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CCP Principles of Accounting/CPA Financial Accounting

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About Course

UNIT DESCRIPTION
This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to prepare and interpret the financial statements of different non-complex entities.

LEARNING OUTCOMES
A candidate who passes this paper should be able to:
Prepare books of original entry and basic ledger accounts under the 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
Analyse financial statements by use of ratios and statement of cash flows.
Detect and correct accounting errors in financial records

Course Content

1. Introduction to Accounting
1.1 The nature and purpose of accounting 1.2 Users of accounting information and their respective needs 1.3 Accounting Standards and their purposes (IFRS, IASs, IPSAS) 1.4 Elements of accounting statements 1.5 The qualitative characteristics of accounting information 1.6 Principles; concepts and conventions underlying the preparation of accounting statements 1.7 Regulatory framework (ICPAK, IASB, IAESB, IPSASB) 1.8 Professional ethics 1.9 Description of Social and environmental accounting

  • Introduction to Accounting

Accounting procedures and techniques
2.1 Source documents, the accounting cycle, the accounting equation 2.2 Double entry book-keeping 2.3 The ledger and their role in recording and summarising, classifying accounting data 2.4 Books of original entry 2.5 Petty cash book 2.6 Balancing accounts and preparing the trial balance 2.7 Introduction to simple statements of financial performance 2.8 Statements of financial position

Computerized Accounting

Preparation of financial statement and Year End Adjustment

5. Confirming and Correcting Mechanism

6. Errors and Correction of errors

7. Sole traders accounts
7.1 Income statements 7.2 Statements of financial position

8. Partnership accounts
8.1 Basic contents of a partnership agreement 8.2 Provisions of the Partnership Act 8.3 Partnership statement of financial performance and appropriation account 8.4 Partners current account and statement of financial position 8.5 Financial statements to reflect elementary changes in partnership such as admission, retirement and dissolution

9. Introduction to simple company accounts
9.1 Share capital and reserve 9.2 Issue of shares at par; premium; discount 9.3 Over and under subscriptions 9.4 Allotment and calls on shares, forfeiture of shares 9.5 Preparation of statements of financial performance and appropriation account and the statement of financial position 9.6 Published accounts: Components of a complete set of published financial statements only

10. Manufacturing accounts
10.1 Elements of cost and cost behaviour 10.2 Preparation of manufacturing accounts, statement of financial performance and statement of financial position 10.3 Accounting treatment of manufacturing profit or loss and unrealised profit on closing stock

11. Financial statements of a not-for-profit organisation
11.1 Characteristics of not-for-profit organisations 11.2 Receipts and payments accounts 11.3 Income and expenditure accounts and statement of financial position

12. Incomplete records and single entry book keeping
12.1 Preparation of statement of affairs 12.2 Preparation of income statement 12.3 Preparation of statement of financial position

13. Analysis of financial statements
13.1 Role of analysis in providing information for decision making 13.2 Cross sectional and common size analysis 13.3 Trend analysis 13.4 Financial ratio analysis: liquidity ratios, return ratios, margin ratios, coverage ratios, leverage ratios, capital structure ratios, turnover ratios, activity ratios, efficiency ratios, market evaluation (valuation) ratios, cost ratios etc 13.5 Working capital and cash operating cycle 13.6 Preparation of statement of cash flows (International Accounting Standard 7) using the direct and indirect methods

14. Public sector accounting
14.1 Features of public sector entities (as compared to private sector) 14.2 Structure of the public sector and examples of entities in public sector 14.3 Objectives of public sector financial statements 14.4 Users of public sector financial statements and officers (treasury, accounting officers, public accounts committee, auditor general) 14.5 IPSAS on inventory, property, plant and equipment and intangible assets (the ledger accounts of central and county governments are not examinable) 14.6 Accounting techniques in public sector (budgeting, cash, accrual, commitment and fund)

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