Business Management
KNEC-Supply-and-Transport-Management-Notes- Diploma in Business Management
KNEC FINANCIAL ACCOUNTING NOTES – MODULE I
Course outline
Introduction to accounting:
Definition of terms used in accounting
Users of accounting information
Information needs
Qualities of good accounting information
Nature of accounting equation
Effects of business transactions
The ledger and the trial balance
Definition of a ledger and an account
Importance of a ledger
Relationship between a ledger and an account
Classifications of ledgers
Nature of double- entry system
Definition of a trial balance
Importance of a trial balance
Balancing off of accounts
Definition of a trial balance
Importance of a trial balance
Types of errors and their correction
Types of errors that do not affect the agreement of a trial balance
Types of errors that do not affect the agreement of a trial balance
Types of errors that affect the agreement of a trial balance
Functions of suspense account
Corrections of errors using a
Source documents
Meaning of source documents
Types of source documents
Uses of source documents
Relationship between source documents and books of account
Books of original entry
Definition of books of original entry
Classifications of books of original entries
Preparation of books of original entry
Posting transactions from the books of original entry to the ledger
The cashbook
Definition of cashbook
Types of cashbook
Types of discounts
Recording transactions in a cashbook
Petty cashbook
Definition of petty cashbook
Imprest system
Purpose of petty cash
Preparation of petty cashbook
Bank reconciliation statements
Definition of bank reconciliation statements
Purpose of preparing bank reconciliation statements
Causes of the differences between bank statements and the cashbook balance
Steps/procedure in preparing bank reconciliation statement
Control accounts
Definition of control accounts
Uses of control accounts
Preparation of control account
Accounting concepts, conventions and bases
Definition of accounting concepts, conventions and bases
Types of accounting concepts, conventions and bases
Capital and revenue expenditure
Definition of capital and revenue expenditure
Double entry system for revenue and capital expenditure
Classification of expenditure
Adjustments to final accounts
Meaning of final accounts
Purpose of final accounts adjustment
Procedure of making adjustments in final accounts
Accounting for fixed assets
Definition of depreciation
Causes of depreciation
Reasons for providing for depreciation
Methods for providing for depreciation
Double entry for depreciation.
Accounting for disposal of fixed assets
The fixed asset movement schedule
Final Accounts for sole-proprietorship
Definition of final accounts
Types of final accounts
Preparation of final accounts
Non-Profit Making Organizations
Definition of Non-profit making Organization
Differences between Receipts and payment accounts
Relationship between Income and Expenditure accounts
Preparation of final accounts of Non-profit making Organizations
Emerging Trends and Issues in Financial Accounting
Emerging trends and issues in financial accounting
Challenges posed by emerging trends and issues in financial accounting
Coping with the challenges posed by emerging trends and issues in financial accounting to managing emerging financial issues
FILE FILE PAGES: 158
FILE FORMAT:PDF
These notes are well summarized for use by those teaching KNEC courses a
students taking the course. They cover the topics listed below in detail.
Topic 1: Supply Department
Topic 2: Purchasing function
Topic 3: Stock control
Topic 4: Warehousing
Topic 5: Receiving, Inspection and issuing Goods
Topic 6: Storage and preservation of materials
Topic 7: Security and safety in the warehouse
Topic 8: Stores layout
Topic 9: Materials identification
Topic 10: Introduction to transport
Topic 11: Physical distribution
Topic 13: Control of transport industry
Topic 14: Emerging trends and issues in supplies and transport management
Number of Pages: 129 Pages
File size: 17 MB
Number of Pages: 114 Pages
File size: 15.7 MB
Suitable for: Certificate, Diploma, University and Professional Courses
Topics Covered:
The following topics has been covered. click on the topics titles to open
Topic 1: Introduction to costing accounting
Topic 2: Elements of cost and cost behaviour
Topic 3: Material costing
Topic 4: Labour costing
Topic 5: Costing for overheads
Topic 6: Process costing
Topic 7: Contract costing
Topic 8: Batch costing
Topic 9: Factory job costing
Topic 10: Service costing
Topic 11: Emerging issues in cost accounting
KNEC Financial Accounting Module I Notes
Number of Pages: 158 Pages
File size: 18.1 MB
Suitable for: Certificate, Diploma, University and Professional Courses
Topics Covered:
Topic 1: Introduction to accounting:
Topic 2: The ledger and the trial balance
Topic 3: Types of errors and their correction
Topic 4: Source documents
Topic 5: Books of original entry
Topic 6: The cashbook
Topic 7: Petty cashbook
Topic 8: Bank reconciliation statements
Topic 9: Control accounts
Topic 10: Accounting concepts, conventions and bases
Topic 11: Capital and revenue expenditure
Topic 12: Adjustments to final accounts
Topic 13: Accounting for fixed assets
Topic 14: Final Accounts for sole-proprietorship
Topic 15: Non-Profit Making Organizations
Topic 16: Emerging Trends and Issues in Financial Accounting