness and ability of a company to repay its debts.

2. Assess Financial Performance: Financial statements allow users to evaluate the past performance and profitability of an entity. The income statement highlights revenue, expenses, and net income, providing insights into the company's ability to generate profits.

3. Evaluate Financial Position: Balance sheets provide a snapshot of a company's financial position at a specific point in time. They present the assets, liabilities, and equity of an entity, aiding in assessing its solvency, liquidity, and overall financial health.

4. Monitor Cash Flows: The statement of cash flows enables users to understand the cash inflows and outflows of a company. It shows the sources and uses of cash, helping users evaluate the company's ability to generate and manage cash.

5. Facilitate Comparison and Analysis: Financial statements enable stakeholders to compare the financial performance of different entities within the same industry or over various reporting periods. This helps in identifying trends, making forecasts, and analyzing the strengths and weaknesses of the organization.

6. Ensure Accountability and Transparency: Financial statements promote accountability by providing a comprehensive overview of the company's financial activities. They enhance transparency as they are prepared following established accounting principles, ensuring consistency and comparability.

7. Satisfy Legal and Regulatory Requirements: Financial statements fulfill statutory obligations by complying with relevant accounting standards and legal requirements. They provide necessary information to tax authorities, regulatory bodies, and other government entities.

In conclusion, the objectives of financial statements encompass providing decision-making information, assessing financial performance and position, monitoring cash flows, facilitating comparison and analysis, promoting accountability and transparency, and meeting legal and regulatory obligations.


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Quotes that will make you rich

1. Work to learn- Don't work for money
2. A person can be highly educated, professionally successful but financially illiterate
3. Rich people acquire Assets. The poor and the middle class acquire liabilities that they think are assets.
4. People who avoid failure also avoid success.
5. Dreams don't work until you take action.

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*7 Money lessons you should know while you are at your current age*

1. The amount of money retained matters. Not the amount you make

2. Acquire Assets

3. Gain Financial Knowledge

4. You are not born to work for others. That is slavery

5. Dream big and be ready to work hard.

6. Winning means not being afraid to lose.

7. Put your money into work. Savings cannot make you rich.

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Have Something Of Value To Offer!

The woman at the hospital gate is a money making person because she has fruits to offer you in exchange for money.

The taxi driver is a money making person because he offers you transport in exchange for your money.

Your favourite DJ is a money making person because he offers music in exchange for money.

What do you have to offer?

Find something of value that you can exchange for money in your community.

Learn a money making skill and offer it as a service.

Sell products that people want.

Teach something that people want to learn.

All these are ways in which you can offer something of value.


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To achieve anything u want, do or practice it consistently!


Who is an external user of financial statements?

B. Shareholders
C. Creditor
D. Manager


Ultimate Guide for Financial Literacy – By Chioma Igboabuchi

Financial literacy is the ability to understand and manage your personal finances. This includes knowing how to budget your money, save for the future, and make informed decisions about investing. Having a good grasp of financial literacy can help you make the most of your money and achieve your financial goals.

Here are some key tips to help you improve your financial literacy:

1. Create a budget: A budget is a plan for how you will spend and save your money. Start by listing your income and expenses, and then see if your spending aligns with your priorities. If you find that you are spending more than you earn, try cutting back on discretionary expenses or finding ways to increase your income.

2. Save regularly: It's important to save a portion of your income each month, even if it's just a small amount. This will help you build an emergency fund to cover unexpected expenses, and it can also help you save for your long-term goals, such as retirement or buying a house. Consider setting up automatic transfers from your checking to your savings account to make saving easier.

3. Pay off debt: If you have high-interest debt, such as credit card, it's important to pay it off as soon as possible. This will save you money on interest and free up more of your income to put towards your other financial goals. Consider using the snowball method to pay off your debt, which involves paying off your smallest balances first and then moving on to larger ones.

4. Understand investment risk: Investing can help you grow your money over time, but it's important to understand the risks involved. Different investments carry different levels of risk, and it's important to choose investments that align with your risk tolerance and financial goals. Be sure to do your research and consult with a financial advisor if you need help.

5. Protect your finances: It's important to take steps to protect your finances from fraud and identity theft. This includes regularly checking your credit report, using strong passwords, and being cautious about giving out your personal information. Consider setting up alerts on your accounts to help you monitor for suspicious activity.

Overall, improving your financial literacy takes time and effort, but it can pay off in the long run. By gaining a better understanding of your finances, you can make more informed decisions and take control of your money.

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Financial accounting and cost accounting are two distinct branches of accounting that serve different purposes within an organization. Here are the key differences between financial accounting and cost accounting:

1. Objective:
- Financial Accounting: The primary objective of financial accounting is to provide accurate and reliable financial information about the company's performance, financial position, and cash flows to external stakeholders such as investors, creditors, and regulatory authorities. It focuses on summarizing and reporting financial transactions.
- Cost Accounting: The primary objective of cost accounting is to collect, analyze, and report information related to the cost of producing goods or services within an organization. It helps in determining the cost of production, controlling costs, and making informed decisions about pricing, profitability, and cost efficiency.

2. Focus:
- Financial Accounting: Financial accounting focuses on recording, classifying, and summarizing financial transactions in accordance with generally accepted accounting principles (GAAP). It includes preparing financial statements such as the income statement, balance sheet, and cash flow statement.
- Cost Accounting: Cost accounting focuses on analyzing and allocating costs to different products, services, projects, or departments within an organization. It involves techniques such as cost allocation, cost accumulation, and cost estimation to determine the cost of production accurately.

3. Audience:
- Financial Accounting: Financial accounting primarily serves external stakeholders, including investors, creditors, lenders, shareholders, and regulatory authorities who rely on financial statements for decision-making purposes.
- Cost Accounting: Cost accounting primarily serves internal stakeholders such as management, production managers, and decision-makers within the organization who use cost data to evaluate performance, make pricing decisions, and improve cost efficiency.

4. Reporting Frequency:
- Financial Accounting: Financial accounting is typically done periodically, usually on a quarterly and annual basis, to provide a comprehensive view of the company's financial performance over a specific period.
- Cost Accounting: Cost accounting can be performed on an ongoing basis or at regular intervals to monitor and control costs, improve cost efficiency, and evaluate the profitability of specific products, projects, or departments.

5. Regulatory Standards:
- Financial Accounting: Financial accounting follows generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) to ensure consistency, comparability, and transparency in financial reporting.
- Cost Accounting: Cost accounting does not have specific regulatory standards like GAAP or IFRS. It relies on various cost accounting techniques and principles that can vary across organizations.

6. Scope:
- Financial Accounting: Financial accounting covers the overall financial performance and position of the organization as a whole. It provides a holistic view of the company's financial activities.
- Cost Accounting: Cost accounting focuses specifically on the costs associated with producing goods or services. It provides detailed information about costs at different levels, such as product costs, departmental costs, or project costs.

Both financial accounting and cost accounting are essential for the effective management and decision-making within an organization. While financial accounting provides a broader picture of the company's financial health for external stakeholders, cost accounting helps organizations monitor and control costs, make informed internal decisions, and improve profitability.

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