Weeks
|
Topics
Covered
|
Detail
|
1
|
Basic accounting
Structure
|
- Explain what accounting is.
- Identify the users and uses of accounting
- Understand why ethics is a fundamental business concept.
- Explain accounting standards and the measurement principles.
- Explain the monetary unit assumption and the economic entity
assumption.
|
2
|
The
Accounting Equation
|
- State the accounting equation, and define
its components.
- Analyze the effects of business transactions
on the accounting equation
|
3
|
The Recording
Process
|
- Explain what an account is and how it helps
in the recording process.
- Define debits and credits and explain their use in recording
business transactions.
- Identify the basic steps in the recording process.
|
4
|
The Recording
Process
|
- Explain what a journal is and how it helps
in the recording process.
- Explain what a ledger is and how it helps in
the recording process.
- Explain what posting is and how it helps in
the recording process.
- Prepare a trial balance and explain its
purposes.
|
5
|
Books of Prime
Entry
|
- Understand the use
of business documents as source of information
- Describe the
basic contents of the sales day book and the customer/ debtors ledger
- Record entries in
the sales day book and the customer/debtors ledger
- Describe the
basic contents of the purchase journal and purchase ledger/creditors
ledger
- Record entries in
the purchase journal and purchase ledger/creditors ledger.
|
6
|
The Adjusting
Process of Accruals and prepayments
|
- Explain the time period assumption.
- Explain the accrual basis of
accounting.
- Prepare adjusting entries for prepayments.
- Prepare adjusting entries for accruals.
- Explain the reasons for adjusting entries.
- Describe the nature and purpose of an
adjusted trial balance.
|
7
|
Depreciation
on Fixed Assets
|
- Explain nature of depreciation expense and
accumulated depreciation
- Calculate depreciation expense using
straight line, diminution balance, sum-of-digits and number of units
produced methods
- Post journal entry to record depreciation
expense
|
8
|
Allowance for
Bad Debts and Write Off
|
- Estimate allowance for bad debts based on a
given policy
- Post journal entry to record bad debt
expense
- Compute and record write off and understand
its impact on allowance for bad debts
|
9
|
Completing The
Accounting Cycle
|
- Prepare a worksheet.
- Explain the process of closing the books.
- Describe the content and purpose of a post‐closing trial balance.
|
10
|
Completing The
Accounting Cycle
|
- State the required steps in the accounting
cycle.
- Explain the approaches to preparing to correct entries.
- Identify the sections of a classified
statement of financial position.
|
11
|
Bank reconciliation and
related adjustments
|
- Understand the need for bank
reconciliation
- Identify the main reason for the difference between the cash book and bank statements
- Prepare a bank
reconciliation statement in the circumstances of simple and well-explained transactions
- Correct cash book errors and
post journal entries after identifying the same in the bank
reconciliation statements
|
12
|
Control accounts – Reconciliation and adjustments
|
1. Understand the mapping between
the control accounts and subsidiary ledgers for account receivables and
account payables
2. Prepare control account and
subsidiary ledgers from well-explained information provided
|
13
|
Control accounts –
Reconciliation and adjustments
|
3. Perform control accounts
reconciliation of the account receivable and account payable
4. Identify error after performing
reconciliation
5. Identify and correct errors in the
control account and subsidiary ledger
|
14
|
Correction of errors in the record
keeping
|
- Identify the type
of error which may occur in a record-keeping system
- Calculate and
understand the impact of the error on the financial statement within a Trial
Balance
|
15
|
Correction of errors in the record
keeping
|
- Calculate and
understand the impact of the error on the financial statement within financial statements.
- Prepare journal
entries to correct errors that have occurred within a reporting period.
|
16
|
Receipt and payment
accounts
|
- Understand the
need for the receipt and the payment account
- Prepare a simple
receipt and payment account from the information
|