1. Revision of first and second level topics - Depreciation and bad and doubtful debts - Single entries and incomplete records - Non-trading organization - Manufacturing accounts - Control accounts - Suspense accounts 2. Valuation of stocks - Stock Accounts - Application of FIFO, average cost, replacement cost and standard cost - Ascertaining stock in the absence of physical stocktaking 3. Valuation of fixed assets - Depreciation methods: units of output, machine hour, sum of years’ digits and annual revaluation - Effect of a change in the basis of depreciation - Effect of change in the life and /or residual value of a fixed asset 4. Accounting for partnerships - Changes in partnership interests during a financial year - Admission or retirement of partners - Conversion into a company 5. Accounting for limited liability companies - Issue of shares and issue and redemption of debentures - Purchase of own ordinary shares and redemption of preference shares - Rights and bonus (capitalization) issues of shares - Distributable profits vs. liquidity - Profits prior to incorporation 6. Accounting for groups of companies - Consolidated profit and loss account and /or balance sheet for a simple group - Goodwill or cost of control, minority interest and group retained earnings - Profits in stock, inter-company dividends and inter-company balances - Items in transit and fair value of fixed assets 7. Cash flow statements - in accordance with FRS 1 (or IAS 7) 8. Accounting ratios - Ratios calculation - Interpret and comment upon the ratios - Prepare final accounts using ratios 9. Budgetary control - Cash budgets - Budgeted trading and profit & loss account and/or balance sheet - Comment upon the results obtained from cash budgets and budgeted statements 10. Introduction to decision making - Breakeven - Simple payback - Net present value method of discounted cash flow - Accounting rate of return 11. Concepts and accounting framework - Understanding of various concepts / principles - Application of various principles incorporated in: (i) SSAP 9 Stocks (or IAS 2) (ii) FRS 1 Cash flow statements (or IAS 7) (iii) FRS 2 Accounting for subsidiary undertakings or IFRS 3 Accounting for business combination; IAS 27 Consolidated financial statement) (iv) FRS 15 – Tangible fixed assets (or IAS 16 Property, plant and equipment)

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