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Kasneb CPA Syllabus
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New Kasneb CPA (Certified Public Accountants) Syllabus
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PART I |
SECTION 1 |
PAPER NO.1 FINANCIAL ACCOUNTING |
GENERAL OBJECTIVE |
| To provide the candidate with knowledge of accounting principles, concepts and conventions and preparation of financial statements |
1.0 SPECIFIC OBJECTIVES |
A candidate who passes this paper should be able to:
- Explain the nature and purpose of accounting
- Write up books for original entry
- Prepare basic ledger accounts under double syatem
- Prepare basic financial statements of sole traders, partnerships and companies
- Explain the regulatory framework of accounting
- Account for assets and liabilities
- Prepare financial statements of profit and not-for-profit organisations
- Analyse financial statements
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CONTENT |
1.1 Introduction to Accounting
- The nature and purpose of accounting
- Objectives of accounting
- Users of accounting information and their respective needs
- Qualities of useful accounting information
- Regulatory framework of accounting
- Regulatory bodies
- Nature and role of organisations that set accounting standards and guidelines such as ICPAK, IFAC, IASB, IPSASB
- Accounting standards, their importance and limitations
- Professional ethics
- The accounting equation
- Accounting concepts and principles
- Going concern
- Accruals
- Consistency
- Prudence
- Business entity
- Duality
- Monetory measurement
- Substance over form
- Realisation
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1.2 Double entry bookkeeping
- Source documents: Quotations, purchases order, statement of account, remittance advice, receipts, internal cheque requisitions, petty cash vouchers, payroll
- Books of original entry: Sales journal, purchases journal, returns inwards and returns outwards journals, cashbook, petty cashbook
- The ledgers: General ledger, sales ledger, purchases ledger
- The trial balance
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1.3 Final accounts of a sole trader
- Statement of financial performance (income statement)
- Statement of financial position (balance sheet)
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1.4 Adjustments
- Accrued and prepaid income and expenses
- Bad and doubtful receivables
- Depreciation and disposal of property, plant and equipment
- Bank reconciliation statements
- Control Accounts
- Correction of errors and suspense accounts
- Valuation of inventory
- Capital and revenue expenditure
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1.5 Accounting for assets and liabilities
- Non current assets: Property, plant and equipment, intangible assets, investments, shares and loan stocks
- Current assets: Inventory, receivables
- Liabilities: Payables, loans and loan stocks
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1.6 Partnership accounts
- Contents of partnership agreement
- Partners current and capital accounts
- Basic final accounts
- Statement of financial performance (income statement)
- Statement of financial position (balance sheet)
- Realignments (excluding dissolution, amalgamation and conversion)
- Retirement of a partner
- Change in profit sharing ratios
- Other changes in the partnership agreement
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1.7 Company accounts
- Capital structure of a company: Ordinary shares, preference shares, loan stocks
- Types of reserves: Share premium, retained profit, general reserves
- Final accounts: Statements of financial performance (income statement), statement of financial position (balance sheet)
- Accounting for issue and forfeiture of shares: Issue of shares, forfeiture and re-issue of shares
- Published accounts: Components of a complete set of published financial statements
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1.8 Financial statements analysis
- Ratio analysis
- Statement of cash flow
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1.9 Not-for-profit organisations
- Receipts and payments accounts
- Income and expenditure accounts
- Statement of financial position
- Fund accounting, for example, life membership fund
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1.10 Manufacturing accounts
- Classification of manufacturing costs
- Apportionment of costs between manufacturing account and statement of financial performance
- Preparation of final accounts for manufacturing entities
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1.11 Public sector accounting
- The features of public sector accounting
- Accounting concepts, bases, policies of relevance to public sector accounting
- Fund accounting and its relationship with entity theory
- Income measurement and valuation in the public sector
- The preparation, analysis and interpretation of financial statements of government units
- The accounts of state corporations and similar organisations
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1.12 Computerised accounting
- Different accounting packages
- Rationale for computerised accounting system
- Components of a computerised accounting system
- Selecting a good computerised accounting system
- Challenges of a computerised accounting system
- Current trends in computerised accounting software
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| Next: Introduction to law |
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