Focal competence: Recording financial transactions accurately by applying the rule of debit and credit to both aspects of each transaction
1.explain double entry in accounting;
2.state the purpose of double entry in accounting;
3.state the principles of double entry in accounting;
4.differentiate between debit and credit entry;
5.record transactions using double entry principles.
Focal competence: Classifying transactions into assets, liabilities, and/or equity
1.explain assets, liabilities, and equity;
2.identify different types of assets and liabilities;
3.state the accounting equation and its purpose
4.explain the relationship between assets, liabilities, and equity;
5.classify transactions into assets, liabilities, or equity correctly.
Focal competence: Applying appropriate accounting concepts and principles in recording and interpreting financial transactions
1.state the meaning of accounting concept;
2.explain the forms of accounting concepts;
3.differentiate among the various forms of accounting concepts;
4.record and interpret business transactions using appropriate accounting concepts.
Focal competence: Preparing financial statements in accordance with relevant accounting standards
1.explain the meaning of accounting standards;
2.discuss the importance of accounting standards;
3.state the objectives of accounting standards;
4.differentiate between International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS);
5.prepare a simple financial report using accounting standards.
Focal competence: Preparing, interpreting and properly utilizing various business documents in real-life business transactions
1.state the meaning of business document;
2.identify the types of business documents;
3.state the purpose of each document and its uses;
4.fill out sample business documents correctly;
5.interpret sample business documents;
6.demonstrate ethical use of business documents
Focal competence: Using books of prime entry in recording business transactions before posting them to the ledger
1.state the meaning of books of prime entry;
2.explain the purpose and uses of books of prime entry;
3.Identify various books of prime entry;
4.accurately record transactions in appropriate books of prime entry.
Focal competence: Recording transactions into appropriate ledger accounts and interpret account balances correctly
1.Individually, analyze given transactions and classify them into their appropriate ledger accounts.
2.Individually, draw a simple ledger account using the T- account structure.
3.In group, post entries from books of prime entry/journal to ledger accounts applying the rule of double entry.
4.Individually, prepare and balance a simple ledger account accurately and make presentation. • Chart of the accounting equation. • Interactive digital resources. Students to:
1.state why it is important to keep ledger accounts;
2.classify different types of ledger accounts;
3.draw a simple ledger account using the T- account structure;
4.post entries from books of prime entry/journal to ledger accounts;
5.balance simple ledger accounts. FINANCIAL ACCOUNTING SSS 1 CURRICULUM
7.prepare and balance a simple ledger account accurately;
8.interpret ledger accounts accurately.
Focal competence: Recording and balancing cash and bank transactions accurately
1.state the meaning and uses of a cash book;
2.differentiate between types of cash books;
3.prepare different types of cash books;
4.record sample transactions into a cash book correctly.
Focal competence: Recording and balancing cash and bank transactions accurately
1.differentiate between a cash book and a ledger;
2.post entries from the cash book into the ledger;
3.balance a cash book accurately;
4.record contra entries.
Focal competence: Recording and managing small day-to-day expenses using the imprest system
1.Participate in group activity to discuss the meaning, purpose and types of petty cash book.
2.In pairs, search the internet and other sources for information on the features of the imprest system.
3.Individually, record entries in the petty cash book.
4.Individually, post totals from the petty cash book to the ledger. • Chart of petty cash book. • Interactive digital resources. Students to:
1.explain why the petty cash book is important;
2.state the different types of petty cash book;
3.describe the imprest system;
4.prepare and record entries in a petty cash book;
5.post totals from the petty cash book to the ledger;
6.discuss the advantages of petty cash book. FINANCIAL ACCOUNTING SSS 1 CURRICULUM
Focal competence: Reconciling balances between the cash book and bank statement
1.state the meaning and importance of Bank reconciliation;
2.identify documents used in bank reconciliation and their importance;
3.explain the reasons for discrepancy between the cash book and bank statement;
4.prepare Adjusted cash book;
5.prepare a bank reconciliation statement.
Focal competence: Extracting balances from ledger accounts and accurately preparing a trial balance
1.explain the meaning and purpose of the trial balance;
2.state the items found in a trial balance;
3.draw the trial balance table;
4.discuss the limitations of the trial balance;
5.prepare a trial balance from given ledger balances;
6.explain the errors that affect trial balance;
7.correct trial balance errors.
Focal competence: Preparing a trading account from a given trial balance and interpreting the financial outcome in relation to a sole trader's business
1.explain the meaning of trading account;
2.state the importance of trading account;
3.identify items included in the trading account;
4.discuss the common errors in the trading account;
5.prepare a trading account from a given trial balance.
Focal competence: Preparing a complete income statement from given financial data
1.explain the meaning of income statement;
2.discuss the importance of income statements;
3.explain the concepts in income statement;
4.prepare an income statement.
Focal competence: Applying common accounting adjustments to financial data and reflect their effects appropriately
1.state the importance of adjustment in income statement;
2.identify the adjustments in income statement;
3.discuss the effects of adjustments on income statement;
4.prepare an income statement with adjustments.
Focal competence: Identifying, classifying, and accurately presenting assets, liabilities, and capital in a structured statement of financial position
1.state the meaning and importance of statement of financial position;
2.identify the components of the statement of financial position;
3.explain the adjustments that affect the statement of financial position;
4.explain the common errors to avoid;
5.prepare statement of financial position.
Focal competence: Preparing and interpreting various accounts related to partnerships and accurately applying partnership agreements to financial records
1.state the meaning of partnership;
2.explain the contents of a partnership agreement;
3.distinguish between general and limited partnership;
4.discuss the treatment of admission of new members;
5.prepare partners' capital and current accounts;
6.prepare final accounts of partnerships;
7.prepare a revaluation account.