Conceptual Review on Revenue and Capital Items

Definition and Explanation of Revenue Expenditures Revenue expenditures are expenses which are incurred in the day to day conduct and administration of business and the effect which is completely exhausted within the current accounting year. These expenditures are recurrent by nature i.e. which are incurred for meeting day to day requirement of a business and … Read more

Conceptual framework on Accounting Concept, Principles, Process and Conventions

Historical Perspective of Accounting In 1494, an Italian Monks and Mathematicians by name “Luca Pacioil” was the first to lay the foundation of the Double entry principle. This was done in his book title “Summa de Arithmetical Geometria et proportionalita”. The book contained a section on double entry principle. In 1504, a section of the … Read more

Bank Services and Method of Payment

Bank services are divided into two:  Corporate Services of Banks Capital Market operation: Company flotation and rotation, breakage activities registrars of company and trustees, issuing house activities Mergers and acquisitions Re-organisation and turn around operation Capital restructuring Project financing Investment Management Portfolio Investment trust Unit trust Loan syndication Debt factoring Banking Services Includes Acceptances of … Read more

Conceptual Review of the Role of Commercial Banking to the Economy

Commercial Bank balance sheet structure This represents a statement of the financial position of the bank on a given date. It contains information relating to the Bank asset holding, liabilities and owner supplied capital, asset represents the resources used by the bank. The liabilities and owner’s equity indicate how those resources are financed. Example of … Read more

Concepts of Money | Origin | Importance or Functions | Characteristics/Qualities | Types

Money is defined as anything that is generally accepted as a medium of exchange (i.e. means of transferring ownership of goods and services from one person to the other) Origin of Money Money has a long history; various items have been used as money at different period and in different places, e.g. shells, animals, elephant … Read more

Claim Settlement

Settlement is defined as an agreement obligating the department of juvenile justice (DJJ) to expand fund to discharge a debt due a person, entity, or group of persons when the amount owed pursuant to a dispute relating to a contract or purchase order, or as a result of another form of indebtedness. Claim settlement involves … Read more

Reinsurance: Arbitrage | Method of Reinsurance | Purpose of Reinsurance

Reinsurance is a means by which insurance company can protect itself with other insurance companies against the risk of losses, individuals and corporations obtain insurance policies to provide protection for various risks (hurricanes, earthquakes collisions, sickness and death etc.) reinsurers in turn provide insurance companies. The company, requesting the cover is called the cedant and … Read more

Forms of Insurance Policy | Marine Insurance | Life Insurance (or Assurance) | Fire Insurance | Accident Insurance

Marine Insurance This kind of insurance consists of insurance cover for both ships and goods against the perils of the sea. They relate to three special areas of risk namely Ship Insurance Cargo Insurance Fright Insurance Ship Insurance: Here the ship owner takes up a policy to cover him against loss of the ship and … Read more

Insurance Policy Renewal

Insurance policy is the contract containing insurance contract it is not contract on its own rather it is the documented contract. Insurance can be said to be a risk bearing institution and they carry out this work through documented contracts that can expire after and agreed period of time. By this period of time of … Read more

The Principles of Insurance | Proximate Cause | Utmost Good Faith | Insurable Interest | Indemnity | Subrogation | Contribution

Insurance has 6 principles. These are as follows: The principle of proximate cause The principle of utmost good faith The principle of insurable interest The principle of indemnity The principle of subrogation The principle of contribution The Principle of Proximate Cause Proximate cause simply means the factor responsible for any harm. Throughout the history of … Read more

The role of the Nigerian insurance industry in the Nigerian economy

Insurance plays a vital role in the development of the Nigerian economy and in recent years especially since the establishment of the Nigerian Reinsurance Corporation and the African Reinsurance Corporation Center for African and to some extent for the entire insurance world. In addition to its traditional role of giving insurance protection cover to individuals … Read more

Advantages of insurance brokerage services

Rather than going straight to insurance companies to arrange for their services, a company may decide to use intermediaries called insurance brokers. The advantages of using such professional insurance brokers and claims consultant are many. Brokers ensure that all the format technical terms and conditions embody in every contract of insurance being prepared are strictly … Read more

Reasons for government control and state intervention of insurance industry

As was stated until quite recently, there was little government control of the business of insurance. This freedom was abused by some unscrupulous elements that had found their way into the insurance industry. The government found it necessary as a matter of policy to introduce in general stringent controls of activities of insurance companies to … Read more

CONSULTANCY FOR TRAINING OF HOTEL MANAGERS AS WELL AS RESTAURANT AND GUESTHOUSE OWNERS ON HEALTH AND SAFETY

Expression of Interest (EOI) Consultancy for Training of hotel managers as well as restaurant and guesthouse owners on health and safety Cosoft: 83412183 Introduction The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is a federally owned international cooperation enterprise for sustainable development with worldwide operations. GIZ has worked in Rwanda for over 30 years. The primary … Read more