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FINANCIAL ACCOUNTING AND REPORTING SKILL


1.0 INTRODUCTION
Financial Accounting is a specialized branch of accounting that keeps track of a company’s financial transactions’ using standardized guidelines. The transactions are recorded, summarized and presented in a financial report or Financial Statement such as Income statement or Statement of Financial Position.
However, the importance of financial accounting provides an organization’s stakeholder with business statement allowing them to know if the organization is making or losing money. It is equally very important to note that reporting skill is necessary for an Accountant to report his financial statement. The report need to be arranged in such a way to be understood. Therefore, a report is a systematic and well organised document which defines and analyses a subject or problem, and which may include:-

2.0 OVERVIEW OF NATIONAL CHART OF ACCOUNTS
The National Chart of Account is an integrated budget and accounting classification system which primarily for implementation of system that is IPSAS compliant. The Chart of Accounts (COA) may be defined as a complete list of budget and accounting items where each item is uniquely represented by a code and grouped into tables of related data for the purposes of tracking, managing and reporting budgetary and accounting items in an orderly, efficient and transparent manner.

2.1 Objective of COA
The NCOA is an effective reporting system with significant objectives which includes but not limited to the following:-