Financial Accounting new revised Syllabus CPA CIFA KASNEB notes

Financial Accounting new Revised notes

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1. Introduction to Accounting

  • Nature and Purpose of Accounting
  • The objective of Financial Accounting
  • The Elements of Financial Statements
  • The Accounting Equation
  • The Users of Accounting Information

2. The Accounting Process and Systems

  • The Source documents such as receipts and invoices
  • The Books of Prime entry/Original Entry from the journals, cashbooks, Petty cash books and registers
  • The Ledger and the concept of double entry
  • The Trial Balance
  • The Financial Statements

3. Regulation and other principles guiding the accounting profession

  • The legal sources of regulation
  • The professional sources of regulation (local and international bodies) and ethical requirements
  • Accounting Standards
  • Common accounting principles/concepts
  • Qualities of useful financial information

4. Accounting for Assets and Liabilities

  • Property, Plant and Equipment (depreciation, acquisition, disposal, exchange, excluding revaluations)
  • Intangible Assets
  • Financial Assets and Financial Liabilities (Definition, Examples and Classification only)
  • Inventory
  • Cash in hand and cash at bank (bank reconciliation statements)
  • Trade Receivables (Measurement and credit Losses)
  • Trade payables
  • Accrued Incomes/Expenses and Prepaid Incomes/Expenses

5. Financial Statements of a sole trader

  • Statement of Profit or Loss
  • Statement of Financial Position

6. Financial Statements of a partnership

  • The partnership deed/agreement
  • The statement of Profit or Loss and appropriation
  • Partners’ capital and current accounts
  • The statement of financial position
  • Accounting treatment and presentation when there is a change in profit/loss sharing ratio, admission/retirement of a partner, dissolution of a partnership

7. Financial Statements of a company

  • Important concepts of a company (Ordinary and Preference share capital, issuing new shares by way of full market price, bonus shares and rights issue, Reserves, retained profits and corporation tax)
  • Statement of Profit or Loss
  • Other comprehensive incomes
  • Statement of Financial Position
  • Statement of Cash flows

8. Financial Statements of a manufacturing entity

  • Manufacturing Statement of production
  • Statement of Profit or Loss
  • Statement of Financial Position

9. Statements of a not-for-profit entity

  • Objectives of Not-for-profit organisations
  • Statement of Income and Expenditure
  • Statement of Financial Position

10. Correction of errors and preparing financial statements with incomplete records

  • Types and causes of errors
  • Correcting errors in source documents, the books of prime entry, the ledger, the trial balance and financial statements
  • Reasons for incomplete information
  • Preparation of financial statements from incomplete information

11. Analyzing Financial Statements

  • The objective of analysing financial statements
  • Analysing financial statements using financial ratios (Liquidity, Profitability, Solvency, Efficiency, Investor/Value and Cash Flow categories)

12. Accounting in the Public Sector

  • Features of public sector entities (as compared to private sector)
  • Structure of the public sector (National and county governments, State Corporations, Departments and Agencies)
  • Regulation and oversight (International Public Sector Accounting Standards Board, Director of Accounting Services, National Treasury, Parliamentary Committees, Accounting Officers at national and county levels)
  • Objectives of public sector financial statements and Standards (IPSAS)
  • Accounting techniques in public sector such as budgeting, cash, accrual, commitment and fund accounting)

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