A closing entry is a journal entry that is made at the end of an accounting period to transfer balances from a temporary account to a permanent account. In summary, permanent accounts hold balances that persist from one period to another. In contrast, temporary accounts capture transactions Sales Forecasting and activities for a specific period and require resetting to zero…
President Muhammadu Buhari, on 31 December 2020, signed the Finance Act 2020 (“the Act” or “FA20”) alongside the 2021 Appropriation Act into law.
The repeal and re-enactment of the Companies and Allied Matters Act, 1990 (CAP C20, LFN 2004) (‘CAMA’) as CAMA 2020 (“the Act”) is a major game changer