Some Commonly Asked Examination Topics

July 17th, 2007 Comments off
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1      Basic Bookkeeping

        ·     Bad debts

        ·     Balance sheet

      ·     Bank reconciliation statement

      ·     Books of prime entry

      ·     Control accounts

      ·     Correction of errors

      ·      Extended trial balance

      ·     Manufacturing accounts

      ·     Profit and loss account

      ·     Provision

        ·     Provision for doubtful debts

      ·     Provision for depreciation

      ·     Provision for discounts

  • Reserves
  • Suspense accounts
  • Trading account
  • Trial balance
 

2     Budgets

  • Budgetary control
  • Cash budget
  • Cost centre
  • Creditors’/Purchases budget
  • Debtors’ budget
  • Flexible budget
  • Master budget
  • Management by exception
  • Production budget
  • Variance analysis
  • Variances
  • Zero-based budget 

3        Concepts

  • Accruals concept
  • Business entity concept
  • Consistency
  • Dual aspect concept
  • Going concern concept
  • Materiality concept
  • Money measurement concept
  • Prudence concept
  • Realization concept
  1. Costing
  • Absorption
  • Allocation of overheads
  • Apportionment of overheads
  • Direct labor costs
  • Direct material costs
  • Factory overhead expenses
  • Indirect expenses
  • Over-absorption of overheads
  • Overheads
  • Prime cost
  • Under-absorption of overheads
 

  1. Capital Investment appraisal
  • Accounting rate of return
  • Capital budget
  • Capital expenditure
  • Cash flows
  • Cost of capital
  • Discounted cash flow
  • Internal rate of return
  • Net present value
  • Opportunity cost
  • Payback
  • Time value of money
 

  1. Incomplete records
  • Adjustment account
  • Club accounts
  • Income and expenditure account
  • Life membership
  • Receipts and payments
  • Single entry bookkeeping
  • Statement of affairs
  • Subscription account (club account) 

 

  1. Limited companies
  • Auditors’ report
  • Bonus shares
  • Capital reserves
  • Called-up capital
  • Calls in advance
  • Calls in arrears
  • Current assets
  • Debentures
  • Directors
  • Directors’ report
  • Fixed assets
  • Forfeiture of shares
  • Format 1 and 2 layout
  • Issue of debentures
  • Issue of ordinary shares
  • Paid-up share capital
  • Preference shares
  • Provisions
  • Published accounts
  • Redemption of shares
  • Reserves
  • Revenue reserves
  • Rights issue
 

  1. Marginal costing
  • Break-even analysis
  • Break-even charts

  • Break-even point
  • Contribution
  • Contribution pricing
  • Contribution/sales ratio
  • Fixed costs
  • Limiting factor
  • Make or buy decisions
  • Penetration pricing
  • Special-order pricing
  • Variable cost

 

       9.   Partnerships

  • Garner v Murray (1904)
  • Goodwill
  • Partnership Act 1890
  • Partnership agreements
  • Partnership agreements
  • Partnership capital account
  • Partnership current account
  • Partnership dissolution
  • Partnership profit and loss appropriation accounts
  • Partnership salaries
  • Realization account
  • Retiring partner
  • Structural changes

 

 

10    Ratio Analysis

  • Different accounting ratio-profitability, liquidity, etc
  • Users of financial statement
  • Working capital cycle 

 

11    Standard costing

  • Direct labor variances
  • Direct  material variances
  • Flexible budgets
  • Management by exception
  • Overhead variances
  • Sales variance
  • Standard hour
  • Standard minute
  • Standard setting
  • Variance analysis
  • variances
 

12.   Stock Valuation

  • AVCO
  • Consistency
  • FIFO
  • LIFO
  • Net realizable value
  • Periodic inventory
  • Perpetual inventory
  • Prudence 

 

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Financial Accounting

 
 

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