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AD21: FINANCIAL ACCOUNTING

Description

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GENERAL OBJECTIVE

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to account for various basic financial transactions and prepare financial statements.

LEARNING OUTCOMES

A candidate who passes this paper should be able to:

Apply accounting concepts in preparation of financial statements

Apply the double entry aspects of accounting

Account for assets and liabilities

Prepare financial statements of a sole trader, partnership and companies

Weekly Course Recap Zoom Session

What Will I Learn?

  • Accounting concepts
  • Double entry aspects of accounting
  • Account for assets and liabilities
  • Financial statements of a sole trader, partnership and companies

Topics for this course

4 Lessons56h

INTRODUCTION TO ACCOUNTING?

- Nature and purpose of accounting - Objectives of accounting - Users of accounting information and their information needs - Qualities of useful accounting information - Accounting concepts/principles - Accounting standards and their importance - The accounting equation
The accounting framework
Sources of regulations at national and global levels; the law (Companies Act), professional bodies, global regulatory bodies
Accounting standards (IASs/IFRSs) (their importance and limitations)
Professional ethics

ACCOUNTING FOR ASSETS AND LIABILITIES?

- Accrued expenses and prepaid expenses - Accounting for revenue including accrued income and prepaid income - Accounting for account receivables, bad debts and allowance for doubtful debts - Property plant and equipment including capital revenue and expenditure, depreciation, acquisition and disposal - Inventory – recognition, measurement and valuation using specific cost method (FIFO and weighted average cost only) - Accounting for cash and cash equivalents, bank reconciliation - Accounting for accounts payable including control account

CORRECTION OF ACCOUNTING ERRORS AND THE SUSPENSE ACCOUNT

FINANCIAL STATEMENTS OF A SOLE TRADER?

- Income statement - Statement of financial position

PARTNERSHIP ACCOUNTS?

- Contents of a partnership agreement - Distinction between current and capital accounts - Appropriation statement and partners current and capital accounts - Statement of financial position and income statement (excluding changes in partnerships)

COMPANY ACCOUNTS?

- Types of share capital – ordinary shares and preference shares - Types of reserves – share premium, revaluation reserve, general reserves and retained profits - Issue of shares (exclude issue by installment and forfeiture) - Rights issues and bonus - Income tax -Accounting treatment and presentation (exclude computation) - Income statement - Statement of financial position

EMERGING ISSUES AND TRENDS

About the instructors

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114 Courses

0 students

GlobopointConsultantsLtd

e-Learning Training and Consultation

 

Globopoint Consultants Limited is a fully registered Research, Training, and Consultancy firm based in Mombasa Kenya serving the entire East African region and beyond. The company is geared towards building professionals, entrepreneurs, growing businesses, and fostering sustainable economic development.

Globopoint Learning center is a fully accredited institution run by Globopoint Consultants Limited to specifically nurture modern-day professionals in the business field in an easy, practical, and convenient way.

4.67 (6 ratings)

144 Courses

1409 students

KSh1,000.00

Material Includes

  • Regularly updated online notes
  • Handouts
  • Zoom sessions
  • Video Clips & Recordings
  • KASNEB Past Papers Questions and Answers
  • Case Studies

Requirements

  • KCSE examination with an aggregate average of at least grade C- (C Minus) or equivalent qualifications.
  • IGCSE examination grade D.
  • Any other kasneb technician or diploma examination certificate.

Target Audience

  • ATD Level 1 Students
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