Accounting and Control Diploma Module III KNEC Notes

KNEC materials

Topic 1: Introduction to Accounting

1.1. Definition of terms used in Accounting

1.2. Users of Accounting Information

1.3. Information Needs

1.4. Qualities of Good Accounting Information

1.5. Nature of Accounting Equation

1.6. Effects of Business Transactions

Topic 2: The Ledger and Trial Balance

2.1. Definition of a Ledger and an account

2.2. Importance of a ledger

2.3. Relationship between a ledger and an account

2.4. Classifications of ledgers

2.5. Nature of double entry system

2.6. Definition of a trial balance

2.7. Importance of a trial balance

2.8. Balancing off of accounts

Topic 3: Types of Errors and their correction

3.1. Types of errors that do not affect the agreement of a trial balance

3.2. Types of errors that affect the agreement of a trial balance

3.3. Functions of suspense account

3.4. Corrections of errors using a suspense account

Topic 4: Source Documents

4.1. Meaning of Source Documents

4.2. Types of source documents

4.3. Uses of source documents

4.4. Relationship between source documents and books of account

Topic 5: Books of Original Entry

5.1. Definition of books of original entry

5.2. Classifications of books of original entry

5.3. Preparation of books of original entry

5.4. Posting transactions from the books of original entry to the ledger

Topic 6: The Cashbook

6.1. Definition of a cashbook

6.2. Types of cashbook

6.3. Types of discounts

6.4. Recording transactions in a cashbook

Topic 7: Petty Cashbook

7.1. Definition of petty cashbook

7.2. Imprest system

7.3. Purpose of petty cashbook

7.4. Preparation of petty cashbook

Topic 8: Bank Reconciliation Statements

8.1. Definition of bank reconciliation statements

8.2. Purpose of preparing bank reconciliation statements

8.3. Causes of the differences between bank statements and the cashbook balance

8.4. Steps/Procedures in preparing bank reconciliation statement

Topic 9: Control Accounts

9.1. Definition of control accounts

9.2. Uses of control accounts

9.3. Preparation of control accounts

Topic 10: Accounting Concepts, Conventions and bases

10.1. Definition of accounting concepts, conventions, and bases

10.2. Types of accounting concepts, conventions, and bases

Topic 11: Capital and revenue expenditure

11.1. Definitin of capital and revenue expenditure

11.2. Double entry system for revenue and capital expenditure

11.3. Classification of expenditure

Topic 12: Adjustments to Final Accounts

12.1. Meaning of final accounts

12.2. Purpose of final accounts adjustment

12.3. Procedure of making adjustments in final accounts

Topic 13: Accounting for Fixed Assets

13.1. Definition of depreciation

13.2. Causes of depreciation

13.3. Reasons for providing for depreciation

13.4. Methods of providing for depreciation

13.5. Double entry for depreciation

13.6. Accounting for disposal of fixed assets

13.7. The fixed asset movement schedule

Topic 14: Final Accounts for Sole-Proprietorship

14.1. Definition of final accounts

14.2. Types of final accounts

14.3. Preparation of final accounts

Topic 15: Non-Profit Making Organizations

15.1. Definition of non-profit making organisations

15.2. Differences between receipts and payment accounts

15.3. Relationship between income and expenditure accounts

15.4. Preparation of final accounts of non-profit making organisations

Topic 16: Emerging Trends and Issues in Financial Accounting

16.1. Emerging trends and issues in financial accounting

16.2. Challenges posed by emerging trends and issues in financial accounting

16.4. Coping with the challenges posed by emerging trends and issues in financial accounting to managing emerging financial issues.

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