Win with accounting

Everyone needs a budget. Your class, your school, your household and of course the country. A budget balances income and expenses, sets priorities and is essential to promote financial discipline and saving. Join in the fun of accounting and win prizes for yourself and your school.Fun facts about accountingAccounting isn’t all by the numbers. The accounting field is rich with history, tradition and, dare we say, even romance.Did you know that cost accounting is mentioned in the Bible? Luke 14:28 says, “Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it?"Here are some fun facts that may change the way you look at accounting: • The ancient Romans were obsessed with record keeping. Their military bases kept detailed accounts on everything from how much grain was in their stores to how many nails were in their workshops.• The first book on double-entry accounting was written in 1494 by Italian mathematician and Franciscan friar Luca Bartolomeo de Pacioli. Although double-entry bookkeeping had been around for centuries, Pacioli’s 27-page treatise on the subject has earned him the title “The Father of Modern Accounting.”• Bubble gum was invented in 1928 by accountant Walter Dimer.• Accounting plays a major role in law enforcement. The FBI counts more than 1,400 accountants among its special agents. Chicago crime boss Al Capone was finally brought down in 1931 by FBI accountants. • Celebrities who began their careers as accountants or CAs include Ultimate Fighting champion and Dancing with the Stars contestant Chuck “The Iceman” Liddell, WWE wrestler D-Lo Brown, jazz artist Kenny G. and comedian Bob Newhart. Other celebrities who studied accounting before hitting the big time include author John Grisham, Rolling Stones lead singer Mick Jagger and singer Janet Jackson.• Every year since 1935, a team of CAs has spent an average of 1,700 hours prior to Oscar night counting the Academy Awards ballots by hand.• The first actor to play Sherlock Holmes was an accountant at Samuelson’s Royal Film Agency. The identity of this accountant-turned-non-professional actor remains at least one unsolved mystery in the history of the great detective.What is a CA?Ask someone what a Chartered Accountant looks like and they’ll probably describe them as a person dressed in a sharp power suit and driving a slick set of wheels. While it is true that many of the directors of top companies are CAs, their success is no accident. With their disciplined, insightful approach to business and strong analytical skills, CAs are highly sought after business professionals who quickly rise to the top. It’s not just about the money and status, though. Here’s a brief introduction to what the title CA means and what CAs do.CAs are premier accountants. As the name suggests, they ‘account for’ or explain financial deals. They are pretty good with numbers and relationships between numbers, as they document, describe and explain where money has come from and gone to. CAs have been trained to handle even the most complex finances of large corporations.CAs work with people called accountants or bookkeepers, who record all of a company’s financial exchanges or transactions for them. The CAs analyse these records and produce detailed reports that help the company’s executives make business decisions.Good CAs are invaluable assets to any organisation because they are knowledgeable about a wide range of essential aspects of business, from working out how well the company is doing to helping plan for its future success.The broad set of skills qualified CAs have reflects the wide range of roles and duties they can perform, which is why it is one of the best qualifications to build a career on and giving you control over your career and future.CA(Nam)The title ‘CA(Nam)’ means that you are a member of your country’s Institute of Chartered Accountants – the Institute of Chartered Accountants of Namibia (ICAN). It’s a high-status title that shows that you are recognised as a skilled expert by your fellow accountants.The term ‘chartered’ is inherited from the old days when professionals in specific industries, such as accounting, set up associations and obtained permission (by ‘Royal Charter’ or with the King or Queen’s okay) to regulate themselves and maintain their own standards.The ‘Nam’ in brackets after the CA designation confirms that you qualified in Namibia — and is your passport to working anywhere around the world. ICAN has a reciprocity agreement with the South African Institute of Chartered Accountants (SAICA) and also follows their CA Training Model. This means that when you qualify as a CA(Nam) you can also qualify as a CA(SA).This means that you can go even further and obtain professional recognition from the Institutes of Chartered Accountants in England, Wales, Scotland, Ireland, Australia, New Zealand, Hong Kong and Canada.Tips on how to become a top professional CAWhat is a rewarding career? A career with a high salary? A career which has a respected position in society? A career with mobility and excellent prospects? The accountancy profession offers all of these opportunities, as well as a challenging and varied work environment. Accountancy is essentially the effective management and administration of the financial affairs, and accountants are a vital part of any organisation’s operations.As a professional accountant, you have the opportunity to pursue a variety of finance careers in any of the world’s financial centres and in any business sector. Professional accountants are employed in the public or private sector, industry or commerce, and across the whole spectrum of financial work; from audit and public practice; to management or financial accounting; in taxation related work; or in management consultancy and financial services. Accountants are often perceived as boring ‘number crunchers’, but the variety of career opportunities open to the professional accountant highlights this as a misconception.To become a qualified accountant in Namibia and in other countries around the world the generally accepted route is to complete undergraduate and sometimes post graduate studies, with a minimum practical training period and then to pass the required professional examinations of a professional accountancy body you want to join for membership. There are only two resident accounting bodies in Namibia: The Institute of Chartered Accountants of Namibia (ICAN) and the Institute of Commercial and Financial Accountants of Namibia (CFA).There are various flexible study options to students; trainees can for example study on a part-time basis while working full-time; fulfilling their work experience requirements at the same time.Total prize money N$10 000PROUDLY SPONSORED BY FNBComplete the exercise for your level. Write only the final answer/s required in your SMS, put the keyword "ICAN" in front and SMS to 51500 (N$1 per SMS). Also give your name and the name of your school. Entries close on 28 March 2014.GRADE 1 - 4Win N$2 000 • N$1 000 for you • N$1 000 for your schoolOur class wants to have a party.Number of learners30Budget per learnerx N$10Total expenses= N$Sponsorship received- N$200Money still needed= N$GRADE 5 - 7Win N$2 000 • N$1 000 for you • N$1 000 for your schoolOur householdINCOMEDad's salaryN$5 000Mom's salary6 000TotalN$EXPENSESHousing/rentN$4 000Food3 000Clothes 500Transport1 000Water & electricity 500Entertainment 400Savings account 300TotalN$Income MINUS expenses = surplus/deficit of N$GRADE 8 -10Win N$2 000 • N$1 000 for you • N$1 000 for your schoolEducation has the biggest budget with N$13.1 billion.Money for construction, renovation, extention and upgrading of infrastructure:Secondary schoolsN$160 350 000Primary schools415 590 000Preprimary schools 26 887 000TotalN$Out of the total which education level is the priority as a percentage? (Please give level and rounded percentage.)GRADE 11 - 12Win N$2 000 • N$1 000 for you • N$1 000 for your schoolGovernment has budgeted to pay 112 276 public servants.RemunerationN$19 136 565 751Pensions 2 097 619 622Other conditions of service 509 859 232Increases 244 769 000Total personnel expenseN$How many monthly old age pensions could one pay with this total expense?TERTIARYWin N$2 0002013/142014/15Taxes on income and profitsN$Taxes on property 243 841 184 274 123 940Taxes on goods and services 8 436 878 580 9 366 589 417Taxes from SACU pool14 726 563 00018 116 627 000Other taxes 222 037 114 273 586 830Entrepreneurial and property income 1 754 431 206 2 455 749 875Fines and forfeitures 80 792 10074 908 250Administrative fees 539 657 004 715 208 331Return of capital from lending and equity 20 284 766 6 418 929External grants 192 600 000 7 056 000Total income from revenue and grants 40 141 486 39652 472 520 770Calculate the tax on income and profits for the two periods. How much is the increase (%) from this revenue source and what is the difference between this percentage and the percentage increase in total revenue from the SACU pool?

Win with accounting

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