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HOW TO BECOME AN ACCOUNTANT BY Stewart Mbegu
HOW TO BECOME AN ACCOUNTANT
Stewart Mbegu
School of Business, Mzumbe University, P.O Box 6559, Mbeya, Tanzania
Abstract
It’s not surprising to ask yourself a common question, how can I become an accountant? It’s a common question in our communities nowadays to both student and non – student members of the community. Maybe it because accounting career provide an opportunity to work within almost in any industry with the best rewards; Or Maybe because everybody has money so wants become an accountant for her or his money. Let motivate you, these are not only motive to become an accountant. If you dream, you are planning and you seek to be an accountant this article will not only motivate you but also, guide you on how to achieve your plan.
1.0 Introduction
Accounting is an interesting career if you are to become, of course everybody must acquire basic knowledge of accounting enough to facilitates her or his daily business dealing; though won’t make her or him an accountant. Taking you back 500-year BC, accountant were mathematicians, economics and in particular of sound mind, that’s means they were comfortable with numbers (Keistar, 1965); To exercise sound judgement and professionalism should not only be comfortable with numbers, but also, should be well equipped with contemporary knowledge in corporate governance, finance and all updates in the relevant field of account and audit (ICAEW, 2017). In year 1494, Luca Pacioli an Italian mathematician and the further of accounting, expressing his observation on what Italian Merchants were doing, he put to together the double entry principle; the foundation of interesting career this article is about to tell you today (Albrecht, 2009). Yes, Accounting is an interesting career, graduates in accounting profession can choose a career in any of the following specialisms; Business recovery, Audit and assurance, insolvency, finance and risk management, Taxation and Forensic accounting (ICAEW, 2017); but this is not what make accounting an interesting career. Think of the accountant’s codes of ethics fundamentally, underpinning all accountant to take care the public interest, yes even you, accountant takes care of your interest in all their business dealing (AICPA, 1970). An interesting career needs ethical and diligent people, if you are planning to be an accountant, you have to ethical and diligent (AICPA, 2016).
2.0 Who is an accountant?
An accountant refers to a person how perform audits and keeps the financial records of businesses, individuals or organization and prepares periodic reports on financial matters, tax reports and analyses financial report (Ray, 2015). Is practitioner and professional in field of account how undertakes the duties of recording, classifying, summarizing, analyzing and reporting financial affairs of the of businesses, individuals or organization (Drury, 2009 and Perks, 1993). To perform duties of measuring, disclosure, analysis, audit, Taxation and Forensic accounting an accountant has to be registered as certified public accountant professional accounting bodies (NBAA, 2017). Most countries have local professional accounting bodies that certifies public accountant and oversee the professional ethical conduct, which members of International Federation of Accountants (IFAC)
According Tanzania national board of accountant and auditors, “Professional Accountant” refers to a person how “(a) has expertise in the field of accountancy, achieved through formal education and practical experience; (b) demonstrates and maintains competence; (c) complies with a code of ethics; (d) is held to a high professional standard; and (e) is subject to enforcement by a professional accountancy organization or other regulatory mechanism; “Public Accountant” means an accountant whose services are available to the public at large who renders accounting or auditing services” (NBAA, 2017).
3.0 How to become an accountant?
Planning to be an accountant is a good idea, you may be an engineer, lawyer, surveyor or human resource manager have skills and takes you at top of your profession, but accounting professional will provide you with the cutting edge over global opportunities (ICAEW, 2017). Step by step from any level of your education, you may become an accountant; the Tanzania national board of accountants and auditors has the best process and procedures for every how wishes and planning to an accountant (NBAA, 2017). Filling forms and paying required fees your will be registered for examination at a required level, if passed you me registered as new member at the following categories; (a) Accounting Technicians ( applicants who pass ATEC examinations or equivalent, with Experience of at least one year after she or he has passed ATEC examinations), (b) Certified Public Accountants ( applicants who pass CPA(T) professional examinations or equivalent, with Experience of at least three years after she or he has passed CPA(T) professional examinations), (c) Certified Public Accountants in Public Practice - CPA-PPs ( “applicants must have had at least 3 years post-qualifying experience under the supervision of a Certified Public Accountant in Public Practice, or must hold a practicing certificate from recognized professional bodies elsewhere”) (NBAA, 2017).
4.0 Be an Accountant
Better be an accountant, if you will ask why? I will tell you, life is full of financial transactions, harder to avoid and you are part of it. Above all potential career opportunities, the profession provides, the career is divine; "For which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it?” (Luke 14:28). If you’re an investor, business man, entrepreneur or cooperate manager, basic knowledge of accounting is inevitable; Sound decision requires multi -skills and multi – knowledge. Your Success and failure depends on your decisions, sound financial, investment and entrepreneurships decisions are hide in accountancy discipline. Accountancy as a discipline and a profession, provide the best skills required to deal financial world of globalization; indeed, it is the heart of organization decision and cooperate governance. Accounting as career, it is globally, highly rewarded, has a clear path, has potential growth and respected in the society of professionals and nonprofessionals.
5.0 Conclusion
The accounting professional is high valuable in the society, the same to an accountant as a member of the professional; This value is measured by to the extent to which they are perceived to be accountable to public interest. In the constant changing environment, an accountant has to be constantly updated in order to exhibit professionalism and excise sound judgement in the organization and society at large to which their works are highly valuable. For university young graduates, your primary requirement is to take your professional examinations demonstrate the mastery of accountancy as a discipline and a profession, adhering all code of conduct under fundamental code of ethics provided by Tanzania national board of accountant and auditors, a member of IFAC; gain experience in an public or private organization to make you a professional accountant.
6.0 References
AICPA, (1970). Basic Concepts and Accounting principles underlying Financial Statement of Business Enterprises, Statement No. 4, New York, Accounting principles Board (APB)
Albrecht, (2009). "On the curious historical coincidence of algebra and double-entry bookkeeping"(PDF). Foundations of the Formal Sciences. Ghent University. p. 11
Drury, C. (2009). Management accounting for business (4th Edition). United Kingdom. Cengage Learning EMEA.
ICAEW, (2016/17). Careers Guide to Chartered Accountancy, aval. At ttp://www.insidecareers.co.uk
Keister O.R (1965). The Mechanics of Mesopotamian Record-keeping. The National Association of Accountants Bulletin. II.
Luke (14:28). New revised standard version Bible – catholic edition, NRSVCE.
NBAA, (2017). The Accountants and auditors (registration) act, (cap. 286) by-laws government notice no. 151
Perks, R.W. (1993). Accounting and Society. Chapman & Hall (London); ISBN 0-412-47330-5. p.16
Ray, L. (2015). Strategic role of a chief accountant. Retrieved from: http://smallbusiness.chron.com/strategic -rolechief- accountant-15963.html
Friday, October 28, 2022
Saturday, September 17, 2022
NBAA PAST PAPERS (INTERMEDIATE LEVEL EXAMS 2015-2021 MAY & NOV) B1- Financial Management; B2 - Financial Reporting; B3- Auditing Principles and Practice; B4- Public Finance and Taxation;B5 - Performance Management; B6 - Management, Governance and Ethics CALL 0713-298054 FOR ASSISTANCE
NBAA PAST PAPERS (INTERMEDIATE LEVEL EXAMS 2015-2021 MAY & NOV) B1- Financial Management; B2 - Financial Reporting; B3- Auditing Principles and Practice; B4- Public Finance and Taxation;B5 - Performance Management; B6 - Management, Governance and Ethics CALL 0713-298054 FOR ASSISTANCE
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Friday, August 19, 2022
WHAT ARE THE FACTOR INFLUENCING FOREIGN DIRECT INVESTMENT IN TANZANIA
WHAT ARE THE FACTOR INFLUENCING FOREIGN DIRECT INVESTMENT IN TANZANIA
ABSTRACT
This study examine the factors influencing foreign direct investment (FDI) for the case of Tanzania. The primary purpose of this study is to identify the factors affecting the FDI inflow in Tanzania, such as government terms and regulations, technology and infrastructure, and. The study also highlighted the significance and factors that lead to FDI. The main aim is to find the inflows of FDI in Tanzania and to identify these factors. On this study I will explain about three factors by explain their relationship among them and foreign direct investment, these factors are government terms and regulations, technology and infrastructures.
INTRODUCTION
Foreign direct investment plays the significant role as a source of financing to a lot of developing countries (moosa, 2002). On this study I will explain significant factors influencing foreign direct investment in Tanzania, starting with explaining a key word which is foreign direct investment.
FOREIGN DIRECT INVESTMENT (FDI)
Is defined as cross border investment by a resident entity of one economy with the objective of obtaining a lasting interest in an enterprise resident in another economy. This means company purchase capital and invest in foreign country. For example if china built a factory for making goods in Tanzania this would count as foreign direct investment. FDI has been explained by several researchers, the research conducted by Favianus M. Mahiti (2012) which reviewed the study of FDI in Africa in general shows that, “developing countries are increasingly aware of the role of FDI as an engine of growth in their economies. Foreign investors can contribute to growth by providing much needed capital and skills, by sharing risks in large projects and by serving as a vehicle for technology transfer. For many developing countries, FDI is mechanism by which to promote industries in which they have a potential comparative advantage that cannot otherwise be explained”.
FACTORS INFLUENCING FOREIGN DIRECT INVESTMENT - TANZANIA
GOVERNMENT TERMS AND REGULATIONS.
According to ( Tanzania investment centre, 2012) Tanzania offered a well balanced and competitive package of fiscal incentives in comparison with other African countries. Aiming at providing competitive fiscal regime on foreign trade, Tanzania has signed double taxation treaties with countries like Denmark, india, Italy, Norway, Sweden, kenya, Uganda, Zambia, and finland. And there are other countries in which negotiation is continue. Investment in Tanzania are guaranteed against nationalism and expropriation. Tanzania is a signatory of several multilateral and bilateral agreements on protecting and promoting of foreign investment. Among other international agreement and membership, Tanzania is a member of multilateral investment guarantee agency and international centre for settlements disputes. Furthermore there is availability of incentives for investment in Tanzania by investment Act (1997) has the more investment opportunity compared to its neighbouring countries. That is from those explanation it show that there is no significant relationship between government terms and regulations and inflow of foreign direct investment in Tanzania.
TECHNOLOGY AND INFRASTRUCTURE
Technology and innovation are the driving force for socio-economic development of human civilization. They have become major force towards gaining competitive advantages in many societies, Tanzania being one of them. technological development and the applications of information and communication development (ICT) as well as the use of energy source have created great opportunity for socio-economic development (msolla, 2009). Lack of inadequate technology has been a challenge in development of different sectors in the country that paving the way to foreign direct investment inflow in Tanzania. But MNCs has transferred economic technology to Tanzania, and hence attaining the succession of foreign direct investment inflow. Technology transformed the agriculture and mining economy in Tanzania by 75% of production by the application of automating machine which also minimize time and reducing the cost of production which also increasing the country revenue ( Tanzania investment centre, 1012). That is there is no significant relationship between technology and infrastructure and foreign direct investment in Tanzania.
CONCLUSION
The common consensus regarding foreign direct investment is it played important role on promoting the economic of developing countries. Hence policy makers of the developing countries are quite interested to know about the factors that have influence on foreign direct investment flows. Actually there are many factors that have influence either direct or indirect on foreign direct investment, such as; wages rate, lobour skills, tax rate, transport and infrastructure, political stability, size of economy and other factors.
REFERENCES
Mahiti, F. M. (2012). Determinants of Foreign Direct Investments in East Africa Countries of Tanzania and
Kenya. Master Thesis, Mzumbe University.
Manli J. M. (2012). The contribution of FDI in local economy. Tanzania Investment Centre,
Moosa, I. A. (2002). The Determinants of Foreign Direct Investment in Mena Countries: An Extreme Bounds
Analysis. Research Report, 1-13.
Msolla, P. (2009). The Universal Communications Service Act Arrangement of Regulations, Communications
Service Access Fund Regulations.
Mudambi, R., Navarra, P., & Delios, A. (2013). Government regulation, corruption, and FDI. Asia Pacific
Journal of Management, 30, 487-511. http://dx.doi.org/10.1007/s10490-012-9311-y
Sunday, July 17, 2022
The Image in the Mirror: Life Without Purpose By ‘Stewart Mbegu’
The Image in the Mirror: Life Without Purpose
‘Stewart Mbegu’
Conceptual Paper published by
Philosophy International Journal (vol 5) DOI: 10.23880/phij-16000244 https://medwinpublishers.com/
Abstract
Both living and non-living creatures in this world have a purpose for their existence, but life carries great purposes and meaningfulness to any living creature in this world. It is this meaningfulness of life that differentiates living and non-living creatures. Most living creatures struggle to keep alive as a solely reason for life. Yes, it may sound correct for other creatures but not humans. Humans possessmany cognitive abilities such as reasoning, planning and a full-blown language capacity, these abilities cannot be seen in other living creatures. This suggests to me that, struggling to keep alive cannot be the solely reason for human life. Despite the fact that we are humans and all of us live in this world, some of us will be instantly forgotten when they have gone. However, some individuals will remain in people’s memory for ages, to them death will be achievement. Similar to the image in the mirror, some people’s memories fade out instantly when some one gets away, this is what I call ‘Image in the Mirror: Life Without Purpose”. Embracing those who have managed to cling on after they have gone, this paper employed a review of literature and focus group discussion methodology. Thus, ultimately the paper has discussed why some people have managed to leave behind a positive unforgettable mark in our society that, we’re still psychoanalyzing and studying them, while other just fade away.
Key word: Life without purpose
Deliberately, some people want to cling on while others do not, looking back into history some people’s life has rooted so deeply into our society for ages. Zaria Gorvett, the BBC journalist answering the question “How do you remain remembered for generations?” listed a long list of names like Alexander the Great a man of war, Julius Caesar, the master of self-promotion, Galileo, Isaac Newton, Albert Einstein and Da Vinci the intellect, she also, mentioning Politian, musician, killers and religious; that are still remembered until today [4]. Some people have managed to leave behind a long lasting memory in this world. However, the problem of history does not separate the positive memories from the negative ones. Therefore, the discussion in this paper has centered to only those people who have cemented a long lasting positive memory in the society like Julius Nyerere, Nelson Mandela, Albert Einstein to mention but a few, therefore, it is in built for human to be influential by leaving everlasting mark to others, fading away like an image in the mirror is a pure reflection that life has no meaning to some individuals.
The fact is that, most people want to remembered positively (in good way) after they have gone, has been reported in various literature; Nevertheless studies indicate that a few individuals want to be remembered; this then raise a question? leaving everlasting mark in the society is something done deliberately or not [4] [11] [14].Considering the list of the most remembered people from every corner of the global, it is observed that both situations apply. Those with deliberate attempt to remembered like Julius Caesar, the master of self-promotion and those who just cling on like Albert Einstein and Nelson Mandela [4]. Considering both situations, this paper has discussed why some people are remembered positively and why other are not. Also, what should be done for individuals to be remembered positively in the society?
2. Methodology
This paper has utilized two methods to gather information on the topic in question “The Image in the Mirror: Life Without Purpose”. The writer has gathered different opinions on past literature explaining, discussing and those giving history about individuals who has managed to cling on in our society. The information gathered from those literatures is about those individuals who have managed to be remembered positively, the reasons as to why they remain in people’s memory until today and the strategies they have applied to leave everlasting mark in the society.
Focus group discussion
A focus group discussion isthe commonly used method of data collection in qualitative research were by a group of people (six to twelve) purposively selected with common characteristics shared among them are promote to make in-depth discussion about a topic in question led by well trained facilitator (skilled facilitator)[3] [10]. These common shared characteristics may be locality, or geography location, tribe, given experience or behavior, a given skill, livelihoods or occupation [1] [3] [10].Focus group discussion approach is commonly used in a qualitative research to collect detailed information on certain social issue or issues [1][3]. It is a judgmental rather than probabilistic approach, which collects data from purposely-selected group in way of discussion, led by well skill facilitator [1][3].The writer utilizedfocus group discussion by developing semi-structured interview guide that promoted in-depth discussion, active participation and full involvement in a topic of discussion [8] [3][10].The focus group discussion methodassisted the writer to get insights into people’s social practices and motivations; Also, it assisted to gather their perceptions or their experiences on why some people have managed to be remembered in our society till today while other just fade away and get forgotten instantly like image mirror [3] [10] [12]. Applying Stewart and Shamdasani recommendations on the number of individuals to form a focus group discussion of (6 to12 people) eight individuals (academic staff from Mzumbe university – Mbeya campus) were chosen to form a single group discussion. The number was efficient and effective for discussion and it was easily manageable, the discussion was not bored and dull [9] [10] [12] [13].
3. Discussion
3.1 Is fame a deliberate attempt of an individual to be remembered?
Considering deliberate attempts to be remembered, history has given us some ancient iconic names likeJulius Caesar andAlexander the Great; despite of their great work, these individuals wanted, planed and enforced for the fame name in the society, according to Professor Thomas Harrison historian at the University of St Andrews as cited by Zaria Gorvett, says that achieving fame name was a national obsession in ancient Greece [4]. Alexander the Great ensured statue of him were made in every public place[4]. Another ancient fame name that still comes in people’s mind until today is that of Julius Caesar; he mastered the art of self-promotion, he used advanced propaganda of hiring historians who accompanied him on campaigns to write the events of his campaign in the books of Roman history [4]. According to sociologist Chris Rojek, at City, University of London as cited by Zaria Gorvett, the same deliberate attempt is still practiced even today; Presidents, Pop stars, Celebrates are deliberately marketing good image despite of number of critics surrounding them in the society.
From the focus group discussion, the same views were found. It was observed that it is a common practice for most political leaders to portray a good image to the society despite of their shortcoming. Naming schools, building, and structures after their name is common practice for Presidents particularly in Africa. These practices are similar to that of Julius Caesar and Alexander the Great. Leaders who want to be remembered positively use this strategy.
3.2 Is fame not deliberate effort but life of achievement to be remembered?
On other hand, some iconic names just cling on. These are names for those who didn’t mind to build a fame name but the society and world still remember them; for example names likeAlbert Einstein and Nelson Mandela, didn’t make effort to make sure their names remain in people’s memory [2] [4]. Considering the life of Nelson Mandela for example, his fame image wasn’t his focus. He just lived his life to achieve want he believed, that was enough to take him to prison and in turn to give him honor, respect and strong positive lasting memory in the global [6].
From the focus group discussion it was found that, it is good when someone becomes remembered for his or her achievement in life not just because he or she worked hard for it. Someone should not live all his or her life focusing on fame image, though it may push someone to do better with his or her life. Believing that every body is unique and has something unique to offer in this world requires someone to be himself or herself in order to leave a life of achievement enough to remembered for ages. For example the world remembers former marathon runner John Stephen Akhwari from Tanzanian who finished last among the 17 competitors who finished the race, the runners were initially 79, he took almost one hour and five minutes after the Ethiopian winner in in Mexico City 1968 Summer Olympics. So while others were struggling to win models, to him finishing the race was the achievement enough to make him be remembered for ages and his statement “My country did not send me 5,000 miles to start the race, but to finish the race” to become the motivational quote for running.
3.2 Why some people are not remembered?
Like the image in the mirror, some people they just fade out instantly. According to Stephen Hart, most people are not remembered because they take much away with them than what they left to world, their lives ware characterized by receiving than giving and they were selfish [5]. Also, he said the society has painted a wrong picture that money and fame is enough to guarantee lasting memories, which is not true [5]. According to Myles Munroe, the living without purpose is a the greatest tragedy human life can have, Without purpose some one’s life becomes an experiment, when someone’s life purpose in not clear, abuse of time, natural gifts (talent), energy and other resources is inevitable; Without purpose life is test less and meaningless, Without purpose life is lead in wrong direction, Without purpose life has no achievement and has no legacy [7].
From the focus group discussion it was discovered that, most people live selfish life in such away that their lives loose meaning to the society surrounding them; therefore after they have gone no one may keep memory of them and nothing can remain to mark their life into the society. Heart touching life is what is required for someone to cling on for ages, if some body’s life doesn’t touch people’s heart, he or she will be easily forgotten soon after his or her life in this world.
4. Conclusion:
Every human life in this earth has to count and be remembered; Otherwise human life will not defer from animal life. Because human have managed to break free from both biological and social framework that govern other animals, passing away and instantly be forgotten like a chicken in poetry farm, should not be part of any individuals history.Every body has a story to tell this world that may be enough the society to remember him or her; therefore every body should carry a notebook with her daily, documenting what his or her mind can give to the world. A child should be raised both at home and at school or collage to help him or her to discover his or her life purpose; this is very significant for him or her mark unforgettable positive memory in this world. This is due to fact that life without purpose has no achievement, no output and also has no legacy. Also, every body should improve or develop his or her life character to the extent that he makes his or her life touches people’s heart. The character of giving more than receiving, the character of making his or her contributions to the society count and in turn will make him or her be remembered for ages.
5. References:
1. Burrows, D., & Kendall, S. (1997). Focus groups: What are they and how can they be used in nursing and health care research? Social Sciences in Health, 3, 244–253.
2. Bradley, T. G. (2002). The Meaninglessness of Life. Internet archive. Avail.@ https://archive.org/details/B-001-001-692/page/n1/mode/2up
3. Catholic Relief Services (CRS). (2018). Practical guide: Focus group discussions.Catholic Relief Services, 28 West Lexington Street Baltimore, MD 21201-3443 USA 1.888.277.7575
crs.org.
4. Gorvett, Z. (2017). Who will be remembered in 1,000 years? Avail. @ https://www.bbc.com/future/article/20171220-how-to-be-remembered-in-1000-years
5. Hart, S. (2010). 3 Ways to live a life to be remembered. avail.@https://stephenahart.com/3-ways-to-live-a-life-to-be-remembered/
6. Henderson, W. (1996). Long Walk to Freedom: (Review of 'The Struggle Is My Life'The Autobiography of Nelson Mandela by Nelson Mandela).Published By: Oxford University Press, Vol. 95, No. 37pp. 288-293 (6 pages)
7. Munroe, M. (2012). It's Imperative That One Knows Their Purpose. Aval @ http://www.kingdomcitizens.org/its-imperative-that-one-knows-their-purpose.html/
8. Nyumba, T. O., Wilson k., Derrick, C. J., & Mukherjee, N. (2017). The use of focus group discussion methodology: Insights from two decades of application in conservation. Methods in Ecology and Evolution vol published by John Wiley & Sons Ltd on behalf of British Ecological Society.
9. Rwegoshora, H.M. (2014). A guide to social research. Mkuki na Nyota Publishers, Dar es Salaam, Tanzania.
10. Saunders, M., Lewis, P. & Morrison, K. (2009). Research Methods for Business Students, 5thedition, Pearson Education Limited Edinburg Gate Harlow, England
11. Sharma, S. (1999). Who Will Cry When you Die?Life Lessons from the Monk Who Sold His Ferrari. JAICO BOOKS publication.
12. Stewart, D. W., & Shamdasani, P. N. (1990). Focus groups: Theory and prac- tice. London, UK: Sage Publications Inc.
13. Stewart, D. W., Shamdasani, P. N., & Rook, D. W. (2007). Focus groups: Theory and practice. Thousand Oaks, CA: Sage Publications Inc.
14. Tartaglia, J. (2022) Philosophy in a Meaningless Life:A System of Nihilism, Consciousness and Reality. London: Bloomsbury Academic, 2015. 21–40. Bloomsbury Collections. Avail. @ <http://dx.doi.org/10.5040/9781474247696.ch-001>.
Wednesday, July 13, 2022
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