Fundamentals of Accounting Course Outline

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FUNDAMENTALS OF ACCOUNTING 

This unit is designed to enable the learner achieve and apply the following key skills.

·         By the end of this unit  the learner should be able to :

1.      Demonstrate understanding of accounting principles and policies. 

2.      Apply double entry concept.

3.      Classify capital and liabilities.

4.      Correct accounting errors and suspense account.

5.      Prepare sole trader statement.

6.      Prepare partnership statements.

7.      Prepare company statements.

Course outline

TOPIC 1: Demonstrate Understanding of accounting principles and policies

                   1.1 Nature and purpose of accounting is established.

1.2 Users of accounting information and their information needs is established

1.3 Qualities of accounting information is determined

1.4 Accounting concepts/principles are identified

1.5 Accounting standards are determined

1.6 Accounting equation is prepared

TOPIC 2: Apply double entry concept

                                2.1 Accounting source documents are prepared

2.2 Books of original entry are determined

2.3 Double entry system is applied to prepare ledger accounts.

2.4 The trial balance and basic financial statements are prepared.

2.5 Computerized accounting systems is applied as per the accounting guidelines

TOPIC 3: Classify capital, liabilities and Assets

3.1 Accrued expenses and prepaid expenses are determined as per the accounting principles.

3.2 Accounting for revenue

3.3 Accounting for accounts receivables, bad debts and allowance for doubtful debts are determined.

 3.4 Property plant and equipment accounts are managed 3.5 Inventory is recognized, measured and valued based on cost method.

3.6 Accounting for cash and cash equivalents, bank reconciliation

3.7 Accounts payable are accounted for including control account.

TOPIC 4: Correct accounting errors and suspense account

4.1 Errors that can be detected by the trial balance are determined.

4.2 Errors where the effect of the error causes the trial balance not to balance are identified.

4.3 Errors where the effect of the error causes the trial balance still balance are identified.
4.4 Procedures of correcting errors are determined as per the organization objectives.

4.5 Errors that can be corrected by suspense account are identified

4.6 Suspense account is prepared as per the SOPs.

TOPIC 5: Prepare sole trader statement

5.1 Sources of capital for sole trader are established

5.2 Sole trader Income statement is drafted as per accounting period.

5.3 Statement of financial position is prepared as per accounting period.

TOPIC 6: Prepare partnership statements

6.1 Contents of a partnership agreement are determined as per the SOPs.

6.2 Current and capital accounts are prepared as per the SOPs as per accounting standards.

6.3 Income Statement is prepared as per accounting standards.

6.4 Appropriation of profit and loss account is prepared.

6.5 Statement of financial is prepared as per the organizational requirements

TOPIC 7: Prepare company statements

7.1. Types of share capital are identified as company’s Act

7.2. Types of reserves are determined as per the organizational objectives.

7.3. Issue of shares is determined as per the organizational requirements

7.4. Rights issues and bonus are calculated as per the company polices

7.5. Provisions and reserves are identified

7.6. Income tax is calculated as per the SOPs.

7.7. Accounting treatment and presentation is conducted as per the accounting standards

7.8. Income statement is drafted as per the accounting standards.

7.9. Statement of financial position is prepared as per the accounting standards.


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