Financial Accounting KNEC Syllabus & Topics

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Topic 1: Introduction to Accounting Definition of terms used in accounting Users of accounting information Information needs Qualities of good accounting information Nature of accounting equation Effects of business transactions on balance sheet Topic 2: Accounting Concepts, Conventions and Bases Definition of accounting Concepts, Conventions and Bases Types of accounting Concepts, Conventions and Bases Topic 3: Source Documents Meaning of source documents Types of source documents Uses of source documents Relationship between Source documents and Books of Accounts Topic 4: Books of Original Entry Definition of books of original entry Classification of Books of Original Entries Preparation of Books of Original Entries Posting transactions from the books of original entry to the ledger Topic 5: The Ledger and the Trial Balance Definition of a Ledger and an Account Importance of a Ledger Relationship between a ledger and an account Classifications of ledgers Nature of double-entry system Definition of a Trial Balance Balancing off of accounts Extracting of a trial balance Importance of a trial balance Topic 6: Types of Errors and their Correction Types of errors that do not affect the agreement of a trial balance Types of errors that affect the agreement of a trial balance Functions of suspense account Correction of errors using a Suspense Account Topic 7: Single entry and Incomplete Records Explanation of terms Ascertainment of profits Conversion of single entry to double entry Topic 8: Final Accounts for Sole-Proprietorship Definitions of final accounts Types of final accounts Preparation of final accounts Topic 9: Adjustments to Final Accounts Meaning of final accounts Purpose of final accounts adjustments Procedure of making adjustments in final accounts Topic 10: The Cashbook Definition of Cash book Types Cash book Types of discount Recording transactions in a cash book Topic 11: Petty Cashbook Definition of petty cashbook Imprest System Purpose of Petty Cash Preparation of Petty Cash Topic 12: Bank Reconciliation Statements Definition of bank reconciliation statements Purposes of preparing bank reconciliation statements Causes of the differences between bank statements and the cashbook balance Steps/procedure in preparing bank reconciliation statement Topic 13: Capital and Revenue Expenditure Definition of Capital and Revenue Expenditure Double-entry system for revenue and capital expenditure Classification of Expenditure Topic 14: Control Accounts Definition of control accounts Uses of control accounts Preparation of Control Account Topic 15: Accounting for Fixed Assets Definition of depreciation Causes of depreciation Reasons for providing for depreciation Methods for providing for depreciation Double-entry for depreciation Accounting for disposal of fixed assets The fixed asset movement schedule Topic 16: Non-Profit Making Organizations Definition of Non-profit making organization Differences between Receipts and Payment accounts Relationship between Income and Expenditure accounts Preparation of final accounts of Non-profit making organization Topic 17: Emerging Issues and Trends in Financial Accounting Emerging issues and trends in financial Accounting Challenges posed by emerging issues and trends in financial Accounting Coping with the challenges posed by emerging issues and trends issues in financial Accounting

Topic 1: Introduction to Accounting

Definition of terms used in accounting

Users of accounting information

Information needs

Qualities of good accounting information

Nature of accounting equation

Effects of business transactions on balance sheet

Topic 2: Accounting Concepts, Conventions and Bases

Definition of accounting Concepts, Conventions and Bases

Types of accounting Concepts, Conventions and Bases

Topic 3: Source Documents

Meaning of source documents

Types of source documents

Uses of source documents

Relationship between Source documents and Books of Accounts

Topic 4: Books of Original Entry

Definition of books of original entry

Classification of Books of Original Entries

Preparation of Books of Original Entries

Posting transactions from the books of original entry to the ledger

Topic 5: The Ledger and the Trial Balance

Definition of a Ledger and an Account

Importance of a Ledger

Relationship between a ledger and an account

Classifications of ledgers

Nature of double-entry system

Definition of a Trial Balance

Balancing off of accounts

Extracting of a trial balance

Importance of a trial balance

Topic 6: Types of Errors and their Correction

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

Types of errors that affect the agreement of a trial balance

Functions of suspense account

Correction of errors using a Suspense Account

Topic 7: Single entry and Incomplete Records

Explanation of terms

Ascertainment of profits

Conversion of single entry to double entry

Topic 8: Final Accounts for Sole-Proprietorship

Definitions of final accounts

Types of final accounts

Preparation of final accounts

Topic 9: Adjustments to Final Accounts

Meaning of final accounts

Purpose of final accounts adjustments

Procedure of making adjustments in final accounts

Topic 10: The Cashbook

Definition of Cash book

Types Cash book

Types of discount

Recording transactions in a cash book

Topic 11: Petty Cashbook

Definition of petty cashbook

Imprest System

Purpose of Petty Cash

Preparation of Petty Cash

Topic 12: Bank Reconciliation Statements

Definition of bank reconciliation statements

Purposes of preparing bank reconciliation statements

Causes of the differences between bank statements and the cashbook balance

Steps/procedure in preparing bank reconciliation statement

Topic 13: Capital and Revenue Expenditure

Definition of Capital and Revenue Expenditure

Double-entry system for revenue and capital expenditure

Classification of Expenditure

Topic 14: Control Accounts

Definition of control accounts

Uses of control accounts

Preparation of Control Account

Topic 15: Accounting for Fixed Assets

Definition of depreciation

Causes of depreciation

Reasons for providing for depreciation

Methods for providing for depreciation

Double-entry for depreciation

Accounting for disposal of fixed assets

The fixed asset movement schedule

Topic 16: Non-Profit Making Organizations

Definition of Non-profit making organization

Differences between Receipts and Payment accounts

Relationship between Income and Expenditure accounts

Preparation of final accounts of Non-profit making organization

Topic 17: Emerging Issues and Trends in Financial Accounting

Emerging issues and trends in financial Accounting

Challenges posed by emerging issues and trends in financial Accounting

Coping with the challenges posed by emerging issues and trends issues in financial Accounting

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