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|1.||Introduction to Financial Accounting||1.1 History, nature and functions of Accounting.1.2 Users of Accounting information.
1.3 Stages in the Accounting process.
1.4 Characteristics of Accounting information.
|2.||The Accounting Equation and Double Entry Principles||2.1 Accounting Equation.2.2 Purpose and functions of source documents.
2.3 Subsidiary books.
2.4 The ledger: classification of Accounts.
2.5 Cash Book: analytical cash book, including petty cash book.
2.6 Preparation of Trial Balance.
2.7 Bank Reconciliation Statements.
2.8 Correction of errors and Suspense Account.
|3.||Accounting Concepts||3.1 Meaning.3.2 Types.
|4.||The Final Accounts of a Sole Trader/proprietorship||4.1 Trading, profit and loss accounts/Income statement.4.2 Balance sheet/statement of financial position.
4.3 Adjustments to final accounts.
|5.||Provisions and Reserves||5.1 Provision for doubtful debts/Allowance for doubtful debts.5.2 Provision for discounts.
5.3 Depreciation – concepts, reasons for recording and methods:
(i) straight line;
(ii) reducing balance;
(iii) sum of the years digits;
5.4 Accounting for depreciation.
5.5 Reserves – revenue and capital reserves.
|6.||Manufacturing Accounts||6.1 Purpose of Manufacturing Accounts.6.2 Cost classification in Manufacturing Accounts.
6.3 Preparation of final Accounts of Manufacturing concern.
|7.||Control Accounts and Self-balancing Ledgers||7.1 Meaning and uses of control accounts7.2 Types:
(i) sales ledger control
(ii) purchases ledger control
7.3 Preparation of Control Accounts
7.4 Reconciliation of Control Accounts
|8.||Single Entry and Incomplete Records||8.1 Meaning and limitations8.2 Computation of profit or loss from opening and closing balance sheets.
8.3 Conversion of singe entry to double entry.
8.4 Preparation of final accounts from a set of incomplete records.
8.5 Mark up and Margin
|9.||Accounts of Not-for-Profit Making Organizations||9.1 Meaning and terminologies.9.2 Receipts and payments accounts.
9.3 Subscriptions Account
9.4. Income and expenditure accounts.
9.5 Accumulated fund.
9.6 Balance sheet.
9.7 Profit or loss from income generating activities.
|10.||Partnership Accounts||10.1 Nature and formation of partnership.10.2 Partnership agreements/Deed.
10.3 Profit and loss appropriation accounts.
10.4 Partners capital account and balance sheet
10.5 Admission of a new partner.
10.6 Treatment of goodwill and revaluation of assets
10.7 Dissolution of partnership (Questions will not be set on Garner V. Murray and piecemeal realization)
|11.||Company Accounts||11.1 Nature and formation of a company.11.2 Types of companies and shares.
11.3 Issue of shares.
11.4 Loan capital, debentures/loan notes and mortgages.
11.5 Final accounts of company for internal use only.
11.6 Interpretation of accounts using simple ratios.
11.7 Purchase of business account.
*11.8 Statement of Cash Flow (using direct and indirect methods).
NOTE: Separate questions may be set to meet statutory requirements of individual countries. Candidates’ answers must meet statutory requirements of individual countries.
|12. *||Accounting for Value Added Tax
|12.1 Purpose of VAT.12.2 Characteristics of VAT.
12.3 Bases of computing input/output VAT.
12.4 Preparation of VAT returns.
12.5 Exempt goods and services.
|13.||Departmental and Branch Accounts||13.1 Meaning and importance13.2 Differences between a department and branch.
13.3 Preparation of departmental account.
13.4 Preparation of Branch Account excluding foreign branches.
13.5 Inter branch transactions.
|14.||Public Sector Accounting||14.1 Meaning and difference between Public Sector and Private Sector Accounts.14.2 Sources of public revenue.
14.3 Capital and recurrent expenditures.
14.4 Preparation of simple government accounts.
|15. *||Information Technology in Accounting||15.1 Manual and computerized Accounting Processing Systems.15.2 Processes involved in data processing.
15.3 Computer Hardware and Software.
15.4 Merits and demerits of manual and computerized accounting processing systems.
|16**||Miscellaneous Accounts||16.1 Meaning, introduction, terminologies and preparation of simple:(i) Joint Venture Accounts
(ii) Consignment Accounts
(iii) Contract Accounts
(iv) Hire Purchase Accounts
|17.**||Financial system||17.1 Meaning and components.17.2 Meaning, functions and features of:
(i) money market;
(ii) capital market;
(iii) insurance market.
17.3 Methods of raising funds from the capital market:
(i) offer for sale;
(ii) offer for subscription;
(iii) rights issue;
(iv) private placement;
17.4 Requirements for accessing the capital market.
17.5 Benefits of capital market to:
(iv) individual company;
17.6 Types, features and reasons for regulation.
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