Topic 1: General Journal
a). General Journal
i. Explain the purpose of the General journal
ii. Explain the relationship of the general journal to the ledger
iii. Prepare journal entries to record common business transactions
iv. Post information from the general journal to the ledger Accounts
Topic 2: Correction Of Errors
a). Correction of Errors
i. Identify wrong entries
b). The Effect of Errors
i. Explain the effect of errors on the value of stock
c). Preparation of Journal Entries Necessary to Correct Errors
i. Prepare a corrected Trial Balance
ii. Outline uses of the Trail Balance
Topic 3: Adjustments
a). Adjustments
i. Explain why the life of a business is divided into accounting period
ii. State why the accounts must be adjusted at the end of each accounting period
iii. Explain how adjusting entries are related to the concept of accrual accounting and matching principle
iv. Describe the four basic adjusting retries
v. Prepare adjusting entries for prepaid expenses, unearned revenue, accrued Revenues and depreciation
vi. Prepare entries to dispose of accrued revenue and expense items in thee new accounting period
vii. Explain the difference between the cash and accrual basis of accounting
viii. Explain the importance of comparability in the financial statements of a business, period after period
ix. Explain how the realization principle and the matching principle attribute to comparability
Topic 4: Capital Expenditure And Revenue Expenditure
a). Capital Expenditure and Revenue Expenditure
i. Give the meaning of capital expenditure and revenue expenditure
ii. Distinguish capital expenditure items from revenue expenditure items
iii. Explain the importance of distinguishing capital expenditure from revenue expenditure
Topic 5: Depreciation
a). Depreciation
i. Determine the cost of a fixed asset
ii. Write up an asset account
iii. Write up a provision for depreciation account
iv. Distinguish between copula and revenue expenditure
v. Explain the relationship between depreciation and the matching principle
b). Computing Depreciation
i. Compute depreciation by the straight line
ii. Compute depreciation by Units of output
iii. Compute depreciation by Declining balance
iv. Compute depreciation by Sum of the years digits
v. Compute depreciation by Revaluation
vi. Compute depreciation by Double declining balance
vii. Show the asset account, the provision for depreciation account as balance sheet extracts
viii. Write up an asset disposal account and extracts from the balance sheet
ix. Show journal entries to record depreciation on fixed asset
x. Identify methods of providing depreciation employed
Topic 6: Bad Debts
a). Bad Debts
i. Show the bad debts account
ii. The provision for bad debts account
iii. Prepare a computation of the amount to be shown as Trade debtors in the company balance sheet
iv. Prepare a provision for discounts on debtors
Topic 7: Financial Statements
a). Financial Statements
i. Describe general purpose financial statements
ii. Explain why general purpose financial statements must follow generally accepted accounting principles
iii. Describe an income statement
iv. Prepare a balance sheet
Topic 8: Balance Sheet (Classified)
a). Balance Sheet (Classified)
i. Define each asset and liability classification appearing on a balance sheet
ii. Classify balance sheet items
iii. Prepare a classified balance sheet
Topic 9: Manufacturing Account
a). Manufacturing Account
i. Explain the difference in accounting for stocks between manufacturing companies and merchandising companies
ii. Describe the three basic types of manufacturing cost
iii. Distinguish between indirect and direct manufacturing costs
iv. Distinguish between product costs and period costs
v. Prepare a schedule of cost of finished goods manufactured
vi. Determine the cost of work in process stocks and the costs of finished goods stocks
vii. Prepare closing entries for a manufacturing company
viii. Describe the basic differences in the financial statements of manufacturing companies and merchandising companies
ix. Describe the procedure inherent in a general accounting system for a manufacturing company
x. List the different accounts that appear on a manufacturing company’s books
xi. State what the accounts in a manufacturing company’s books represent
xii. Explain the purpose of a manufacturing Account
xiii. Explain how a manufacturing Accounts is composed
Topic 10: Control Account
a). Control Account
i. Construct control account from subsidiary records
ii. Prepare control accounts from account balance
iii. Explain how a control ledger and its subsidiary ledger operate
iv. Give the rule for posting to a subsidiary ledger and its controlling account
v. Record corrections in the control and suspense accounts
vi. Reconcile the sales and purchases ledger control accounts with the individual balances
Topic 11: Incomplete Records
a). Incomplete Records
i. Draw up statements to show profit or loss from incomplete records
ii. Prepare trading, profit and loss account
iii. Prepare balance sheet
iv. Calculate amount of cash stolen
v. Calculate the value of stock at cost which had been stolen
Topic 12: Accounts Of Non-Profit Making Organizations
a). Accounting of Non-Profit Making Organizations
i. Prepare statements of affairs
ii. Prepare income and expenditure account from a Receipts and payments account
iii. Calculate the value of the accumulated fund
iv. Reconstruct income account and expenditure accounts
v. Prepare the balance sheet
vi. State the advantages and disadvantages of Receipts and payments accounts
Topic 13: Government Budgeting Procedure
a). Government Budgeting Procedure
i. Define a budget
ii. State steps in the preparation of the budget
iii. Explain the purpose of central government budgeting
b). Modern Approaches of Budgeting
i. Explain zero base budgeting
ii. State the incremental budgeting
iii. Explain the static budgeting
iv. Explain the flexible budgeting
v. Explain the continuous budgeting
vi. Explain the traditional budgeting
vii. Explain th performance budgeting
viii. Explain the costing of estimates: Revenue estimates procedure
ix. Give the meaning of budget surplus deficit and balanced budgets
x. State the objects of financial budgets