1.       Nature and Significance of Accounting

a.      Development of accounting  (including branches of accounting);

b.     Objectives          of            bookkeeping              and accounting;

c.      Users and characteristics of Accounting information;

d.     Principles, concepts and conventions of accounting (nature, significance and application);

e.      Role     of            accounting            records              and information.

2.       Principles of Double Entry

a.      Functions of source documents

b.     Books of original entry

c.      Accounting equation

d.     The ledger and its classifications

e.      Trial balance

f.      Types and treatment of errors and uses

of suspense account

Candidates should be able to:

i. differentiate between bookkeeping and accounting; ii. use the historical background of  bookkeeping and accounting for future development;

iii.     apply the right principles, concepts and conventions to solving accounting problems;

iv.     examine the role of accounting records and information in decision making.

v.       list the branches of Accounting such as Cost

Accounting, Management Accounting, Auditing, Financial Accounting and Taxation.

Candidates should be able to:

i.         relate the various source documents  to their uses;

ii.       relate source documents to the various books of original entry;

iii.     determine the effect of changes in elements of accounting equation;

iv.     identify the role of double entry and use it to post transactions into various divisions of the ledger;

v.       balance off ledger accounts;

vi.     extract a trial balance from balances and determine its uses;

vii.    identify various types of errors and their necessary corrections;

viii.  create a suspense account.

a.        Objectives

b.       Qualities of an Accountant

4.       Cashbook 

a.        Columnar cashbooks

b.       Discounts

c.        Petty cashbook and the imprest system

5.       Bank Transactions and Reconciliation Statements

a.        Instrument of bank transactions

b.       e-banking system

c.        Causes   of            discrepancies                 between

cashbook and bank statement

d.       Bank reconciliation statement

6.       The Final Accounts of a Sole Trader

a.        Income statement (Trading and profit and loss account)

b.       Statement of financial position (Balance sheet)

c.        Adjustments:

i.    provision for bad and doubtful debt ii. provision for discounts

iii.     provision for depreciation using straightline and reducing balance methods

iv.     accruals and prepayments

7.       Stock Valuation

a.        Methods of cost determination using

FIFO, LIFO and simple average

b.       The advantages and disadvantages of the methods

i.        use ethics in preparing and presenting Accounting

Reports; ii. list qualities of an Accountant such as honesty, integrity, transparency, accountability and fairness.

Candidates should be able to: i.     determine the cash float; ii.    differentiate between two and three columnar         cashbooks and how transactions are recorded in         them;

iii.  differentiate between trade and cash discounts; iv.  examine the effects of trade and cash discounts in        the books of accounts.

v.   identify various petty cash expense;

Candidates should be able to :

i.         identify bank documents such as cheques, pay-in-slips, credit and debit cards and their uses;

ii.       assess the impact of automated credit system, credit transfers, interbank transfers and direct debit on cash balances;

iii.     list factors that cause discrepancies between balances of cashbook and bank statements

iv.     prepare adjusted cashbook balance

v.       prepare bank reconciliation statements.

Candidates should be able to:

i.        determine the cost of sales, gross profit and net profit of a sole trader;

ii.      identify fixed assets, current assets, long- term

liabilities, current liabilities and proprietor’s capital;

iii.    compute adjustable items on  the related expenditure and income in the profit and loss account;

iv.     relate the adjustable items and their corresponding disclosure in the statement of financial position;

v.       differentiate between bad debts and provision for bad and doubtful debts.

Candidates should be able to:

i.         determine the cost of materials issued to production or cost of goods sold using FIFO, LIFO and simple average;

ii.       calculate the closing stock of materials or finished

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11.

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d.

12.

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c.

Control Accounts and Self-balancing

Ledgers

a.        Importance of control accounts

b.       Purchases ledger control account

c.        Sales ledger control account

Incomplete Records and Single Entry

a.        Conversion of single entry to double entry

b.       Determination of missing figures

c.        Preparation of final accounts from incomplete records

Manufacturing Accounts

a.        Cost classification

b.       Cost apportionment

c.        Preparation of manufacturing account

Accounts              of            Not-For-Profit-Making Organizations.

Objectives             of            Not-For-Profit-Making organizations

Receipts and payments account

Income and expenditure account

Statement of financial position (Balance sheet)

Departmental Accounts

Objectives

Apportionment of expenses

Departmental trading and profit and loss account

iii.     compare the advantages and disadvantages of each method of stock valuation;

iv.     determine the effects of stock valuation on trading, profits and cost of goods sold.

Candidates should be able to:

i.     determine the importance of control accounts in a business enterprise;

ii.   differentiate between sales ledger control account and purchases ledger control account;

iii. identify the individual elements of control accounts; iv. prepare the control accounts

Candidates should be able to:

i.       determine proprietor’s capital using statement of

affairs;

ii.     determine the amount of sales, purchases, cash balances, debtors, creditors and expenses by

converting single entry to double entry;

iii.   use accounting equations and gross profit percentage to determine gross profit or cost of sales.

Candidates should be able to:

i.        calculate prime cost, production overhead, production cost and total cost;

ii.      determine the basis of apportionment into production, administration, selling and distribution.

Candidates should be able to:

i.        distinguish between the features of Not-for-profitmaking organizations;

ii.      determine the subscription income, subscription in arrears and in advance;

iii.    compute the cash balances and accumulated funds, surplus and deficit for the period from all sources.

iv.     Prepare:

a.        receipts and payments account

b.       income and expenditure account

c.        statement of financial position

Candidates should be able to:

i. identify the reasons for departmental accounts; ii. determine the expenses associated with individual departments;

iii. compute departmental profits or losses.

a.        Objectives

b.       Branch accounts in the head office books

c.        Head office account

d.       Reconciliation of branch and head office books

14.          Joint Venture Accounts

a.        Objectives

b.       Personal accounts of venturers

c.        Memorandum Joint venture accounts

15.          Partnership Accounts

a.        Formation of partnership

b.       Profit and loss account

c.        Appropriation account

d.       Partners current and capital accounts

e.        Treatment of goodwill

f.        Admission/retirement of a partner

g.       Dissolution of partnership

h.       Conversion of a partnership to a company

16.          Introduction to Company Accounts

a.        Formation     and         classification         of companies

b.       Issue of shares and debentures

c.        Final accounts of companies

d.       Interpretation               of         accounts                using ratios.

e.        Distinction between capital and revenue reserves

17.          Public Sector Accounting

a.        Comparison of cash and accrual basis of accounting

b.       Sources of government revenue

c.        Capital and recurrent expenditure

d.       Consolidated revenue fund

e.        Statement of assets and liabilities

f.        Responsibilities and powers of:

i. The Accountant General ii. The Auditor General iii. The Minister of Finance

iv.   The Treasurer of  local government g. Instruments of financial regulation

i.          determine the reasons for  branch accounts; ii.    calculate profits and losses from branches;

iii.    determine the sources of differences and reconcile them.

Candidates should be able to:

iv.     identify the objectives of Joint Venture;

v.       determine the profit or loss of the Joint Venture; vi. determine the profit or loss of each venture.

Candidates should be able to:

i.    determine the instruments of partnership formation; ii.             categorize all accounts necessary for partnership; iii. determine the effects of admission and retirement of a partner;

iv.        prepare revaluation account

v.          identify the accounts required for dissolution and conversion to a company;

vi.        determine the partners share of profits or losses

Candidates should be able to:

i.         differentiate  between types of companies;

ii.       identify the processes and procedures of recording the issue of shares and debentures;

iii.     compute elements of final accounts of companies; iv. interpret the accounts for decision making using ratios such as current, acid test and stock turnover.

Candidates should be able to:

i.                     differentiate  between public sector accounting            and private sector accounting;

ii.                   identify the sources of government revenue; iii. differentiate          between capital    and         recurrent

expenditure;

iv.        calculate consolidated  revenue fund and determine the values of assets and liabilities;

v.          analyse the duties of the Accountant General, the Auditor General, the Minister of Finance and the

Treasurer of local government; vi.  distinguish between the elements of control in government accounting procedures e.g. virement, warrant, votes, authority to incur expenditure, budget and due process certificate.

18. Information Technology in Accounting

a.        Manual and computerized accounting processing system

b.       Processes involved in data processing

c.        Computer hardware and software

d.       Advantages and disadvantages of manual and computerized accounting processing system.

Candidates should be able to:

i.       relate and differentiate between manual and           computerized accounting processing system; ii.      identify the processes involved in data              processing;

iii.     relate the different components of computer; iv.     identify the advantages and disadvantages of            manual and computerized accounting              processing system