Principles of Accounting and Taxation KASNEB CS notes

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CONTENT

  1. Introduction to Accounting
  • The nature and purpose of accounting
  • Users of accounting information and their respective needs
  • Accounting Standards and their purposes (IFRS, IASs, IPSAS)
  • Regulatory framework (ICPAK, IASB, IAESB, IPSASB), the Companies Act
  • Professional ethics
  • Principles, concepts and conventions underlying the preparation of accounting statements
  1. Accounting Procedures and Techniques
  • Accounting Cycle
  • Double entry book-keeping
  • Books of original entry (journals, ledgers, cashbooks)
  • Balancing accounts and preparing the trial balance
  • Depreciation of non-current assets including their disposal (by part exchange; ordinary sale; accident)
  • Preparation of movement of property, plant equipment (as per International Financial Reporting Standards)
  • Trade receivables, bad debts write-offs and provision for bad and doubtful debts
  • Accruals, prepayments, reserves and provisions necessary adjustments in statements of financial performance
  • Introduction to simple statements of financial performance
  • Statements of financial position
  • Final accounting statements of a sole trader
  • Financial statements of a partnership business reflecting changes in partnerships such as admission, retirement and dissolution
  1. Introduction to Simple Company Accounts
  • Company Formation – Documents
  • Share capital and reserves
  • Issue of shares at par; premium; discount
  • Over and under subscriptions
  • Allotment and calls on shares, forfeiture of shares
  • Preparation of statements of financial performance and appropriation account and the statement of financial position
  • Published accounts: Components of a complete set of published financial statements only
  1. Accounting for Non-Profit Making Organisations
  • Features of Non-profit making organisations
  • Types of funds and their accounting treatment
  • Income and expenditure account
  • Statement of financial position
  • Public Sector Accounting and Financial System
  • 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, Current PFM Acts
  • Objectives of public sector financial statements and Standards (IPSAS)
  • Accounting techniques in public sector such as budgeting, cash, accrual, commitment and fund accounting) (Preparation of financial statements excluded)
  1. Introduction to Taxation
  • History of taxation
  • Types of taxation
  • Principles of an optimal tax system
  • Single versus multiple tax systems
  • Classification of tax systems
  • Tax shifting
  • Factors that determine tax shifting
  • Tax evasion and tax avoidance
  • Taxable capacity
  • Fiscal policies
  • The Revenue Authority; history, structure and mandate
  1. Investment Allowances
  • Rationale for investment allowances
  • Investment allowance: Ordinary manufacturers
  • Industrial building deductions
  • Wear and tear allowances
  • Farm works deductions
  • Shipping investment deduction
  • Other deductions
  1. Customs Taxes and Excise Taxes
  • Customs procedure
  • Import and export duties
  • Prohibitions and restriction measures
  • Transit goods and bond securities
  • Purposes of customs and excise duties
  • Goods subject to customs control
  • Import declaration form, pre-shipment inspection, clean report of findings
  • Excisable goods and services
  • Application for excise duty (licensing)
  • Use of excise stamps
  • Offences and penalties
  • Excisable goods management system

 

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