1. Introduction to Accounting
• Nature and Purpose of Accounting
• The objective of Financial Accounting
• The Elements of Financial Statements
• The Accounting Equation
• The Users of Accounting Information
2. The Accounting Process and Systems
• The Source documents such as receipts and invoices
• The Books of Prime entry/Original Entry from the journals, cashbooks, Petty cash books and registers
• The Ledger and the concept of double entry
• The Trial Balance
• The Financial Statements
3. Regulation and other principles guiding the accounting profession
• The legal sources of regulation
• The professional sources of regulation (local and international bodies) and ethical requirements
• Accounting Standards
• Common accounting principles/concepts
• Qualities of useful financial information
4. Accounting for Assets and Liabilities
• Property, Plant and Equipment (depreciation, acquisition, disposal, exchange, excluding revaluations)
• Intangible Assets
• Financial Assets and Financial Liabilities (Definition, Examples and Classification only)
• Inventory
• Cash in hand and cash at bank (bank reconciliation statements)
• Trade Receivables (Measurement and credit Losses)
• Trade payables
• Accrued Incomes/Expenses and Prepaid Incomes/Expenses
5. Financial Statements of a sole trader
• Statement of Profit or Loss
• Statement of Financial Position
6. Financial Statements of a partnership
• The partnership deed/agreement
• The statement of Profit or Loss and appropriation
• Partners’ capital and current accounts
• The statement of financial position
• Accounting treatment and presentation when there is a change in profit/loss sharing ratio, admission/retirement of a partner, dissolution of a partnership
7. Financial Statements of a company
• Important concepts of a company (Ordinary and Preference share capital, issuing new shares way of full market price, bonus shares and rights issue, Reserves, retained profits and corporation tax)
• Statement of Profit or Loss
• Other comprehensive incomes
• Statement of Financial Position
• Statement of Cash flows
8. Financial Statements of a manufacturing entity
• Manufacturing Statement of production
• Statement of Profit or Loss
• Statement of Financial Position
9. Statements of a not-for-profit entity
• Objectives of Not-for-profit organisations
• Statement of Income and Expenditure
• Statement of Financial Position
10. Correction of errors and preparing financial statements with incomplete records
• Types and causes of errors
• Correcting errors in source documents, the books of prime entry, the ledger, the trial balance and financial statements
• Reasons for incomplete information
• Preparation of financial statements from incomplete information
11. Analyzing Financial Statements
• The objective of analysing financial statements
• Analysing financial statements using financial ratios (Liquidity, Profitability, Solvency, Efficiency, Investor/Value and Cash Flow categories)
12. Accounting in the Public Sector
• Features of public sector entities (as compared to private sector)
• Structure of the public sector (National and county governments, State Corporations, Departments and Agencies)
• Regulation and oversight (International Public Sector Accounting Standards Board, Director of Accounting Services, National Treasury, Parliamentary Committees, Accounting Officers at national and county levels)
• Objectives of public sector financial statements and Standards (IPSAS)
• Accounting techniques in public sector such as budgeting, cash, accrual, commitment and fund accounting)