Education and Job Resources Base
Education and Job Resources Base
1. Stimulate and sustain their interest in Principles of Accounts;
2. Use the basic knowledge of and practical skills in Accounting;
3. Apply the knowledge and interpretation of accounting information to decision making;
4. Determine the relevance of accounting information to business and governments;
5. Use information and communication technology for present and future challenges.
6. Use current accounting principles in financial reporting.
1. Nature and Significance of Accounting | |
a.Development of accounting (including branches of accounting) | 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. |
2. Principles of Double Entry | |
| 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. |
3. Ethics in Accounting | |
a. Objectives | Candidates should be able to: i. use ethics in preparing and presenting Accounting Reports; ii. list qualities of an Accountant such as honesty, integrity, transparency, accountability and fairness. |
4. Cashbook | |
a. Columnar cashbooks | 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; |
5. Bank Transactions and Reconciliation Statements | |
a. Instrument of bank transactions | 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. |
6. The Final Accounts of a Sole Trader | |
a. Income statement (Trading and profit and loss account) | 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. |
7. Stock Valuation | |
a. Methods of cost determination using FIFO, LIFO and simple average | 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 goods using FIFO, LIFO and simple average; 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. |
8. Control Accounts and Self-balancing Ledgers | |
a. Importance of control accounts | 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 |
9. Incomplete Records and Single Entry | |
a. Conversion of single entry to double entry | 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. |
10. Manufacturing Accounts | |
a. Cost classification | 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. |
11. Accounts of Not-For-Profit-Making Organizations | |
a. Objectives of Not-For-Profit-Making organizations | Candidates should be able to: i. distinguish between the features of Not-for-profit-making 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 |
12. Departmental Accounts | |
a. Objectives | 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. |
13. Branch Accounts | |
a. Objectives | Candidates should be able to: i. determine the reasons for branch accounts; ii. calculate profits and losses from branches; iii.determine the sources of differences and reconcile them. |
14. Joint Venture Accounts | |
a. Objectives | Candidates should be able to: i. identify the objectives of Joint Venture; ii. determine the profit or loss of the Joint Venture; iii.determine the profit or loss of each venture. |
15. Partnership Accounts | |
a. Formation of partnership | 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 |
16. Introduction to Company Accounts | |
a. Formation and classification of companies | 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. Interprete the accounts for decision making using ratios such as current, acid test and stock turnover. |
17. Public Sector Accounting | |
a. Comparison of cash and accrual basis of accounting | 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; iii. calculate consolidated revenue fund and determine the values of assets and liabilities; iv. analyse the duties of the Accountant General, the Auditor General, the Minister of Finance and the Treasurer of local government; v. 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 | 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 |
