OBJECTIVE
To test the candidate’s ability to: - 
a) Understand accounting principles and concepts
b) Apply principles and concepts to basic financial accounting practices
c) Prepare basic financial statements.

THE SYLLABUS

INTRODUCTION

• Purpose of accounting
  
• The role of accounting in management function
  
• Users of accounting statements and their information requirements
  
• Accounting principles, conventions and postulates

 

ACCOUNTING SYSTEMS

• Double Entry bookkeeping
  
• Books of Prime Entry: -
  
• Journal
  
• Cash Book
  
• Petty Cash Book
  
• The Ledger
  
• Trial Balance
  
• Correction of Error and Suspense accounts
  
• Control Accounts
  
• Bank Reconciliation Statement

 

ADJUSTMENTS

• Provisions and Reserves
  
• Depreciation
  
• Bad and Doubtful Debts
  
• Accruals and Prepayments
  
• Discounts Received and Allowed
  
• Distinction between Capital and Revenue expenditure.
  

 

FINAL ACCOUNTS

• Receipts and Payments accounts
  
• Income and Expenditure Accounts
  
• Incomplete Records (Single Entries)
  
• The Accounting Equation
  
• Introduction to Trading, Profit & Loss Account of a Sole Trader.
  
• The Balance Sheet
  
• Depreciation and Goodwill
  
• Accounting Treatment of Assets, Liabilities and Capital

 

INTRODUCTION TO PARTNERSHIP AND COMPANY ACCOUNTS

PARTNERSHIP

• The Partnership Agreement
  
• Book keeping Aspects of Partnership
  
• Appropriation Accounts
  
• Preparation of final Accounts

COMPANY

• Capital: -
  
  • Stated Capital
    
  • Loan Capital
    
  • Surplus
    
  • Dividends (introduction)
    
  • Preparation of Non-Published Final Accounts.

OBJECTIVE
To test students ability to:

a) Understand the principles of income tax

b) Prepare tax returns and compute income taxes

c) Understand the Internal Revenue Act as amended and Regulations and apply them to practical issues.

THE SYLLABUS

Taxation of Employment Income

• The definition of employment income
  
•  Primary, consecutive primary and secondary employments
  
• Tax reliefs; tax relief cards
  
• Substantiated retirement contributions
  
• Returns by employer
  
• Deemed employee assessments
  
• Returns of income of individual with two or more employments
  
• Withholding of tax by employers
  
• PAYE System; Calculation of employee’s employment tax liability
  
• The meaning and treatment of qualifying cash payments.
  
• Perquisites of office
  
• The treatment of retirement fund savings and contribution to a retirement fund

TAXATION OF INDIVIDUALS, PARTNERSHIPS AND PARTNERS

• Principle of taxation for individuals, partnerships and partners
  
• Ascertainment and computation of chargeable and assessable income
  
• Reliefs and reductions
  
• Capital allowances 
  
• Partnership obligations
  
• Reduction of income for life insurance premiums paid.
  

TAXATION OF COMPANIES, SHAREHOLDER, BODIES OF PERSONS AND OWNERS

• Principles of taxation for companies
  
• Ascertainment and computation of chargeable and assessable income
  
• Taxation of insurance companies; short-term insurance business; reserve for unexpired risks; rules relating to Life Insurance business
  
• Taxation of all other companies such as banks, non-banking financial institutions, manufacturing companies, trading companies and other service companies
  
• Capital allowances and rules relating to leases. Other reliefs
  

TAXATION OF CAPITAL GAIN

• The definition, ascertainment and computation of capital gain
  
• The meaning of cost base
  
• Realization of asset; chargeable asset
  
• Exemptions from capital gain tax
  
• Computation of capital gain tax

TAXATION OF GIFTS

• The definition and ascertainment of taxable gifts
  
• The valuation of taxable gifts
  
• Computation of gift tax
  
• Exemptions from gift tax

OBJECTIVE
To test the students’ ability to
a) Understand the principles of taxation of goods and services
b) Prepare tax returns
c) Understand custom practices and usage
d) Compute taxes, duties and levies on goods and services
e) Understand goods and services tax laws and regulations and apply them to practical issues.

THE SYLLABUS

VALUE ADDED TAX

Taxable Persons and Taxable Value

• Definition of a taxable person
  
• Registration and De-registration
  
• Definition of a taxable value: meaning of consideration
  
• Determination of taxable value for gifts, for own use and for supply of goods.
  
• The meaning of tax point: activities that create tax points

Taxable supply

• Concept of taxable supply
  
• Place of supply rules
  
• Supply of goods and services: mixed supply by agents, taxable supply; exempts and zero-rated supplies; relief supply; time and place of supply
  
• The definition of imported services
  
• Concepts of consumption: determination of place of consumption
  

VAT accounting and records

• Tax accounting for  input and output tax
  
• VAT refund procedure
  
• Special VAT schemes: computer generated invoice, VAT relief purchase order, upfront relief or import VAT and retail schemes
  
• The treatment of bad debts
  
• Acquisitions and disposals of capital goods
  
• The treatment of import VAT

Communication services tax

• Meaning of communication
  
• Communication and accounting for communication services tax
  
• Persons liable to communication services tax
  
• Preparation of return and payments.

CUSTOMS, EXCISE, DUTIES, CONTROLS AND SPECIAL TAXES

• The assessment and collection of Customs, Excise, Export, and Import Duties, and Special Taxes
  
• Goods-in-transit procedures
  
• Preparation of Customs Entry Forms
  
• Export and Import Controls and Regulations
  
• Procedures for clearing goods
  
• Customs warehousing: bonds and securities
  
• Deferment arrangements
  
• Documentary proof of origin
  
• Import entry declaration and procedures
  
• Reliefs from import duties
  
• Prohibited and restricted good; Returned goods
  
• Tariff classification
  
• Preventive controls and regulation
  
• Postal traffic: legal basis of control; authorized posts: declaration; functions and
• responsibilities of post office officials
  
• Smuggling and powers of custom officials
  
•  Passengers, Exporters and Importers rights and obligations under CEPS Laws and Regulations

The national pension scheme

• The objects and function of the national pensions regulatory authority
  
• Function of pension fund and managers and custodians
  
• The different tiers of the scheme: basic national social security schemes; occupational
• pension schemes; provident fund and personal pension schemes
  
• Rate of contribution
  
• Persons liable.
  
• Employment by several employers
  
• Qualification conditions for pension computation of pension; review of pensions
  
• Self-employed persons
  
• Priority for payment of contribution
  
•  Protection against attachment
  
• Exemption of the fund from tax
  
• Classes of benefits; computation of survivor’s benefit
  
• Invalidity computations
  
• Nomination of dependant