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Withholding Tax In Nigeria

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How to treat Withholding Tax (WHT) in Nigeria.

With the prevalent problem of assigning WHT to the various companies we deal with in my department. I thought it necessary to carry out a research on withholding tax in Nigeria, what percentage is collected, what it is collected on, and who collects it. Before going deep into it, let us first define what a withholding tax is. A withholding tax also called a retention tax is an advance and indirect source of taxation deducted at source from the invoice of a tax payer be it corporate bodies or individuals. [Read more…] about Withholding Tax In Nigeria

Temenos T24

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What is Temenos T24

27th of july 2015

Tuesday, the usual stuff, woke up at 6 and got ready by 6.30. Arrived at my office before 8,infact I was surprised at the time i got to the office. It was around 7.30,the road was free and it didn’t take me more than 35 minutes to arrive at my office. When I got in I greeted my colleagues, then went to my table and put on the system. 10 minutes later, a colleague of mine in the same unit called me that he wanted to show me something on T 24. T 24 by Temenos which is a banking software for banks and organizations as well for recording transactions and keep records which would be used in the valuation process.
[Read more…] about Temenos T24

Price Ceilings and Price Floors in Economics

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What are price ceilings and floors in economics?

Wednesday 29th july 2015
Today is not my cds day, being the last week of the month of July. The cds day would be on friday. So I got prepared and went to the office. On getting there, most of my colleagues were surprised. They forgot that my cds for the last week of the month would be on Friday instead of wednesday. [Read more…] about Price Ceilings and Price Floors in Economics

Forward Contract

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30th july 2015
Thursday, left my house at 6.45 and surprisingly got to the office by 7:30. Today is environmental so I am sure that is the reason I was able to get to the office that early considering the time I left my house. I got to the office and filled some petty cash vouchers then after that, not much to do again so as I was about reading, a colleague of mine in the marketing unit asked me if I could help her edit some pictures that they took of people that wanted to open Rsa (Retirement Savings Account) accounts with them. They snapped it with a phone, and they were a lot of distracting objects in the background. They needed a clear white background and instinctively they knew that I was the man for the job. [Read more…] about Forward Contract

Financial Reporting Mechanics

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Financial Reporting Mechanics

Before we begin, lets have a short backstory on love

It was Sunday, 2nd August 2015. Time for Church, my mum screamed about 8 am. Normally i am the one that wakes up first in my house but on this occasion,  I Woke up rather late because I was up all night trying to convert my books to the kindle format .Azw3.   I know amazon helps with this but the sizes of the ebooks that needs converting are way above the 50 mb limit by amazon. So I and my mum went to church. By the time we got there, they were no more chairs available. We had to walk around for a while before deciding to stand in one spot. Thankfully my mum found a small pavement to sit down on. I was the one doing all the standing. [Read more…] about Financial Reporting Mechanics

Demand and Supply

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Demand and supply

July 28 2015
I can never forget this day, this has been so far the happiest day ever. I am sure you would be guessing what happened today innit?. Let me fill you in. My sister qualified as a medical doctor…yaaay…after so much hardship and suffering. They put them through hell in that useless school. Imagine, 37 out of about 140 students are repeating, and it is not their fault; during their final year, they were numerous strikes, Ebola out break and many other things. [Read more…] about Demand and Supply

Auctions

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29th july 2015
Tuesday, got to work super early on this day too and got ready for the day, only to have my colleague come in and sing songs of praises to the lord for saving her life. She said she left her home at around 5.20 only to get to the bus stop and witness a disaster happen in front of her eyes and it claimed lives. [Read more…] about Auctions

IAS 2 Inventories

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International Accounting Standards 2 (Inventories)

The objective of this standard is to prescribe the accounting treatment for inventories. The IAS 2 applies to all inventories except:
a) Work in progress arising under construction contracts including directly related service contracts (covered by IAS 11 Construction contracts )

b) Financial instruments (IAS 32 financial instruments, presentation and IFRS 9 financial instruments)

c) Biological assets related to agricultural activity and agricultural produce at the point of harvest
[Read more…] about IAS 2 Inventories

Canon vs Nikon Comparison

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Canon and Nikon cameras

I was hunting for cameras and lenses to buy because i am a photography enthusiast, and boy are they expensive in Nigeria. I decided on a nikon d5300 dx format camera when I have money. It would be imported from usa with the help of a procurement and shipping service. The reason for wanting to buy it is to train myself in photography,so that as the years go past,I would be ready to take the bold step into wedding photography. [Read more…] about Canon vs Nikon Comparison

Public Equity vs. Private equity

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Public equity vs. private equity

They are public and private equities, the ones earlier discussed can be grouped under public equities. Private equities on the other hand as the name implies are private. Private equity are illiquid because shares cannot be easily traded. Share price is negotiated between the firm and its investors, and unlike public equities they are no requirements of disclosures by the government or exchange commission.
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