SECTION 1 - ACCOUNTING AS A PROFESSION
1.1: Explain the concept and purposes of Accounting.
1.2: Identify the users of accounting information.
1.3: Describe traditional and emerging careers in the field of Accounting.
1.4: Discuss ethical issues in the field of Accounting.
SECTION 2 - ACCOUNTING AS A SYSTEM
2.1: Outline the concepts and conventions that guide the accounting process.
2.2: Describe the accounting cycle.
2.3: Appraise the accounting features of various types of business organisations.
2.4: Identify the main financial statements prepared by various business organisations.
2.5: Assess the role and impact of technology on the accounting process.
2.6: Explain the concept of a Balance Sheet and the balance sheet equation.
2.7: Identify the components of a Balance Sheet.
2.8: Give examples of different types of assets and liabilities.
2.9: Construct Balance Sheets.
2.10: Determine which items in a Balance Sheet will change as a result of various transactions.
SECTION 3 - BOOKS OF ORIGINAL ENTRY
3.1: Explain the uses of books of original entry.
3.2: Distinguish between cash and credit transactions.
3.3: Identify source documents related to books of original entry.
3.4: Prepare source documents for use in transaction descriptions.
3.5: Translate source documents into transaction descriptions.
3.6: Use source documents to make entries into books of original entry.
3.7: Distinguish between trade and cash discounts.
3.8: Distinguish between discounts allowed and discounts received.
3.9: Balance cash books.
3.10: Interpret the balances of the cash books.
3.11: Indicate treatment of totals from books of original entry.
SECTION 4 - LEDGERS AND THE TRIAL BALANCE
4.1: Describe the different classes of accounts.
4.2: Identify the different types of ledgers.
4.3: Explain the significance of debit and credit in each class of account.
4.4: Draw up simple account formats, neatly and accurately.
4.5: Post from books of original entry to the general ledger and the subsidiary ledgers.
4.6: Balance and close accounts.
4.7: Interpret entries and balances.
4.8: Use the balances brought down to construct the trial balance.
4.9: Outline the uses and limitations of the trial balance.
SECTION 5 - THE PREPARATION AND ANALYSIS OF FINANCIAL STATEMENTS OF THE SOLE TRADER
5.1: Explain the purpose of preparing financial statements.
5.2: Identify the components of the Financial Statements.
5.3: Draw up the income statement for sole traders to determine gross profit or loss and net profit or loss.
5.4: Prepare classified balance sheet in vertical style.
5.5: Explain the significance of the working capital for the operation of a business.
5.6: Use ratios to determine the performance (profitability) of the business.
5.7: Calculate ratios to demonstrate the financial position of a business.
5.8: Show the effect of net profit or loss on capital.
5.9: Make recommendations about a business based on ratio analysis.
SECTION 6 - ACCOUNTING ADJUSTMENTS
6.1: Explain accounting concepts that underpin the need for adjustments.
6.2: Explain why adjustments are made to financial statements.
6.3: Prepare journal entries and ledger accounts to reflect adjustments and the treatment in the balance sheet.
6.4: Explain the reasons for bad debts.
6.5: Prepare journal entries and ledger accounts to write off bad debts and create provision for doubtful debts.
6.6: Indicate the treatment of bad and doubtful debts in the Income Statement and Balance Sheet.
6.7: Discuss the nature of depreciation.
6.8: Calculate annual depreciation expenses using straight line method and reducing balance method.
6.9: Prepare journal entries and ledger accounts for provision for depreciation.
6.10: Distinguish between capital expenditure and revenue expenditures.
6.11: Determine the amount of expenses or revenues to be transferred to the Income Statement.
6.12: Prepare income statements to reflect adjusting entries.
6.13: Prepare Financial Statements after adjustments.
SECTION 7 - CONTROL SYSTEMS
7.1: Explain the uses of control systems in the accounting process.
7.2: Outline the THREE most commonly used control systems in the accounting process.
7.3: Distinguish between those errors which affect and those which do not affect the trial balance.
7.4: Prepare journal entries for the correction of errors.
7.5: Explain the need for suspense account.
7.6: Construct a suspense account.
7.7: Construct a statement of revised profit after the correction of errors.
7.8: Explain the purposes of control accounts and how they are prepared.
7.9: Identify the sources of information for entries made in control accounts.
7.10: Construct sales and purchases ledger control accounts.
7.11: Explain the significance of the balances on control accounts.
7.12: Identify items that will result in differences between cash book and bank statement balances.
7.13: Construct a bank reconciliation statement using the adjusted cash book balance.
SECTION 8 - ACCOUNTING FOR PARTNERSHIPS
8.1: Define a partnership business.
8.2: State the features of a partnership.
8.3: Give reasons for establishing partnerships.
8.4: Outline the essential components of a partnership agreement.
8.5: Prepare journal entries and ledger accounts to record the capital of partnership.
8.6: Use various methods to share profit/loss among partners.
8.7: Prepare appropriation account of partnerships.
8.8: Prepare current account of partners.
8.9: Explain the significance of the brought down balances on partners' current accounts.
8.10: Prepare balance sheet of partnerships.
SECTION 9 - ACCOUNTING FOR LIMITED LIABILITY COMPANIES, CO-OPERATIVES AND NON-PROFIT ORGANISATIONS
9.1: Identify the essential features of limited liability companies, co-operatives and non-profit organisations.
9.2: Identify the types of limited liability companies, co-operatives and non-profit organisations.
9.3: Outline the advantages and disadvantages of a limited liability company.
9.4: Describe the various methods of raising capital available to limited liability companies and co-operatives.
9.5: Identify the various types of shares and the rights of the owners of each type of share.
9.6: Prepare journal entries to record the issue of shares and debentures.
9.7: Calculate dividend payments for various types of shares.
9.8: Appropriate profits between dividends and reserves.
9.9: Prepare the final accounts of limited liability companies and co-operatives.
9.10: Analyse performance and position using ratios.
9.11: Prepare receipts and payment accounts for non-profit organisations.
SECTION 10 - MANUFACTURING AND INVENTORY CONTROL
10.1: Distinguish between direct and indirect costs.
10.2: Prepare manufacturing accounts.
10.3: Calculate unit cost of items produced.
10.4: Prepare final accounts for a manufacturing concern.
10.5: Apply basic costing principles.
10.6: List methods of inventory valuation.
10.7: Calculate the value of closing inventory using either FIFO or LIFO; AVCO.
SECTION 11 - ACCOUNTING FOR THE ENTREPRENEUR
11.1: List methods of payment.
11.2: Identify basic source documents of the payroll.
11.3: Prepare spreadsheet to arrive at net pay amounts after deductions.
11.4: Identify main accounting software used for payroll.
11.5: Distinguish between voluntary and statutory deductions.
11.6: Calculate employees' earnings.
11.7: Prepare cash flow projections within a six-month period.
11.8: Prepare sales and production budgets for a three-month period.
11.9: Use accounting knowledge and skills to prepare a simple business plan.