BOOKKEEPING FORM 3 SYLLABUS

Explain the purpose of the General journal

Explain the relationship of the general journal to the ledger

Prepare journal entries to record common business transactions

Post information from the general journal to the ledger Accounts

Identify wrong entries

Explain the effect of errors on the value of stock

Prepare a corrected Trial Balance

Outline uses of the Trail Balance

Explain why the life of a business is divided into accounting period

State why the accounts must be adjusted at the end of each accounting period

Explain how adjusting entries are related to the concept of accrual accounting and matching principle

Describe the four basic adjusting retries

Prepare adjusting entries for prepaid expenses, unearned revenue, accrued Revenues and depreciation

Prepare entries to dispose of accrued revenue and expense items in thee new accounting period

Explain the difference between the cash and accrual basis of accounting

Explain the importance of comparability in the financial statements of a business, period after period

Explain how the realization principle and the matching principle attribute to comparability

Give the meaning of capital expenditure and revenue expenditure

Distinguish capital expenditure items from revenue expenditure items

Explain the importance of distinguishing capital expenditure from revenue expenditure

Determine the cost of a fixed asset

Write up an asset account

Write up a provision for depreciation account

Distinguish between copula and revenue expenditure

Explain the relationship between depreciation and the matching principle

Compute depreciation by the straight line

Compute depreciation by Units of output

Compute depreciation by Declining balance

Compute depreciation by Sum of the years digits

Compute depreciation by Revaluation

Compute depreciation by Double declining balance

Show the asset account, the provision for depreciation account as balance sheet extracts

Write up an asset disposal account and extracts from the balance sheet

Show journal entries to record depreciation on fixed asset

Identify methods of providing depreciation employed

Show the bad debts account

The provision for bad debts account

Prepare a computation of the amount to be shown as Trade debtors in the company balance sheet

Prepare a provision for discounts on debtors

Describe general purpose financial statements

Explain why general purpose financial statements must follow generally accepted accounting principles

Describe an income statement

Prepare a balance sheet

Define each asset and liability classification appearing on a balance sheet

Classify balance sheet items

Prepare a classified balance sheet

Explain the difference in accounting for stocks between manufacturing companies and merchandising companies

Describe the three basic types of manufacturing cost

Distinguish between indirect and direct manufacturing costs

Distinguissh between product costs and period costs

Prepare a schedule of cost of finished goods manufactured

Determine the cost of work in process stocks and the costs of finished goods stocks

Prepare closing entries for a manufacturing company

Describe the basic differences in the financial statements of manufacturing companies and merchandising companies

Describe the procedure inherent in a general accounting system for a manufacturing company

List the different accounts that appear on a manufacturing company’s books

State what the accounts in a manufacturing company’s books represent

Explain the purpose of a manufacturing Account

Explain how a manufacturing Accounts is composed

Construct control account from subsidiary records

Prepare control accounts from account balance

Explain how a control ledger and its subsidiary ledger operate

Give the rule for posting to a subsidiary ledger and its controlling account

Record corrections in the control and suspense accounts

Reconcile the sales and purchases ledger control accounts with the individual balances

Draw up statements to show profit or loss from incomplete records

Prepare trading, profit and loss account

Prepare balance sheet

Calculate amount of cash stolen

Calculate the value of stock at cost which had been stolen

Prepare statements of affairs

Prepare income and expenditure account from a Receipts and payments account

Calculate the value of the accumulated fund

Reconstruct income account and expenditure accounts

Prepare the balance sheet

State the advantages and disadvantages of Receipts and payments accounts

Define a budget

State steps in the preparation of the budget

Explain the purpose of central government budgeting

Explain zero base budgeting

State the incremental budgeting

Explain the static budgeting

Explain the flexible budgeting

Explain the continuous budgeting

Explain the traditional budgeting

Explain th performance budgeting

Explain the costing of estimates: Revenue estimates procedure

Give the meaning of budget surplus deficit and balanced budgets

State the objects of financial budgets