1. Nature and Significance of Book keeping and Accounting
Topics:
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
Objectives:
Candidates should be able to:
i. differentiate between Book Keeping and Accounting;
ii. understand the historical background of Book Keeping
and Accounting;
iii. apply the right principles, concepts and conventions to
solving Accounting problems;
iv. understand the role of Accounting information in
decision making;
v. identify the types/branches of Accounting such as Cost
Accounting, Management Accounting, Auditing,
Financial Accounting, Forensic Accounting, Social and
Environmental Accounting, Government Accounting
and Taxation;
2. Principles of Double Entry
Topics:
a. Source documents
b. Books of original entry
c. Accounting equation
d. Ledger and its classifications
e. Trial balance
f. Types and correction of errors
g. Suspense Account
Objectives:
Candidates should be able to:
i. identify various source documents and 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. understand the role of double entry principles in treating
financial transactions;
v. extract a trial balance from ledger accounts;
vi. identify various types of errors and their corrections;
and
vii. correct errors using suspense account.
3. Ethics in Accounting
Topics:
a. Objectives
b. Qualities of an Accountant
Objectives:
Candidates should be able to:
i. understand the ethics required in preparing and
presenting Accounting information;
ii. understand qualities of an Accountant such as honesty,
integrity, transparency, accountability and fairness;
4. Cashbook
Topics:
a. Columnar Cash Books:
i. single column
ii. double column
iii. three column
b. Discounts
c. Petty Cash Book and imprest system
Objectives:
Candidates should be able to:
i. determine the cash float;
ii. differentiate between two and three columnar
cash books 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; and
v. identify various petty cash expenses.
5. Bank Transactions and Reconciliation Statements
Topics:
a. Instrument of bank transactions
b. e-banking system
c. Causes of discrepancies between cashbook and bank statement
d. Bank reconciliation statement
Objectives:
Candidates should be able to:
i. identify various instruments of bank transactions such
as cheques, pay-in-slips, credit cards, debit cards,
internet banking and their uses;
ii. assess the impact of automated credit system, credit
transfers, interbank transfers and direct debit on cash
balances;
iii. identify factors that cause discrepancies between cash
book balance and bank statement; and
iv. determine adjusted cash book balance.
6. The Final Accounts of a Sole Trader
Topics:
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 straight
line and reducing balance methods
iv. accruals and prepayment
Objectives:
Candidates should be able to:
i. determine the cost of sales, gross profit and net profit of
a sole trader;
ii. identify non-current assets, current assets, long- term
liabilities, current liabilities and proprietor’s capital;
iii. compute adjustable items on the related expenditure and
income in the statement of profit or loss; and
iv. differentiate between bad debts and provision for bad
and doubtful debts.
7. Stock Valuation
Topics:
a. Methods of cost determination using FIFO, LIFO, and simple average
b. The advantages and disadvantages of the methods
c. The importance of stock valuation
Objectives:
Candidates should be able to:
i. determine the value of materials issued to production
department 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; and
iv. determine the effects of stock valuation on elements of
income statement.
8. Control Accounts and Self-balancing Ledgers
Topics:
a. Meaning and uses of control accounts
b. Purchases ledger control account
c. Sales ledger control account
Objectives:
Candidates should be able to:
i. understand the meaning of control accounts;
ii. identify the uses of control accounts in a business
enterprise;
iii. differentiate between sales ledger control account and
purchases ledger control account; and
iv. identify the entries in control accounts.
9. Incomplete Records and Single Entry
Topics:
a. Determination of missing figures
b. Preparation of final accounts from
incomplete records
c. Conversion of single entry to double
entry
Objectives:
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; and
iii. use accounting equations, gross and net profit
percentages to determine cost of sales, gross and net
profits.
10. Manufacturing Accounts
Topics:
a. Cost classification
b. Cost apportionment
c. Preparation of manufacturing account
Objectives:
Candidates should be able to:
i. identify the reason for preparing manufacturing
account;
ii. calculate prime cost, overhead cost, production cost
and total cost; and
iii. determine the basis of cost apportionment among
production, administration, selling and distribution.
11. Accounts of Not-For-Profit-Making Organizations
Topics:
a. Objectives
b. Receipts and payments account
c. Income and expenditure account
d. Statement of financial position
Objectives:
Candidates should be able to:
i. distinguish between profit oriented and Not-For-Profit
Making Organizations;
ii. determine annual subscription, subscription in arrears
and in advance; and
iii. compute the cash balances, accumulated funds, surplus
or deficit for the period.
12. Departmental Accounts
Topics:
a. Objectives
b. Apportionment of expenses
c. Departmental trading and profit and loss account
Objectives:
Candidates should be able to:
i. identify the reasons for preparing departmental
accounts;
ii. determine the expenses and incomes attributable to
departments;
iii. compute departmental profit or loss
13. Branch Accounts
Topics:
a. Objectives
b. Branch account in the head office
books
c. Head office account
d. Reconciliation of branch and head
office books
Objectives:
Candidates should be able to:
i. understand the reasons for preparing branch accounts;
ii. calculate profit or loss from branches; and
iii. reconcile the difference between branch and head office
accounts.
14. Joint Venture Accounts
Topics:
a. Objectives and features
b. Personnel account of venturers
c. Memorandum joint venture accounts
Objectives:
Candidates should be able to:
i. identify the objectives and features of joint venture;
ii. determine the profit or loss of joint venture.
iii. determine the profit or loss of each venture
15. Partnership Accounts
Topics:
a. Formation of partnership
b. Profit or 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
Objectives:
Candidates should be able to:
i. understand the procedures for the formation of
partnership;
ii. identify the accounts maintained for partnership
business;
iii. determine the effects of admission and retirement of a
partner;
iv. determine profit or loss on revaluation of assets; and
v. determine the partners’ share of profit or loss on
dissolution.
16. Introduction to Company Accounts
Topics:
a. Formation and classification of
companies
b. Issue of shares and debentures
c. Final accounts of companies:
d. Accounting ratios
e. Distinction between capital and
revenue reserves
Objectives:
Candidates should be able to:
i. differentiate between types of companies;
ii. identify the procedures of treating the issue of shares
and debentures;
iii. compute the elements of final accounts of companies;
and
iv. compute and interpret Accounting ratios such as
current, acid test and stock turnover.
17. Public Sector Accounting
Topics:
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
Objectives:
Candidates should be able to:
i. differentiate between public 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. identify the duties of the Accountant General, Auditor
General, Minister of Finance and Treasurer of Local
Government;
vi. distinguish between elements of control in government
accounting procedures e.g. warrant, votes, budget and
due process certificate
18. Information Technology in Accounting
Topics:
a. Manual and computerized
Accounting processing system
b. Procedures involved in data
processing
c. Computer hardware and software
d. Advantages and disadvantages of
manual and computerize Accounting
processing system.
Objectives:
Candidates should be able to:
i. differentiate between manual and computerized
Accounting processing system;
ii. identify the procedures involved in data processing;
iii. relate the different component of computer.
iv. identify the advantages and disadvantages of manual
and computerized Accounting processing system.