CPA 001: Financial Accounting

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About Course

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GENERAL OBJECTIVE

This paper is intended to introduce the candidate to the overall purpose of accounting, applicable regulations, the accounting treatment and presentation of basic transactions, and the preparation and analysis of financial statements.

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What Will You Learn?

  • Books of original entry and basic ledger accounts under the double-entry system
  • Basic financial statements of sole traders, partnerships, companies, manufacturing entities, and not for profit organizations
  • The regulatory framework in the accounting field
  • Analysis of financial statements by use of ratios and statement of cash flows
  • Basic understanding of public sector accounting framework

Course Content

INTRODUCTION TO ACCOUNTING
Nature and Purpose of Accounting The objective of Financial Accounting The Elements of Financial Statements The Accounting Equation The Users of Accounting Information

THE ACCOUNTING PROCESS AND SYSTEMS
The Source documents such as receipts and invoices The Books of Prime entry/Original Entry from the journals, cashbooks, Petty cash books and registers The Ledger and the concept of double entry The Trial Balance The Financial Statements

REGULATIONS AND OTHER PRINCIPLES GUIDING THE ACCOUNTING PROFESSION
The legal sources of regulation The professional sources of regulation (local and international bodies) and ethical requirements Accounting Standards Common accounting principles/concepts Qualities of useful financial information

ACCOUNTING FOR ASSETS AND LIABILITIES

FINANCIAL STATEMENTS OF A SOLE TRADER

FINANCIAL STATEMENTS OF A PARTNERSHIP

FINANCIAL STATEMENTS OF A COMPANY

FINANCIAL STATEMENTS OF A MANUFACTURING ENTITY

STATEMENTS OF A NOT-FOR-PROFIT ENTITY

CORRECTION OF ERRORS AND PREPARING FINANCIAL STATEMENTS WITH INCOMPLETE RECORDS

ANALYZING FINANCIAL STATEMENTS

ACCOUNTING IN THE PUBLIC SECTOR

WORKED OUT REVISION QUESTIONS

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