BOOKKEEPING FORM 4 SYLLABUS

Define a bill of exchange

Explain the nature of interest of a bill of exchange

Account for bill received

Account for: Accrued interest; Default of bill; Default or dishonor; The discounting of a bill of exchange

Account for a bill of exchange with interest charges included in the face amount

Discuss the concept of present value in accounting of a log-term bill of Exchange

Define a joint venture

Show the joint venture accounts in the books of the parties

Determine the profit or otherwise of the joint venture

Show the account in the consignors and consignee’s books

Show the transfer of the consignee’s and consignee’s accounts to the profit and Loss Account

Prepare the Accounts sales

Show the consignment Inward Account in the book of the Consignee

Describe the basic characteristics of a partnership

Explain the importance of mutual agency and unlimited liability to a person about to become a partner

Discuss the advantages and disadvantages of the partnership as a form of business

Distinguish between an ordinary partnership and limited partnership

Account for the formation of a partnership

Allocate partnership earnings to partners: On a stated fractional basis; In the partners capital ratio and through the use of salary and interest allowances

Account for the admission of new partner

Draw up the trading account for a departmental store

Apportion the overheads expenses to department

Explain the methods used in apportioning overhead expenses

Draw the profit and loss account in columnar form

Draw the departmental trading, profit and loss account

Draw a department balance sheet

Define auditing

Explain the main objects of auditing

State the types of auditing

Give the meaning of: Internal control; Internal check; Internal audit

Mention auditors working paper

Explain the different types of auditors reports and opinions