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Financial Accounting Revision guide - ATD level 2, CPA Foundation Level

Institution: KASNEB

Course: ATD level 2, CPA Foundation Level

Content Category: Lecture Notes

Posted By: kevolenny

Document Type: PDF

Number of Pages: 112

Price: KES 500
 
    

Views: 564     Downloads: 2

Summary

GENERAL OBJECTIVE
To introduce the candidate to advanced concepts in accounting regulation, book keeping and preparation of
financial statements for different types of entities
6.0 SPECIFIC OBJECTIVES
A candidate who passes this paper should be able to:
• Explain the regulatory framework of accounting
• Prepare financial statements of sole traders, partnerships, small and medium sized entities, companies,
manufacturing entities and not for profit making organizations
• Account for assets and liabilities
• Analyze financial statements by use of ratios and statement of cash flows
CONTENT
6.1 Introduction to Accounting
- Nature and purpose of accounting
- Regulatory framework of accounting (regulatory bodies such as ICPAK, IFAC, IASB, IPSASB
- Accounting standards (IASs / IFRSs), their development, importance and limitations.
- Professional ethics
- Accounting concepts and principles
- Qualities of a good accounting information
6.2 Accounting for Assets and liabilities
6.2.1 Assets
- Property, plant and equipment – recognition, capital and revenue expenditure, measurement
(depreciation and revaluation), disposal and disclosures, property, plant and equipment movement
schedule.
- Intangible Assets – recognition, measurement (amortization, impairment and revaluation, disposal
and disclosures
- Financial assets – examples and categories only
- Inventory – Recognition, measurement and valuation using specific cost method, FIFO and
Weighted average cost
- Trade receivables – bad debts and allowances for doubtful debts and receivables control account
6.2.2 Liabilities
- Bank overdraft – cash book and bank reconciliation
- Trade payables – control accounts
- Loans – Accounting treatment of repayment of principle and interest
6.3 Financial statements of a sole trader
- Income statement
- Statement of financial position
- Preparation of financial statements under incomplete information
6.4 Financial statements of a partnership
- Partnership agreement
- Distinction between current and fixed capital
- Income statement
- Statement of financial position
- Changes in partnership (admission of a new partner, retirement and changes in profit sharing ratio.)
6.5 Financial statements of small and medium sized entities
- Features
- Types of small and medium sized entities
- Income statement
- Statement of financial position
6.5 Not-for-profit organizations
- Receipts and payments accounts
- Income and expenditure accounts
- Statement of financial position
- Fund accounting, for example, life membership fund
6.6 Financial statements of a company
- Types of share capital – ordinary shares and preference shares
- Types of reserves – share premium, revaluation reserve, general reserves and retained profits.
- Other liabilities – loan stocks
- Financial statements – Income statement and statement of financial position
- Preparation of published financial statements – statement of comprehensive income, income statement and
statement of changes in equity, statement of financial position and notes to the financial statements.
6.7 Financial statements of a Manufacturing entity
- Features of manufacturing entity
- Classification and apportioning costs between manufacturing, selling and administration
- Financial statements – Manufacturing account, income statement and statement of financial position.
6.8 Financial statements of a not-for-profit making organization
- Features
- Types of funds and their accounting treatment
- Income and expenditure account
- Statement of financial position
6.9 Analyzing financial statements
- Statement of cash flows (categories of cash, methods of preparing statement of cash flows and importance).
- Financial ratios – definition, categories, analysis and interpretation, applications and limitations
6.10 Financial statements of public sector entities
- Features of public sectors entities (as compared to private sector)
- Structure of the public sector and examples of entities in public sector
- Objectives of public sector financial statements
- Users of public sector financial statements and officers (treasury, accounting officers, public accounts
committee, auditor general)
- Accounting techniques in public sector (Budgeting, cash, accrual, commitment and fund)
- IPSAS (their development) and objectives of IPSAS
.............


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