Attorney Owolabi M. Salis

Accounting is the backbone of any successful business. It involves the systematic recording, classification, and analysis of financial transactions . However, accounting can be complex and daunting, especially for those with no prior knowledge or experience. That's why it's important to understand the golden rules of accounting, which are essential principles that guide the entire accounting process. The Principle of Debit and Credit: According to this principle, every transaction must have two aspects – a debit and a credit. These aspects must be equal in value and opposite in nature. In other words, for every debit entry, there must be a corresponding credit entry, and vice versa. Debit refers to the left-hand side of the ledger account, while credit refers to the right-hand side. Debits are used to record increases in assets, expenses, and losses, while credits are used to record increases in liabilities, revenues, and gains. For instance, when a business purchases inventory...

Law is a complicated system that is always changing and that rules our culture. It has many different kinds of laws , each of which has its own goal. Criminal law, civil law, and government law are the three types of law that people most often hear about. Criminal law Criminal law is about how to treat people who break the law. Crimes are things that hurt society and are against the law. Criminal law is meant to stop people from breaking the law, keep the public safe, and punish those who do break the law. Common law Civil law is about settling disagreements between people or groups. Different things, like contracts, property, or wrongdoings, can lead to civil lawsuits. Civil law is meant to give money to the person who was hurt and make sure that justice is done. Administration law Administrative law is about how government organizations and what they do are regulated. Administrative law is meant to make sure that government departments follow the law and don't take advantage of t...