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CA/CF11/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 prepare financial statements for different entities.

LEARNING OUTCOMES

A candidate who passes this paper should be able to:

Prepare books of original entry and basic ledger accounts under double entry system

Prepare basic financial statements of sole traders, partnerships, companies, manufacturing entities and not for profit organizations

Comply with the regulatory framework in the accounting field

Account for assets and liabilities

Analyze financial statements by use of ratios and statement of cash flows.

Weekly Course Recap Zoom Session

STUDENTS ALSO BOUGHT

What Will I Learn?

  • Preparation of books of original entry
  • Preparation of basic financial statements
  • Compliance with the regulatory framework in the accounting field
  • Accounting for assets and liabilities
  • Analysis of financial statements

Topics for this course

63 Lessons84h 31m

INTRODUCTION TO ACCOUNTING?

The nature and purpose of accounting Objectives of accounting Users of accounting information and their respective needs The accounting equation Regulatory framework of accounting (regulatory bodies such as ICPAK, IFAC, IASB, IPSASB, IAESB) Accounting standards (IASs/IFRSs) (importance and limitations) Professional ethics Accounting concepts/principles Qualities of useful accounting information
Users of accounting information and their respective needs
The accounting equation
Regulatory framework of accounting (regulatory bodies such as ICPAK, IFAC, IASB, IPSASB, IAESB)
Accounting standards (IASs/IFRSs) (importance and limitations)
Professional ethics
Accounting concepts/principles
Qualities of useful accounting information

RECORDING TRANSACTIONS?

Source documents: quotations, purchase orders, statement of account, remittance advice, receipts, petty cash vouchers, sales and purchase invoice, credit notes and debit notes, bank statements Books of original entry: sales journal, purchases journal, returns inwards journal, returns outward journal, cash book, petty cash book and general journal Double entry and the ledger; use of T- accounts and double entry aspects (debit and credit), sales ledger and purchases ledger The trial balance Computerised accounting systems - role of computers, application and accounting softwares in the accounting process, benefits and challenges of operating computerised accounting systems

ACCOUNTING FOR ASSETS AND LIABILITIES?

Assets Property, plant and equipment – recognition, capital and revenue expenditure, measurement (depreciation and revaluation), disposal and disclosures, property, plant and equipment schedule Intangible assets – recognition, measurement (amortisation, impairment and revaluation), disposals and disclosures Financial assets – examples and risks only Inventory – recognition, measurement and valuation using specific cost method, FIFO and weighted average cost only Trade receivables – bad debts and allowance for doubtful debts and receivables control accounts Accrued income and prepaid expenses Cash at bank – cash book and bank reconciliation statement Cash in hand – cash book and petty cash books Liabilities Bank overdraft – cash book and bank reconciliation statement Trade payables – control accounts Loans – accounting treatment of repayment of principal and interest Prepaid incomes and accrued expenses

CORRECTION OF ERRORS AND SUSPENSE ACCOUNT

FINANCIAL STATEMENTS OF A SOLE TRADER?

Income statement Statement of financial position

FINANCIAL STATEMENTS OF A PARTNERSHIP?

Partnership agreement Introduction to partnership accounts Distinction between current and fixed capital Income statement Statement of financial position Changes in partnership – admission of a new partner, retirement, death and change in profit sharing ratio

FINANCIAL STATEMENTS OF A COMPANY?

Types of share capital – ordinary shares and preference shares Issue of shares (exclude issue by instalment and forfeiture) Types of reserves – share premium, revaluation reserve, general reserves and retained profits Income tax - accounting treatment and presentation (exclude computation) Financial statements – income statement and statement of financial position Published financial statements (describe a complete set of published financial statements but not preparation)

FINANCIAL STATEMENTS OF A MANUFACTURING ENTITY?

Features of a manufacturing entity Classification and apportioning costs between manufacturing, selling and administration Financial statements – manufacturing account, income statement and statement of financial position

ACCOUNTS FROM INCOMPLETE RECORDS?

Features Types of incomplete records(pure single entry, simple single entry, quasi single entry) Ascertainment of profit by capital comparison Preparation of statement of affairs and profit determination Techniques of obtaining complete accounting information

FINANCIAL STATEMENTS OF A NOT FOR PROFIT ORGANISATION?

Distinction between not for profit making organisation and profit making organisation Nature of receipts and payments account Accounting treatment of some special items Income and expenditure account Statement of financial position

ANALYSING FINANCIAL STATEMENTS?

Statement of cash flows (categories of cash, methods of preparing statement of cash flows and the importance) Financial ratios – definition, categories, analysis and interpretation, application and limitations

INTRODUCTION TO PUBLIC SECTOR ACCOUNTING?

Features of public sector entities (as compared to private sector) Structure of the public sector (National and county governments, state corporations and other agencies) Regulatory structures and oversight [IPSASB, PSASB (establishment, mandate and functions), Director of Accounting Services, National Treasury, Parliamentary Committees, Accounting Officers at national and county levels] Objectives of public sector financial statements Objectives of IPSAS Accounting techniques in public sector (budgeting, cash, accrual, commitment and fund) (Preparation of financial statements excluded)

EMERGING ISSUES AND TRENDS

About the instructors

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.

4.87 (86 ratings)

163 Courses

1593 students

Dr. Wandera is an accomplished professional in Business Strategic Management (Ph.D.), a member of the Institute of Certified Public Accountants -Kenya (ICPAK Reg No. 23858) and the Institute of Human Resource Management (MIHRM Reg No. 011755)
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118 Courses

0 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 aggregate average of at least grade C+ (C plus) or its equivalent.
  • KACE with at least TWO Principal passes with credits in Mathematics and English at KCE
  • KASNEB technician, diploma or professional examination certificate.
  • A degree from a recognised university.
  • IGCSE examination grade C in 6 papers with C in both English and Mathematics.
  • Such other certificates or diplomas as may be approved by KASNEB.

Target Audience

  • CPA Section 1 Students
  • CIFA Section 1 Students
  • ATD Level 2 Students
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