Book - Keeping Topics - Form Four

 

TOPIC 1: Bill Exchange

​

• 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 .

​​

 

TOPIC 2: Joint Ventures

​

Joint Ventures .

• Define a joint venture .

• Show the joint venture accounts in the books of the parties .

• Determine the profit or otherwise of the joint venture .

 

TOPIC 3: Consigments

​

Consigments .

• 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 .

​

TOPIC 4: Partnership

​

Partnership .

• 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 .

​​

TOPIC 5: Departmental Accounts

​

Departmental Accounts .

• 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 .

​

TOPIC 6: Elements of Auditing

 

Elements of Auditing .

• 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 .

​