Topic 1: Bills Of Exchange
a). Bills of Exchange
i. Define a bill of exchange
ii. Explain the nature of interest of a bill of exchange
iii. Account for bill received
iv. Account for: Accrued interest; Default of bill; Default or dishonor; The discounting of a bill of exchange
v. Account for a bill of exchange with interest charges included in the face amount
vi. Discuss the concept of present value in accounting of a log-term bill of Exchange
Topic 2: Joint Ventures
a). Joint Ventures
i. Define a joint venture
ii. Show the joint venture accounts in the books of the parties
iii. Determine the profit or otherwise of the joint venture
Topic 3: Consignments
a). Consigments
i. Show the account in the consignors and consignee’s books
ii. Show the transfer of the consignee’s and consignee’s accounts to the profit and Loss Account
iii. Prepare the Accounts sales
iv. Show the consignment Inward Account in the book of the Consignee
Topic 4: Partnerships
a). Partnership
i. Describe the basic characteristics of a partnership
ii. Explain the importance of mutual agency and unlimited liability to a person about to become a partner
iii. Discuss the advantages and disadvantages of the partnership as a form of business
iv. Distinguish between an ordinary partnership and limited partnership
v. Account for the formation of a partnership
vi. Allocate partnership earnings to partners: On a stated fractional basis; In the partners capital ratio and through the use of salary and interest allowances
vii. Account for the admission of new partner
Topic 5: Departmental Accounts
a). Departmental Accounts
i. Draw up the trading account for a departmental store
ii. Apportion the overheads expenses to department
iii. Explain the methods used in apportioning overhead expenses
iv. Draw the profit and loss account in columnar form
v. Draw the departmental trading, profit and loss account
vi. Draw a department balance sheet
Topic 6: Elements Of Auditing
a). Elements of Auditing
i. Define auditing
ii. Explain the main objects of auditing
iii. State the types of auditing
iv. Give the meaning of Internal control; Internal check; Internal audit
v. Mention auditors working paper
vi. Explain the different types of auditors reports and opinions