To develop knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting and technical proficiency in the use of double-entry accounting techniques, including the preparation of basic financial statements.

DETAILED SYLLABUS

A. The context and purpose of financial reporting

• 1. The reasons for, and objectives of, financial reporting
• 2. Users’s and stakeholders’ needs
• 3. The main elements of financial reports
• 4. The regulatory framework

B. The qualitative characteristics of financial information and the fundamental bases of accounting

• 1. The qualitative characteristics of financial reporting.
• 2. Alternatives bases used in the preparation of financial information

C. The use of double – entry and accounting systems

• 1. Double-entry bookkeeping principles including the maintenance of accounting records and sources of information .
• 2. Ledger accounts, books of prime entry, and journals.
• 3. Accounting systems and the impact of information technology on financial reporting.

D. Recording transactions and events

• 1. Sales and purchases
• 2. Cash
• 3. Inventory
• 4. Tangible non-current assets
• 5. Depreciation
• 6. Intangible non-current assets and amortization
• 7. Accruals and prepayments
• 8. Receivables and payables
• 9. Provisions and contingencies
• 10. Capital structure and finance costs

E. Preparing a trial balance

• 1. Trial balance
• 2. Correction of errors
• 3. Control accounts and reconcilations
• 4. Bank reconciliations
• 5. Suspense accounts

F. Preparing basic financial statements

• 1. Balance sheets
• 2. Income statements
• 3. Events after the balance sheet date
• 4. Accounting for partnership
• 5. Cash flow statements ( excluding Partnership )
• 6. Incomplete records

APPROACH TO EXAMINING THE SYLLABUS
The syllabus is assessed by a two-hour paper –based or computer-based examination. Questions will assess all parts of the syllabus and will include both computational and non-computational elements. The examination will consist of 40 two-mark questions, and 10 one- mark questions.