ATSWA Syllabus September 2022 PDF

ASSOCIATION OF ACCOUNTANCY BODIES IN WEST AFRICA (ABWA) ACCOUNTING TECHNICIANS SCHEME, WEST AFRICA ATSWA REGULATIONS & SYLLABUS EFFECTIVE SEPTEMBER 2022 PARTICIPATING MEMBER INSTI...

ASSOCIATION OF ACCOUNTANCY BODIES IN WEST AFRICA (ABWA) ACCOUNTING TECHNICIANS SCHEME, WEST AFRICA ATSWA REGULATIONS & SYLLABUS EFFECTIVE SEPTEMBER 2022 PARTICIPATING MEMBER INSTITUTES ICAN ICAG LICPA ICASL ONECCA NIGERIA GHANA LIBERIA SIERRIA LEONE CAMEROON GICA GAMBIA CONTENTS PAGES Foreword.............................................................................. 2 Introduction.................................................. 3 Philosophy of the New Syllabus............................................. 3 Objectives of the Scheme........................................................ 3 Potential Beneficiaries of the Scheme..................................... 4 Benefits of the Scheme........................................................ 4 Entry Requirements.................................................................... 4 Registration for Student Membership....................................... 5 Privileges of Students............................................................... 5 Practical Experience...................................................................... 5 Membership.............................................................................. 5 Progression to the Professional Examination............................... 5 Examination................................................................................. 5-6 Publications.............................................................................. 6 Secretariat.................................................................................... 6 Structure of the Syllabus............................................................ 7 Examination Time Table............................................................. 7 Absence from an Examination...................................................... 7 Misconduct in an Examination...................................................... 8 Examination Results................................................................... 8 Exemption Guidelines................................................................... 8-9 PAPER PART I Pages 1. Basic Accounting ………...………………………….. 10 - 13 2. Economics…………………………………………….. 14 -19 3. Business Law…………………………………………. 20 - 24 4. Communication Skills……………………………….. 25 - 28 PART II 5. Financial Accounting................................................. 29 - 32 6. Public Sector Accounting……………………………. 33 - 39 7. Quantitative Analysis ………………………………. 40 - 46 8. Information Technology……………………………. 47 - 51 PART III 9. Principles of Auditing & Assurance…....................... 52 – 56 10. Cost Accounting.........................……………………. 57 - 61 11. Taxation………………………………………………. 62 - 69 12. Management…………………………………………. 70 - 77 1 FOREWORD At t h e 34th Council meeting of the Council of the Association of Accountancy Bodies in West Africa (ABWA) held in Accra Ghana on 16 and 17 January 1997, it was decided that there was need for the formation of Accounting Technicians Scheme for West African sub-region to serve as vehicle for providing a regionally recognised and accepted professional qualifications for the supporting staff of Professional Accountants within the sub-region. This syllabus is the product of the Council‟s decision. The ATSWA fulfils a dire need to produce a cadre of middle level manpower within the sub-region required to give effective support and assistance to the professionally qualified Accountant so as to maximize the latter‟s efforts. The scheme was conceived as a means primarily of upgrading the skill and competence of the numerous middle-level and potential lower grade workers in an accounting office who require such higher skills both to do their work more competently and to enhance their career potential while giving them status. The wisdom and foresight of ABWA Council in developing this scheme is borne out of the tremendous patronage which the similar schemes of some individual member bodies has received in their respective countries. The syllabus attempts to meet the dual goals of the scheme through the subject structure and coverage. It has also been aligned with the respective syllabi of the member bodies within ABWA currently conducting such examination. The 12-subject-3-level structure examination combines subjects which address purely the knowledge-skill needs of the potential ATSWA graduate (to be known as (AATWA) working in an office with others which are mainly of a theoretical or conceptual nature and therefore serve as a foundation for the higher levels of the Professional Examinations. In drawing up this syllabus, the ABWA Council was mindful of reciprocity with other major accounting bodies in the UK, America, Canada, etc. The overall objective in this regard is that ultimately, graduates of the scheme would be able to compare favourably with their counterparts elsewhere and thus enjoy reciprocal recognition. 2 1. INTRODUCTION The Professional Accountant plays pivotal managerial, advisory and evaluative roles in today‟s modern business environment. Users of accounting services expect professional accountants to operate to the highest standards of competence, probity and expertise. The job of Professional Accountants has become more challenging in the face of globalisation, regional integration and advanced technology. In performing these functions, the Professional Accountant requires the assistance of trained and able accounting technicians. 2. PHILOSOPHY OF THE NEW SYLLABUS The Syllabus has in some significant ways, strengthened the education and training requirements necessary to produce technicians: (i) who will play supporting role to the Professional Accountants; (ii) whose primary duty will be to maintain the accounting system already designed by Professional Accountants; (iii) who may sometimes work independently without supervision; (iv) who can adequately meet the needs of the: - Public sector (including Local Government and Inland Revenue) - Industry, Commerce, and Audit practice; and (v) who will be well equipped to advance to the Professional Examination level. 3. OBJECTIVES OF THE SCHEME The Accounting Technicians Scheme West Africa (ABWA) has the following objectives: (i) to provide a recognized qualification for the accounting and auditing staff employed in the public sector, industry, commerce and in the offices of practicing Accountants. (ii) to help meet the technicians staffing needs of the economy especially those of various governments and parastatals in accounting areas. (iii) to give status to Accounting Technicians. (iv) to provide opportunity for the Accounting Technicians to progress towards full qualification as Professional Accountants. 3 4. POTENTIAL BENEFICIARIES OF THE SCHEME It is believed that the entire economy will benefit from the increased productivity of a well- trained and disciplined work-force. The individual Technician as well as the Organization he/she works for will also benefit. Specifically, the following are some of the beneficiaries: (i) Those holding supervisory accounting positions in Government, Commerce and Industry, Finance and Revenue Departments. (ii) Accounts Clerks or supervisors in Government-owned companies and parastatals. (iii) Office managers and audit clerks in practicing firms. 5. BENEFITS OF THE SCHEME The benefits of the scheme to the Accounting Technicians include the following: (i) Ability to work and move in all types of business organizations and services within the sub-region (ii) Possession of a recognized accounting qualification (iii) Career development opportunities for those who are already in employment (iv) Exemption from some of the Professional Examination Papers of member bodies‟ Institutes and those of other professional bodies. 6. ENTRY REQUIREMENTS Entry requirements vary from country to country and each country specific requirements are available on the respective website as well as ABWA websites. Kindly visit the website of ABWA and/or the country you are interested in. You may please peruse the website addresses as listed below: S/N COUNTRY WEBSITE 1. The Institute of Chartered Accountants of Nigeria (ICAN) www.icanig.org 2. The Institute of Chartered Accountants (Ghana) (ICAG) www.icagh.com Liberia Institute of Certified Public Accountants (LICPA) www.licpa.com 3. 4. The Institute of Chartered Accountants of Sierra Leone (ICASL) www.ica-sl.org The Gambia Institute of Chartered Accountants (GICA) www.gaa.gm 5. www.onneca.cm 6. Ordre National Res Experts Comptables du Cameroun (ONECCA) 4 7. REGISTRATION FOR STUDENT MEMBERSHIP Candidates who wish to write the ATSWA examinations must first register as students under the scheme. Application for registration may be made on-line or on the prescribed form of the member-body in order to qualify for eligibility to enter for the subsequent examinations. The annual subscription for successful applicants becomes payable immediately upon registration for year of registration and thereafter on 1st January of each year of registered Studentship. 8. PRIVILEGES OF STUDENTS Students may use the Students‟ Library located at the Secretariats of the member body. Students may take part in activities such as lectures and seminars or symposia organized by the local accountancy body. 9. PRACTICAL EXPERIENCE Students are expected to gain practical experience either in a professional practicing firm or in the accounting department of any recognized organization in industry, commerce and public sector. 10. MEMBERSHIP On successful completion of ATSWA examinations, graduates of the scheme shall be inducted into membership and designated AATWA. 11. PROGRESSION TO THE PROFESSIONAL EXAMINATIONS Candidates who have completed the examinations under the scheme may register for the Professional Examinations of local accountancy body and shall be granted exemption in line with exemption policy of the member body. 12. EXAMINATION i Examination Date The examinations will be taken in March and September of each year. The registration for the March examinations closes on 24th March and registration for the September examination closes on 24th September. The examination will be opened only to students registered under the scheme. It will be in three parts. Each part shall consist of four papers. Candidates shall take one part at a time and in a sequential order (i.e. Part I, Part II, and Part III). ii Credit and Referral System 5  Parts I & II Candidates are to sit for all the four papers in parts I and II and will be credited with any paper passed. Credits will also be given for any of the outstanding papers as they are passed. Part III Candidates are to sit for all the four papers in this part and pass at least two subjects before credit can be given. Credits will be given for any of the remaining papers passed at any subsequent sitting. Candidates must pass all the subjects at that part of the examination within six consecutive diets i.e three consecutive years; otherwise, all credits granted will be cancelled. Candidates are not allowed to combine two levels of the examinations. iii Centres The examinations are held at the designated centres in member countries. At the discretion of ABWA Council, examinations may be arranged at other centres. 13. PUBLICATIONS Each member Institutes shall produce the following publications for the benefit of students: (a) Members‟ Journal (b) Student Newsletter (c) Past Questions and suggested Answers (d) Pilot Questions and Answers, each time the syllabus is reviewed. (e) Study Packs in hard and soft copies 14. SECRETARIAT The ABWA Council‟s Secretariat is located at: Akintola Williams House Plot 2048, Michael Okpara Street Off Olusegun Obasanjo Way Zone7, P.O. Box 7726, Wuse District Abuja, Nigeria Tel: +2347054015829 Website: www.abwa-online.org E-mail: [email protected]/[email protected] All enquiries should be directed to the Executive Secretary 6 15. STRUCTURE OF THE SYLLABUS The syllabus has a three-part structure with twelve subjects as follows: Part I 1.1 Basic Accounting 1.2 Economics 1.3 Business Law 1.4 Communication Skills Part II 2.1 Financial Accounting 2.2 Public Sector Accounting 2.3 Quantitative Analysis 2.4 Information Technology Part III 3.1 Principles of Auditing & Assurance 3.2 Cost Accounting 3.3 Taxation 3.4 Management 16. EXAMINATION TIME-TABLE Examinations on the basis of this new syllabus will commence in September 2022 Diet TIME PART I PART II PART III Basic Accounting Financial Principles of 08:30-11:30 Accounting Auditing HRS GMT &Assurance TUESDAY 13:30-16:30 Business Law Information Management HRS GMT Technology 08:30-11:30 Economics Public Sector Cost Accounting WEDNESDAY HRS GMT Accounting 13:30-16:30 Communication Quantitative Taxation HRS GMT Skills Analysis 17. ABSENCE FROM AN EXAMINATION Examination entries cannot be withdrawn after the closing date in any circumstance. The fees 7  paid for an examination will not be refunded or transferred to subsequent examination if a candidate is unable to attend the examination. 18. MISCONDUCT IN AN EXAMINATION The examination regulations prohibit a student from: - taking into the examination room or possessing, while in that room, any book, note, programmable calculators, electronic devices, wrist watches of any kind or other materials except those which have been authorised in the Examination Attendance Docket; - aiding or attempting to aid another candidate or obtaining or attempting to obtain aid from another candidate; - refusing to obey any instruction from the Examination Supervisor or Invigilators; - giving false or misleading information to the Examination Supervisor; - Writing anything on the question paper except the candidate‟s examination number and - Writing anything on the candidate‟s examination docket. The Supervisor is empowered to stop any candidate suspected of misconduct and require him/her to leave the examination hall. Any Student who fails to comply with the above regulations may be liable to such penalties as the ABWA Council may determine. 19. EXAMINATION RESULTS The result of the examination will be communicated by post to each candidate and will also be made available on the websites of member-bodies and that of ABWA. Further correspondence relating to individual results may not be entertained. 20. EXEMPTION GUIDELINES EXEMPTIONS IN THE ATSWA SYLLABUS ARE AS OUTLINED BELOW: 8  QUALIFICATION EXEMPTION (i) OND (Accountancy) All subjects in Parts I and II. (ii) OND /NCE(Financial Studies/ All subjects in Part I and Principles and Practice of Banking & Finance Financial Accounting in Part II (iii) NCE (Accountancy) All subjects in Parts I and II. (iv) OND/NCE (Business Studies/ Business Admin.)/ DBS Accounting All subjects in Part I except Business Law. (v) AAT (UK)/CAT(UK) All subjects in parts I, II and III except Business Law, Public Sector Accounting and Preparing Tax Computations and Returns (vi) OND/NCE Statistics Quantitative Analysis Only (vii) Qualifications from other recognized Subject by Subject exemption in Parts I and II only Professional Bodies (viii) OND of Monotechnics All subjects in Part I and subject by subject offering Accounting exemption in Part II related courses (ix) OND/NCE Computer Science Information Technology only (x) OND/NCE Insurance Quantitative Analysis only (xi) OND/NCE Marketing Economics only (xii) Diploma in Public Accounting All subjects in Part 1 only (xiii) Diploma in Accounting All subjects in Part 1 only (University) (xiv) Advanced Diploma in Accounting All subjects in Part I and Part II only (University) (xv) OND(Petroleum Marketing & - Business Law only) Business Studies 9 PART I PAPER 1: BASIC ACCOUNTING Aim: The aim of this paper is to arouse candidates‟ interest in skills required for accounting processes for recording and reporting information through the use of manual and computerised accounting systems. Objectives On completion of this paper candidates should be able to: a. Identify and explain the nature, principles and scope of accounting and its role in the management of a business entity; b. Identify the source documents as evidence of transactions and relate them to appropriate books of original entry; c. Post into ledger accounts, balance off and extract a trial balance; d. Identify errors and effect corrections; e. Maintain cashbook and prepare bank reconciliation statements; f. Adjust for transactions and events affecting financial statements; g. Prepare single financial statements; h. Prepare employee payroll; and i. Appreciate the use of information technology in processing accounting information. Structure of the paper: The paper is a three-hour paper divided into two sections: Section A (50 Marks): This shall consist of 50 compulsory question made up of 30 Multiple-choice questions and 20 short answer questions covering the entire syllabus. Section B (50 Marks): Six questions of which, candidates are expected to attempt any four at 12.5 marks each. Contents 10% 1. Nature and general framework of accounting a) Nature and significance of accounting i. Explain briefly historical development of accounting. ii. Define and state the objectives of accounting. iii. Explain the purpose of accounting. iv. State the qualitative features of accounting v. State the principles of coding. vi. Identify types of accounts. vii. Identify the users of financial statements and their information needs. viii. Explain the range of accountant‟s services to an organisation. ix. State the role of accounting in the economy. x. Explain the ethical issues in accounting. b) Regulatory environment of accounting i. Explain the roles of the International Accounting Standards Board (IASB). ii. State the functions of the relevant Financial Reporting bodies. 2. Forms and structures of business entities 10% a) Define the characteristics of business entities. b) State the registration process and documentation of business entities. c) State the characteristics of sole proprietorship, partnership and limited liability company. d) Compare sole proprietorship, partnership and limited liability company. e) State the characteristics, advantages and disadvantages of public sector entities. 3. Accounting concepts and conventions 10% Explain the following concepts and conventions: a) Entity concept; b) Going concern; c) Money measurement; d) Consistency; e) Prudence; f) Materiality and aggregation; g) Accrual/matching; h) Objectivity/fairness; i) Historical cost convention; j) Fair value basis; k) Periodicity; l) Offsetting; and m) Relevance and faithful representation 4. Accounting processes 20% a) State the main accounting source documents and their uses, for example, quotation, sales and purchase order, delivery note, invoice and pro-forma invoice, credit note, debit note, remittance advice, receipt, pay slip, payment voucher, goods received notes, cheque counterfoils, bank statements, etc. b) Explain the following books of original (prime) entries or day books: i. Purchases day book; ii. Sales day book; iii. Purchases return or returns outward book; iv. Sales returns or returns inward book; v. Cash book (single, two-column and three-column); vi. Petty cashbook and control measures; and vii. Journal and its uses. c. Explain trade and cash discount d. Explain the following in relation to cash transaction i. cash including techniques ii. cash securities iii. cash control 11  e. State the principles and practice of double entry bookkeeping in relation to the following: i. Accounting equations; ii. Ledgers and their classifications; iii. Postings by means of double entry; and iv. Balancing-off ledger accounts. f. Trial balance i. Define and state the purposes of extracting a trial balance. ii. Explain extended trial balance. iii. State the usefulness and limitations of trial balance. iv. Identify and explain errors not affecting the agreement of the trial balance. v. Identify and explain errors that affect the agreement of the trial balance. vi. Explain how journal can be used to correct errors. vii. Explain the use of suspense accounts. viii. Explain the effect of errors on profits or losses. g. Accounting for non-current assets (property, plant and equipment) i. State the types and characteristics of non-current assets. ii. Explain the classification of expenditure into capital and revenue items and the importance of their distinction. iii. Explain the accounting for depreciation and disposal of non-current assets using straight-line and reducing balance methods only. iv. Prepare non-current assets register v. Explain assets coding h. Simple adjustments affecting financial statements i. Calculate allowances for irrecoverable and doubtful receivables. ii. Calculate allowances for discounts on trade receivables. iii. Identify and calculate accruals and prepayments. iv. Explain accounting for goods and cash drawings. v. State the differences between current and non-current liabilities. vi. Explain accounting for inventories. 5. Control accounts 15% a. Receivables and payables control accounts i. Prepare receivables and payables ledger control accounts. ii. Prepare suppliers‟ and customers’ statements and reconciliation with ledger accounts. iii. State the purpose of suppliers‟ and customers‟ statements of accounts. b. Banking systems, services and reconciliations i. State types of bank accounts. ii. Explain the procedure for banking of monies received and documentation, for example, paying-in slip, credit and debit cards. iii. Explain funds transfers and forms. iv. State the methods of handling and storing money, including security aspects. 12  v. Explain interbank transfer, settlements and clearing rules. vi. Prepare adjusted cashbook. vii. Prepare bank reconciliation statement. viii. Prepare manual and on-line bank reconciliation statements 6. Payroll accounting 10% a. State the importance of payroll accounting. b. Explain the procedure of preparing payroll and payslips c. Identify and calculate incentive payment schemes. d. State types of payroll systems. e. Calculate gross earnings, deductions ,net payments and prepare payslips f. Record payroll transactions, journal preparation and postings to normal ledger. 7. Preparation of simple financial statements 15% a. Prepare statement of profit or loss and statement of financial position of sole traders with simple adjustments. b. Prepare simple manufacturing accounts. c. Prepare simple incomplete records and single entries. d. Prepare accounts for not-for-profit entities. 8. Computerised accounting systems 10% a. State the features of computerised accounting systems. b. State the forms and functions of accounting records in computerised accounting systems. c. Identify useful tools to access, input and edit accounting information. d. Differentiate between manual and computerised accounting systems. e. State the advantages and disadvantages of computerised accounting systems. f. State types of accounting packages and their uses. Applicable Accounting Standards  IAS 1: Preparation of Financial Statements  IAS2: Inventories  IAS 16:Property, Plant and Equipment (PPE) Recommended Texts 1. ATSWA Study Pack on Basic Accounting Processes & Systems 2 ICAN Study Pack Fundamentals of financial Accounting 3. Ajileye J.O and Adetifa Get your Financial Accounting Right, Books 1 and 2, Hadlley, Lagos 4. Akinduko A.O Basic Accounting, Spetin Akure, Nigeria 5. Appiah-Mensah, K.B Principles of Accounting 6. Anao, A.R An introduction to Financial Accounting, Longman 7 Igben, R. O. Financial Accounting made simple (Vol 1 & 2) ROI Publishers, Lagos. 8 Jennings, A Financial Accounting 1 & 2 ( McgrawHill) 13 PAPER 2: ECONOMICS Aim The aim of this paper is to develop candidates‟ knowledge and understanding of basic principles and practice of economics required of an Accounting Technician to function efficiently and effectively as a member of an organisation in a dynamic and competitive global economy. Objectives At the end of this course, candidates should be able to know and understand: a. Basic economic concepts and principles in the analysis of economic issues; b. The features of the general economic environment in which economic agents (e.g individuals, firms and government) operate; c. The basis for rational economic decisions by economic agents; d. The activities of regional and international organisations and their impact on the domestic economy of member countries; and e. The increasing inter-connections among nations of the world and their economic implications. General relationship diagram ECONOMICS MICROECONOMICS MACROECONOMICS 45% 55% Structure of the paper The three-hour paper will be divided into three sections: Section A (50 Marks): This shall consist of 50 compulsory questions made up of 30 multiple- choice questions (MCQ) and 20 short answer questions (SAQs) covering the entire syllabus. Section B (25 marks): Microeconomics: This shall consist of three questions, out of which candidates are expected to attempt any Two, each attracting 121/2 marks. Section C: (25 marks) Macroeconomics: This shall consist of three questions, out of which candidates are expected to attempt any Two, each attracting 121/2 marks. Contents Section A: Microeconomics 1. The nature and scope of Economics and the economy 5% a. State the definition and scope of Economics. b. Explain the basic economic concepts: economy, „scarcity‟, „choice‟, scale of preference, opportunity cost; and production possibilities curve (PPC). 14  c. Differentiate between microeconomics and macroeconomics. d. Identify basic economic problems, of society: „what to produce‟, „how to produce‟ and for whom to produce. e. Explain the types, features and functions of the following economic system: i. Capitalist economic system; ii. Socialist economic system; and iii. Mixed economic system f. Explain methodology of Economics with the following pairs of concepts: i. Inductive and deductive methods; and ii. Positive and normative Economics. 2. Theory of value a. Explain the concepts of demand and supply. 10% b. Identify the determinants of demand and supply, and explain the demand and supply functions, using relevant schedules, diagrams and equations. c. Explain and illustrate the concept of the equilibrium price and quantity. d. Determine the consumer‟s and producer‟s surplus (using demand and supply diagrams); e. Differentiate between changes in quantity demanded/supplied and changes in demand/supply. f. Identify exceptions to the laws of demand and supply and the causes of changes identified in the market situations. g. Explain the applications of demand-supply diagrams to: i. Price control; and ii. Minimum wage legislation. h. Explain, determine, evaluate and interpret identified types of elasticity of demand and supply in relation to the following: i. Price elasticity of demand; ii. Price elasticity of supply; iii. Income elasticity of demand; and iv. Cross-price elasticity of demand. i. Explain the applications of price elasticity of demand to incidence of tax. 3. Theory of consumer behaviour 5% a. Explain the basic concepts of the theory of consumer behaviour under the marginal utility and the indifference curve approaches. b. Calculate and demonstrate graphic illustrations of the total and marginal utility using these to prove the law of demand. c. Demonstrate the graphical illustration of indifference curve – budget line to prove the law of demand. 15 4. Theory of production a. Explain the concept of production and its types. 15% b. Explain the factors of production and their rewards. c. Explain the meaning of division of labour, its advantages, disadvantages and limitations. d. Differentiate between location of industry and localisation of industries e. Explain the meaning, advantages, disadvantages, and factors that determine location of an industry. f. Explain the following forms of business organisation: i. Sole partnership; ii. Partnership; iii. Private limited companies; iv. Public limited companies; and v. Public corporation. g. Explain the concepts of privatisation, commercialisation, nationalisation and deregulation. h. Define production function; and explain, calculate and illustrate - total product, marginal product and average product, using hypothetical data. i. Explain the terms – economic rent, quasi rent and transfer earnings. j. Explain the short run and long run product and cost concepts. k. State and illustrate the laws of diminishing returns and returns to scale. l. Differentiate between „economies of scale‟ and „diseconomies of scale‟. m. Define, calculate and illustrate the following cost and revenue concepts: i. Total cost; ii. Average cost; iii. Marginal cost; iv. Average revenue; and v. Marginal revenue n. Explain profit determination using revenue-cost schedules and equations. 5. Market structure and pricing a. State the meaning and features of the following types of market structure: i. Perfect competition; ii. Monopoly; iii. Duopoly; iv. Oligopoly; and v. Monopolistic competition b. Explain the short run and long run price and output determination under various types of market structure. c. Differentiate between the concepts of product differentiation and price discrimination. d. Identify the sources and control of monopoly power. e. Differentiate between the concepts of merger and acquisition. f. Explain the types, advantages and disadvantages of mergers and acquisitions. 16 Section B Macroeconomics 6. National income 10% a. Explain the following basic national income accounting concepts and their computations: i. Gross domestic product (GDP); ii. Gross national product (GNP); iii. Net national product (NNP); iv. National Income (NI); v. Personal income (PI); and vi Personal disposable Income (PDI) b. Explain the methods of computing national income. (i) Output/product method, (ii) Income method, and (iii) Expenditure method. c. Identify circular flow of income. d. Identify problems associated with national income measurement and explain the uses and limitations of national income estimates. e. Explain factors influencing the size of national income. f. Determine the multiplier and the multiplier effects of changes in national income. g. Explain the accelerator theory. h. Determine the equilibrium national income using the aggregate demand- aggregate supply and leakages-injections approaches. i. Explain, illustrate and compute full employment national income, inflationary gap and deflationary gap. 7. Money and banking 10% a. Explain the meaning, functions, characteristics, types and nature of money. b. Explain the concepts of demand for money, supply of money and the quantity theory of money. (Irvin Fishers version). c. State the functions of different financial institutions in a developing economy. d. State types of payment system. e. Explain money and capital markets; and their instruments. f. Explain the meaning, identify the instruments and targets of monetary policy. 8. Fundamentals of public finance 10% a. Identify the meaning, sources and types of government revenue and government expenditures. b. State the factors that explain increase in government expenditures in West Africa sub region. c. Identify elements and explain principles, classification and uses of taxation d. State the types and explain the role of national budgets in an economy. e. Explain the meaning and state types and sources of public debt. f. Explain the meaning, identify the instruments and targets of fiscal policy. 9. Inflation and unemployment 5% a. Explain the meaning and identify types, causes effects and control of inflation. b. Explain the meaning and identify types, causes, effects and control of 17  unemployment. c. State and explain episodes of inflation and unemployment in West Africa. 10. International trade and finance 10% a. Differentiate between internal trade and international trade. b. State the reasons for international trade. c. Explain the following theories of trade: i. Theory of absolute advantage; and ii. Theory of comparative cost advantage. d. Outline the advantages and disadvantages of international trade. e. Explain the concepts of „terms of trade‟, „balance of trade‟, and „balance of payments‟. f. Identify the instruments of trade barriers. g. Explain the cases for and against trade protection. h. Explain the meaning of foreign exchange, foreign exchange rates, foreign exchange markets and foreign exchange systems with relevant examples i. Distinguish among the following concepts – currency devaluation, currency revaluation, depreciation and appreciation. j. Explain and illustrate changes in the foreign exchange market. k. State the meaning and identify the drivers, advantages and disadvantages of globalisation. 11. International and regional organisations 5% a. State the objectives, functions, achievements and problems of the following organisations: i. The World Bank Group; ii. International Monetary Fund (IMF); iii. The African Development Bank Group (AfDB); iv. The Economic Community of West African States (ECOWAS); v. African Continental Free Trade Area (ACFTA); vi. Organisation of Petroleum Exporting countries (OPEC); vii. United Nations Conference on Trade and Development (UNCTAD); viii. General Agreement on Trade and Tariff (GATT); and ix. World Trade Orgnisation (WTO); b. Explain the following levels of economic integration i. Free trade area; ii. Customs unions iii. Common market; and iv. Economic union 12. Economic growth and development 5% a. Explain the meaning and determinants of economic growth. b. Explain the meaning and features of economic development. 18  c. Outline the sustainable development goals (SDGs). d. Highlight common characteristics of developing countries. e. Explain the meaning of development planning. f. Highlight the objectives, types and problems associated with development planning in West Africa sub region. Recommended texts 1. ATSWA Study Pack on Economics 2. Adebayo Ademola (2014): Economics: A Simplified Approach Volumes 1 & 2 3. Umo J. U. (1986) Economics An African Perspective. 4. Nkoom J. C (2006): Money Economics in Ghana 19 PAPER 3: BUSINESS LAW Aim To examine candidates‟ knowledge and understanding of the legal environment in which organisations in general and the accountancy profession in particular operate as well as the laws on different business relationships. Objectives On completion of this paper, candidates should: a. Know the structure, jurisdiction and functions of the legal systems and the rules applicable to them; b. Have a working knowledge of the general principles of contract to aid their daily accounting activities; c. Be familiar with the legal rules governing specific contracts; d. Be able to distinguish between the various forms of business associations and be conversant with the main rules governing their operations; e. Be able to identify and appreciate the respective duties of bankers and customers as well as recognise the nature of negotiable instruments; and f. Be able to apply the principles of law to simple case studies. Structure of paper The paper will be a three-hour paper divided into two sections: Section A (50 Marks): This shall consist of 5 0 compulsory questions made up o f 30 multiple-choice questions and 20 short answer questions covering the entire syllabus. Section B (50 Marks): Six questions, out of which, candidates are expected to answer any four, at 121/2 marks each. Contents 1. The legal system and court system 15% a. Sources of law i. Explain the constitution and its characteristics ii. Explain Received English Law - Common Law, Doctrines of Equity (emphasis on maxims) and Statutes of General Application. iii. Explain judicial precedent, statutes and their enactment, customary law, and international law such as treaties, conventions, protocols. b. The legal and court system i. Outline the structure and hierarchy of courts. ii. State the composition and jurisdiction of the various courts. iii. Explain special courts and tribunals. iv. Distinguish between law and ethics. c. Forms of legal liability 20  i. Distinguish between criminal and civil liability. ii. Explain torts and their types iii. Explain vicarious liability. iv. Explain negligence and its consequences. 2. Law of contract 20% a. Explain contract and its essential elements: offer, acceptance, consideration, intention to create legal relations, capacity and consent. b. Explain privity of contract and its exceptions. c. Explain terms of a contract (conditions, warranties) and exemption clauses. d. Explain illegal and void contracts. e. Explain factors that vitiate contracts. f. Explain termination or discharge of contracts and remedies for breach of contract. g. Explain e-contract. 3. Special contracts 25% a. Agency i. Explain creation and types of agency. i i. Explain authority of agents i i i. Explain the rights and duties of principal and agent. i v. Explain termination of agency. b. Sales of goods i. Define and classify goods. ii. Differentiate between sale of goods and other contracts. iii. Explain implied terms. iv. Ex pl ain the caveat emptor doctrine. v. Explain transfer of title, passing of risk, and the nemo dat quod non habet rule. vi. Explain breach of sale of goods contract and remedies of the parties. vii. Explain the rights and duties of buyers and sellers. c. Hire purchase and equipment leasing i. Define hire purchase and explain the formalities under the Common Law and the Hire Purchase Act. ii. Explain implied and void terms. iii. S t a t e t h e r ights and obligations of the parties. iv. Explain termination of hire purchase contract. v. Explain operating and finance leasing. d. Contract of employment i. Explain the nature and formation of employment contract. ii. State the rights and duties of the parties. iii. Explain termination of employment and dismissal. iv. Explain the remedies for breach of contract. v. Explain redundancy. 21  e. Insurance i. Define and classify insurance contract. ii. State the minimum share capital requirements of insurers. iii. Explain the following concepts and principles: insurable interest, premium, indemnity, materiality of information, utmost good faith, conditions and warranties, subrogation and contribution. 4. Law of business associations 25% a. Partnership i. Explain partnership and its elements. ii. Explain types and attributes of partnership (general partnership, limited partnership, and limited liability partnership). iii. Explain the procedure for management of a partnership including the rights and duties of partners, their relationship inter se and with third parties. iv. Explain the attributes of a limited partnership and a limited liability partnership v. Explain limited partnership and limited liability partnership accounts and audit, annual returns, as well as assignability of partners‟ interest. vi. Explain investigation and litigation in limited liability partnership as well as criminal proceedings by the Attorney-General of the Federation. vii. State the statutory requirements for operation of a foreign limited liability partnership. Viii Explain winding up and dissolution of partnership. b. Companies i. State the composition and functions of the Corporate Affairs Commission. ii. Explain the Administrative Committee of the Corporate Affairs Commission and state its functions as well as procedures. iii. Explain the types of company, including single shareholder and small company as well as their implications. iv. Explain the procedure for incorporation of a company, documents of incorporation, and replacement of statutory declaration with statement of compliance with requirements of incorporation. v. Explain pre-incorporation contracts as well as promoters and their duties vi. State the contents of memorandum and articles of association and how they can be amended. Vii Explain the procedures for issue of and transmission of shares and debentures (corporate bonds). vii. Explain the ways in which the capital of a company is maintained or preserved including the laws relating to acquisition of own share by 22  company as well as distribution of profits. ix. Explain the appointment, powers, duties, and removal of directors. x. State the minimum number of non-executive and executive directors (in applicable situations). xi. State the law on company secretary‟s appointment, qualifications, status, and removal. xii. State briefly the law on company meetings (statutory meeting annual general meeting, and extraordinary general meeting)to include:  Notices and resolutions;  Right to receive notice, attend, and requisition meeting  Voting, companies that need not hold annual general meeting; and  Authority of private company and small company to hold virtual meeting. xii. State the law on the appointment, qualifications, rights, duties and removal of company auditors. xiii. Explain the rationale for administration of companies as well as appointment and functions of the administrator. xiv. Explain arrangement, compromise, netting and winding-up (in outline). xv. Define mergers and its types under the Federal Competition and Consumer Protection Act, 2018. c. Others i. State the conditions and requirements for registration of business names as well as incorporated trustees. ii. Define collective investment scheme and its types. iii. Explain Alternative Dispute Resolution (ADR) mechanisms and state their advantages. 5. Banking and negotiable instruments 10% i. Explain the legal relationship between a banker and customer and state their respective duties and rights. ii. State the meaning and characteristics of negotiable instruments. iii. Explain bills of exchange, cheques and promissory notes. iv. Explain crossing of cheques. v. Explain holder, holder for value and holder-in- due-course. vi. State the rights and duties of the parties to a negotiable instrument. 6. Law of trusts 5% i. Explain trusts and the parties thereto. ii. Distinguish between private trust and public trust. iii. Explain the types and uses of public trust. iv. State the duties, powers and rights of trustees (including investment powers under Trustee Investment Act). 23  Recommended texts 1. ATSWA Study Pack on Business Law 2. Companies and Allied Matters Act , 2020 3. Federal Competition and Consumer Protection Act, 2018 George Etomi (2014) -An Introduction to commercial Law in Nigeris: Texts cases and materials, MIJ Professional Publishers, Lagos 4. Obilade, A.O. - The Nigerian Legal System, Spectrum books, Ibadan. 24 PAPER 4: COMMUNICATION SKILLS Aim The aim of this paper is to examine candidates‟ competence in the use of aspects of English Language (both oral and written) that ensure effective communication within and outside an organisation. Objectives On completion of this paper, candidates should be able to: a) Understand the structure and uses of the communication systems, models, networks within and outside an organisation; b) Read and understand texts on technical concepts relating to the accounting profession; c) Answer questions on comprehension and summary passages to test their understanding of a given piece of information; d) Know grammatical rules and mechanics that relate to good use of language such as word classes, phrases, clauses, sentences, punctuation marks, spellings, figurative expressions; e) Know the different types of essay, correspondence, speech and how to write them; f) Know the different types of meeting, technical term associated with meetings and how to write minutes of meetings; and g) Apply the language skills to the communicative activities of the organisation. Structure of the paper This paper is a three-hour paper, divided into three sections: Section A (40 marks): This shall consist of 40 compulsory questions made up of 20 multiple- choice and 20 short answer questions covering the entire syllabus Section B (30 marks): The only question in this section shall be compulsory and be based on either comprehension or summary. Section C (30 marks): This shall consist of four questions, out of which candidates are expected to answer any two, each for 15 marks. Contents: 1. Introduction to communication skills: communication systems, models and networks 20% a. Definition of communication. b. The role of communication. c. Elements of the communication process. d. Types of communication. e. Differences, Advantages and Disadvantages of types of communication. f. Human communication. g. Formal and informal communication system. h. Barriers and limitations to effective communication. 25  i. Explain communication ethics:  Conflict in the workplace;  Types of conflict;  Conflict resolution;  Mediation and negotiation;  Labour and industrial relations within organisations; and  Bargaining and bargaining strategies. 2. Language skills and grammatical rules 20% a. Basic language skills i. Define listening and explain different types of listening as well as barriers to effective listening. ii. Define speaking and explain principles of effective speaking. iii. Define reading and explain different types, common faults in reading, and reading methods. iv. Define writing and explain:  Paragraphing,;  Outlining;  Note-taking;  Punctuation;  Hyphenation;  Abbreviation;  Acronym;  Features of effective writing;  Precise writing; and  Proof-reading. b. Grammatical rules Define and explain the differences among the following:  The word ;  Word classes;  Phrases;  Clauses;  Sentences;  Mechanics;  Common errors in sentence construction; and  Figurative expressions. 3. Practical Application of Communication skills 60% a. Comprehension and summary. i. Techniques for answering comprehension questions. ii. Principles of effective summary writing. 26 b. Essay writing. i. Define writing and explain different types of writing. ii. State and explain the characteristics of essays. iii. Write essays. c. Speech making i. Define types and formats of different speeches. ii. State and explain different methods of speech delivery. iii.State and explain features of a good speech. iv. Writing of speeches. d. Report writing i. State and explain different types, classification and format/components ii. State and explain types of business reports. iii. Explain gathering of information for a report/ organisation of the materials. iv. Identify and define terms related to report writing. v. State and explain the role of visual aids in report writing. vi. Writing reports. e. Meetings i. State and explain Types, statutory documents and technical terms associated with meetings. ii. Identify and explain the roles of officials at meetings. iii. Write minutes. f. Correspondence i. State and explain types and characteristics of different correspondence. ii. Explain the format of each type of correspondence. iii. State and explain the differences among the different types of correspondence. iv. Write letters, memoranda, circulars, newsletters, press releases, e-mails, etc. g. Digital communication in organizations: i. Define digital communication. ii. State and explain digital communication tools, such as e-mail, blog, phone calls, messaging, video-conferencing. iii. State and explain digital communication systems. iv. State and explain advantages and disadvantages of digital communication. h. Advertising and marketing strategies in the accounting profession i. Explain the concept of advertising. 27  ii. Explain marketing strategies in the accounting profession. iii. Explain sales promotion in accounting business. iv. Explain placing orders for goods and services in accounting. i. Writing feasibility studies for projects in accounting: i. Explain the concept of feasibility studies. ii. Explain budgeting. iii. Write budget proposals. j. Communication and human resource development i. Explain the concept of seminar, workshop, conference. ii. State and explain the importance, planning and organization of seminar, workshop and conference. k. Assessment practice in the accounting profession. i. Explain the concept of assessment practice. ii. State and explain the assessment instruments. iii. State and explain the criteria for reward/motivation. Recommended texts 1. ATSWA Study Pack on Communication Skills 2. Ajayi, Wale and Idakwo, V (2006): Communication in English, Ilaro: Marvel Books 3. Soola, Oludayo (1998): Business Communication, Ibadan: Kraft Books Limited 4. Erasmus-Kritzinger, L E., Bowler, A and Goliath, D (2001): Effective Communication, Western Cape: Afritech Reference books 1. Little, Peter: Communication in Business, London: Longman 2. Eyre, E C (1979): Effective communication Made Simple, London: W H Allen 3. J E Metcalfe and C Astle: Correct English, Surrey, England: Clarion 4. Sybil James, Isaac Ode and OludayoSoola: Introduction to Communication for Business and Organisations, Ibadan: Spectrum Publishers. 5. National Open University of Nigeria (2010) ENG 316: Communication for Business. Lagos: NOUN. 28 PART II PAPER 5: FINANCIAL ACCOUNTING Aims The aim of this paper is to examine candidate‟s knowledge and understanding of essential accounting framework and presentation of financial statements of sole traders, partnership, companies, not-for-profit entities and small and medium sized enterprises. Objectives On the successful completion of this paper candidate should be able to: a) Explain the accounting concepts adopted in the preparation of financial statements; b) Explain the concept and purpose of financial reporting; c) Understand types of business transactions and documentation; d) Record transactions and events; e) Prepare extended trial balance to include correction of errors and other adjustments; f) Identify the components of financial statements, prepare and present non-complex; financial statements of corporate and non-corporate entities; and g) Interprete non-complex financial statements using simple ratios. Structure of the paper The paper is a three-hour paper divided into two sections: Section A (50 Marks): This shall consist of 50 compulsory questions made up of 30 multiple-choice questions and 20 short-answer questions covering the entire syllabus. Section B (50 Marks): Six questions, of which, candidates are expected to answer four, each at 12.5 marks. Contents 1. Financial accounting concepts, framework and practices 15% a) Identify and discuss bases of accounting. b) Explain the roles of bodies which sets accounting standards. c) Discuss IFRS Conceptual Framework for Financial Reporting in relation to: i. Objectives of general-purpose financial reporting; ii. Qualitative characteristics of financial information; iii. Financial statements and the reporting entity; and iv. Elements of financial statements, including their:  Recognition and derecognition;  Measurement; and  Presentation and disclosure. d) Identify and explain the attributes of different reporting entities. e) Identify the possible impacts of relevant legislation and regulations governing corporate and non-corporate accounts. 2. Maintaining financial records. 10 % 29  a) Explain why an entity maintains financial records and prepares financial statements. b) Identify and explain the sources of information for preparation of accounting records and financial statements. c) Explain the ethical considerations for preparers of financial statements. d) Record and account for transactions and events resulting in income, expenses, assets, liabilities and equity. e) Prepare trial balance from accounting records and identify the uses of the trial balance. 3. Adjustments to accounting records and financial statements. 15% a) Prepare extended trial balance to include correction of errors, suspense account and other adjustments. b) Prepare final accounts from incomplete records to include: i. Allowances for bad and doubtful receivables; ii. Accrual and prepayments; and iii. Control accounts and reconciliations. c) Account for Property, Plant and Equipment (PPE) in accordance with IAS 16 relating to the following:  Nature;  Acquisition;  Depreciation;  Disposal; and  Notes on movement of PPE. 4. Accounting for partnership, not-for-profit entities and incomplete record. 25% a) Prepare partnership accounts- Prepare partnership accounts to include the following: i. Partners‟ capital and current accounts; ii. Changes in partnership;  Good will;  Admission;  Retirement,;  Dissolution (excluding piecemeal realisation);  Amalgamation; and  Conversion to limited liability companies. b) Prepare not-for-profit organisations to include: i. Receipts and payments account; ii. Income and expenditure account; and iii. Statement of assets, liabilities and accumulated funds. c) Preparation of incomplete records. i. State the need for preparation of accounts from incomplete records. ii. Determine profit from opening and closing capital balances; and 30  iii. Explain the use of accounting equation, gross profit percentage, cash book summaries and control accounts to determine missing figures from financial statements. 5. Preparation and interpretation of financial statements of corporate entities 25% a) Accounting policies, changes in accounting estimates and errors: i. Identify and explain changes in accounting policies, changes in accounting estimates and prior year errors in accordance with IAS 8. ii. Explain the guidance on the selection of accounting policies; and iii. Adjust and disclose the effect on financial statements of changes in accounting policies, accounting estimates and prior year errors. b) Accounting for Inventories (IAS 2). i. Explain the nature and methods of inventory valuations relating to periodic and perpetual inventory methods; ii. Determine the value of inventories using the principles of lower of costs and net realisable value; iii. Explain and measure the value of inventory using First-in First-Out (FIFO) and weighted average cost (WAC) methods; iv. Explain the impact of various valuation methods on the profit or loss for the period and the effect of the adjustments of opening and closing inventories on the financial statements; and v. Account for loss of inventories. c) Prepare financial statements of limited liability companies in accordance with IAS 1 to include: i. Statement of financial position; ii. Statement of profit or loss and other comprehensive income, incorporating current tax expense; iii. Statement of changes in equity; iv. Statements of cash flows (IAS 7); and v. Explanatory notes required for the preparation of financial statements. d) Accounting for issue of shares including bonus and right issues. e) Interpretation of simple financial statements: i. Discuss the importance and purpose of analysis of financial statements; ii. Use ratio analysis for interpretation of financial statements; and iii. Explain the limitations of use of ratios for interpretation of financial statements. 31 6. Ethics and computerised accounting 10% a) Ethics i. Identify and apply the principle of honesty and integrity. ii. Highlight situations within accounting work that require objectivity and fairness; and where judgements and actions could compromise personal or organisational integrity and reputation. iii. Identify the key issues which ensure accounting work is performed within scope of professional ethics guidance. iv. State the appropriate procedure to follow where you believe that an employer has or will commit an act which is illegal or unethical. v. Resolve conflicting loyalties where employer may ask you to perform tasks which are illegal, unethical or against the rules or standards of accounting profession. b) Computerised accounting: i. Access, enter and edit accounting information; ii. Select and use tools and techniques to process business transactions; and iii. Produce accounting documents and summary reports to meet the requirements. Applicable Accounting Standards:  IFRS Conceptual Framework for Financial Reporting (2018)  IAS 1- Presentation of Financial Statements.  IAS 2- Inventories.  IAS 7 – Statement of Cashflows.  IAS 8-Accounting Policies ,Changes in Accounting Estimates and Errors  IAS 16- Property, Plant and Equipment.  IFRS for SMEs. Recommended Texts 1. ATSWA Study Text on Principles and Practice of Financial Accounting. 2. ICAN Study Text on Financial Accounting. 3. Anao. A. R.(2014) An introduction to Financial, Longman. 4. Elliot B and Elliot J , (2019) Financial Accounting and Reporting, Pearson. 5. Kieso, D.E (2022) Intermediate Accounting, Wiley. 32  PAPER 6: PUBLIC SECTOR ACCOUNTING Aims The aims of this paper are to examine candidates‟ knowledge and understanding of the identification of the nature of public sector organisations, the role and significance of accounting standards, the structure and key aspects of legislations in public sector accounting. Objectives On completion of this programme of study, candidates should be able to: a. Discuss the role of accounting information and data, especially in government; b. Appreciate the uses of public sector accounting information; c. Identify sources of government revenues and the disbursement procedures; d. Identify accounting concepts, bases and policies of government; e. Collect, process and transmit financial data on the approved formats; f. Explain how government funds are managed economically, efficiently and effectively in accordance with the constitution, laws, rules and regulations; g. Prepare financial statements based on IPSAS (Accrual); and h. Understand the roles of national and state assemblies and local government councils in providing legal framework for public sector accounting. Structure of the paper The paper will be a three-hour paper divided into two sections: Section A (50Marks): This shall consist of 50 compulsory questions made up of 30 multiple- choice questions and 20 short answer questions covering the entire syllabus. Section B (50 Marks): Six questions of which, candidates are expected to answer any four, attracting 12½ marks each. Contents: 1 Public sector accounting framework and concepts 15%. a. Explain the constitutional, legal and administrative framework of public sector accounting (Nigeria) as they relate to the following: i. The regulatory and constitutional provisions guiding revenue collections and disbursement of government funds at the federal, state and local government levels; ii. The provisions of the Finance (Control and Management) Act, 1958 as amended by CAP A15 LFN 2004; iii. Financial regulations for federal and state governments; iv. The financial memoranda for local government councils; v. Fiscal Responsibility Act, 2007 in relation to:  The annual budget;  Budgetary execution and achievement of targets; 33   Savings and asset management;  Transparency and accountability; and  Enforcement. vi. Public Procurement Act, 2007 in relation to:  Fundamental principles of procurement;  Organisation of procurement;  Procurement methods (goods and services);  Special and restricted methods of procurement;  Procurement of consultant services;  Disposal of public property; and  Offences b. Explain the constitutional, legal and administrative framework of government accounting (Ghana) as they relate to the following: The regulatory and constitutional provisions guiding revenue collection and disbursement of government funds at the local and central government levels; i. Sources of revenue of the central and local government, tax and non-tax revenues; ii. Internally generated funds (IGF); iii. Loans and grants; and iv. Sources of revenue of local government fees and fines; c. Explain the public sector accounting theory, processes and institutional framework as they relate to: i. Accounting concepts, bases and principles; ii. The concept of funds, its relationship to the entity concept and its implications for income measurement and valuation; iii. The Armed Forces Pension Act No 103 of 1979 as amended by CAP 119 and 212 LFN 2004; iv. Pension Reform Act, 2014 as it relates to:  Objectives;  Rates of contribution to scheme;  Exemption from the scheme;  Retirement benefits;  Retirement Savings Account (RSA);  Transitional provisions for the public sector;  Pension Fund Administrators (PFA) and Pension Fund Custodians (PFC);  Investment of pension fund; and  Offences, penalties and enforcement powers. v. Pronouncements and recommendations made on government accounting by international bodies:  International Federation of Accountants (IFAC);  International Public Sector Accounting Standards Board, and  United Nations Organisation 34  vi. Standardisation of federal, state and local government reporting formats in Nigeria; vii. Cash and accrual basis of accounting in the public sector; viii. The annual and supplementary appropriation Acts; ix. Treasury circulars; x. Ministry of Finance Incorporated (MoFI) Act of 1959; xi. Public service rules (PSR)/Manuals; xii. Bye-laws of local government as related to revenue and expenditure; xiii. Synchronisation of the reporting formats of the federal, state and local governments; xiv. Constitutional and financial responsibilities of principal officers of Government:  Minister of Finance;  Auditor-General for the Federation;  Auditor General for the State;  Auditor-General for Local Government;  Accountant-General of the Federation;  Accountant-General of the State; and  Treasurer of the local government; xv. Nature of accounting units (self, sub-self and non-self accounting units) 2. Planning and budgeting in public sector 20% a. Planning and budgeting i. Describe and explain the Medium-Term Expenditure Framework (MTEF) ii. Describe the objectives and uses of annual budget in the public sector iii. Compile and differentiate types of budgets using:  Line – item budgeting system;  Traditional/Incremental budgeting system;  Planning Programming Budgeting System (PPBS);  Programme Performance Budgeting System (PBS); and  Zero – based Budgeting System (ZBB) b. Describe budgeting process and budgetary control as they relates to: i. Stages in the budget cycle; ii. Expenditure control in government to include:  Legislative control;  Executive control  Control by the Minister of Finance inform of authorisation of government expenditure and operation of warrants;  Treasury control; and  Departmental control. iii. Vote book and expenditure control; and v. Fund accounting and revenue control procedures. 35 3. Public sector accounting and financial reporting 45% a. Public sector accounting processes in respect of the following: i. Compilation of treasury cashbook; ii. Preparation and extraction of monthly transcripts; iii. Preparation of imprest cashbook; iv. Identification of revenue control procedures using revenue collector‟s cashbook; v. Describing types of vouchers and their uses; vi. Preparation of bank reconciliation statement; vii. Preparation of journal entries for loss of public funds; and viii. Preparation of the following, using approved standard formats:  Subsidiary accounts such as deposits, advances, remittances/cash transfers; and  Payroll accounting and pension funds. b. Identify and explain the roles of the following bodies: i. Federation Accounts Allocation Committee (FAAC) including its composition and functions; and ii. Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) including its composition, functions and bases of revenue allocation c Explain the types of revenue that can be classified as: i. Federation accounts revenue ii. Internally generated revenue of federal, states and local governments. d. Explain the roles of the following revenue collection agencies: i. Federal Inland Revenue Service (FIRS); ii. State Board of Internal Revenue Service; and iii. Nigerian Customs Service (NCS) e. Identify the revenue and charges to the Consolidated Revenue Fund (CRF) f. Preparation of the following statutory financial statements of federal, state and local governments based on IPSAS –Cash basis and accrual basis: i. Statement of financial position; ii. Statement of financial performance; iii. Statement of changes in net assets/equity; iv. Statement of cash flow; and v. Accounting policies and notes to the financial statements g. Preparation of the following books of account under IPSAS – Accrual: i. Cash book; ii. Revenue receivable register; iii. Journal voucher; iv. Individual subsidiary ledger-Accounts receivable; 36  v. Investment register; vi. Individual subsidiary ledger; vii. Salaries and wages register; viii. Accounts payable register; ix. Individual subsidiary ledger-Accounts payable; x. Property, plant and equipment register; xi. Property, plant and equipment schedule; and xii. Inventory (stores) issue note register. h. Accounting for public sector organisations and Government Business Entity (GBE) i. Describe the general nature of GBE. ii. Compile for the relevant utilities, authorities, parastatals, boards, corporations, agencies and tertiary educational institutions:  Statement of financial position;  Statement of financial performance;  Statement of changes in net assets/equity;  Statement of cash flow; and  Explanatory notes i. Prepare the following education institution accounts system i. Domestic account ii. Boarding account j. i. Explain the stores classification ii. Explain stores accounting procedures as they relate to the following:  Receipt of stores;  Payment for stores;  Transfer of stores;  Issuing of stores; and  Procedures for store survey/inventory taking k. Board of survey and board of enquiry i. Explain the board of survey procedures as it relates to the following:  Classes of board of survey;  Composition of the boards of survey;  Nature of the survey;  Types of board of survey;  Purpose of survey; and ii. Explain the board of enquiry procedures as they relate to the following:  Purpose or circumstances for setting up a board of enquiry;  When a board of enquiry is not necessary;  Procedure of board of enquiry;  What action to be taken on the board of enquiry‟s report; and  Composition of the board of enquiry. 37  m. Managing finance of government: i. Identify the roles and responsibilities of the national and state assemblies and local government councils in financial management and control ii. Explain the efficiency committee/unit stating the following:  Purpose of efficiency unit;  Composition of efficiency unit;  Functions of efficiency unit;  Benefits of efficiency unit; and  Disadvantages of efficiency unit. iii. Explain the financial management and virement procedures. iv. Identify the roles of various government committees such as:  Public Account Committee (PAC);  Tender board;  Finance and general purpose committee; and  Audit committee. n. Interpretation of public sector financial statements using ratio analysis and variance analysis. 4. Emerging issues and ethical considerations in public sector accounting 10% a. Explain the emerging issues in Nigerian public sector accounting in relation to: i. Government Integrated Financial Management Information System (GIFMIS); ii. Integrated Payroll and Personnel Information System (IPPIS); iii. Treasury Single Account (TSA) - Roles of service providers; and iv. Accounting Transaction Recording and Reporting System (ATRRS), b. Explain the ethical considerations in public sector accounting in managing economic crimes as it relates to the establishment of: i. Economic and Financial Crimes Commission (EFCC) ii. Independent Corrupt Practices and Other Related Offences Commission (ICPC) iii. Code of Conduct Bureau (CCB) iv. Public Complaints Commission v. Money Laundering Act 2007 vi. Financial Reporting Council of Nigeria (FRC) 5. Public sector audit 10% a. State and explain the legal requirements for audit in the public sector and the roles /functions of the Auditor - General (Federal, states and local governments). b. Explain the processes of appointing and removal of the Auditor-General. c. Explain the basic steps in the process of auditing public sector financial statements. 38  Recommended Texts: i. ATSWA Study Pack on Public Sector Accounting ii. Adams, R. A. (2004). Public Sector Accounting and Finance Made Simple. 3rd Edition. iii. Biodun Jimoh. (2014). Principles of Public Sector and Finance, Fourth Edition iv. Omolehinwa E. O. and Naiyeju J.K., (2011). Theory and Practice of Government Accounting in Nigeria: Pumark Nigeria Ltd. v. Management and control of public funds – G.K Scott Applicable International Public Sector Accounting Standards (IPSAS) IPSAS Standard IFRS IPSAS 1 Presentation of Financial Statements IAS1 IPSAS 2 Cash Flow Statements IAS 7 IPSAS 3 Accounting Policies, Changes in Accounting IAS 8 Estimates and Errors IPSAS 12 Inventories IAS 2 IPSAS 17 Property, Plant and Equipments IAS 16 IPSAS 22 Disclosure of Financial Information about the General Government Sector IPSAS 24 Presentation of Budget Information in Financial Statements Cash Basis IPSAS Cash Basis  All new standards and laws may be examined after six (6) months from the date of issue. 39 PAPER 7: QUANTITATIVE ANALYSIS Aim The aim of this paper is to examine candidates‟ knowledge and understanding of Quantitative Analysis comprising Statistics, Business Mathematics and Operations Research techniques which will help in the day-to-day performance of duties of a typical Accounting Technician. Objectives On completion of this paper, candidates should be able to: a. Discuss the role and limitation of statistics in government, business and economies; b. Identify sources of statistical and financial data; c. Collect, collate, analyse, present and interpret statistical data; d. Analyse statistical and financial data for planning and decision-making purposes; e. Use mathematical techniques of operations research to allocate resources judiciously; f. Apply mathematical optimisation models to real life situations and to solve problems involving choice among alternatives; and g. Apply relevant statistical packages to analyse data. General relational diagram for Quantitative Analysis Syllabus Quantitative Analysis Statistics (40%) Business Mathematics Operations Research (20%) (40%) Fig 1: Relational diagram of the main sections of the QA syllabus Structure of paper The three-hour paper will be divided into two sections: Section A (50 Marks): This shall consist of 50 compulsory questions made up of 30 multiple- choice questions and 20 short-answer questions covering the entire syllabus. Section B (50 Marks): Six questions, out of which, candidates are expected to answer only four, each at 12.5 marks. Content 1. Statistics a. Handling statistical data 10% i. Broad classification of statistical data 40   Identify numeric (quantitative) data, such as discrete and continuous (definition and examples) and non-numeric data, (qualitative), such as categorical and ordinal (definitions and examples); and  State the types of statistical data based on collection process: primary data; definition, method of collection (such as mail, questionnaire; interview, observation and telephone; advantages and disadvantages of each method) and secondary data; definition, types (i.e. financial data, health data, oil and gas data, security data, political data; examples and sources of each). ii. Sampling  Explain the meaning of sampling, and state the definition of basic sampling terms, such as population, sample, sampling, unit, sampling fraction, sampling frame and sampling survey.  Explain the purpose of sampling.  State the method of sampling, such as probability sampling, (simple random, systematic, stratified, cluster and multi-stage; advantages and disadvantages of each method) and non-probability sampling (quota, judgemental, convenience and snowball; advantages and disadvantages of each method). iii. Data presentation  Explain tabulation of data including guidelines for constructing frequency tables and cross tabulation.  State and draw the type of charts such as bar chart (simple, multiple component and percentage), and pie chart.  State and draw the type of graphs, such as histogram, frequency polygon, cumulative frequency curve (ogive),  Explain the use of statistical application packages, such as Microsoft excel, statistical package for social sciences (SPSS). b. Measures of location (grouped and ungrouped data) 5% i. State and calculate the measures of central tendency/centre, such as:  Arithmetic mean;  Unimodal mode ;  Median; and  The relationship among the three measures;  The characteristics features of each of the above measures; ii. State and calculate the measures of partitions such as quartiles, deciles and percentiles; iii. Estimate the mode from histogram; median, quartiles, deciles and percentiles from ogive. c. Measures of variation/dispersion/spread (grouped and ungrouped data) 5% Explain and calculate range, mean deviation, variance, standard deviation, coefficient of 41 variation, quartile deviation and skewness. d. Measurement of relationship 5% i. Correlation  Explain the meaning of correlation and state its uses.  Explain the nature of scatter diagrams/plots.  Draw scatter diagrams/plots.  State the nature and type of correlation, such as positive, perfect positive, negative, perfect negative and zero/non-correlated.  Explain the meaning of Correlation coefficient and state its types, such as spearman‟s rank and Pearson‟s product moment.  Calculate any of the above listed correlation coefficient type. ii. Regression analysis  Explain the meaning and uses of regression analysis for estimation/prediction/forecasting purposes.  State the methods of fitting simple linear regression line, such as best line of fits and least squares.  Determine the simple linear regression line and use it for prediction.  Interpret regression constant/intercept and regression coefficient/slope/gradient. e. Times series 5% i. Explain the meaning of time series and its application to forecasting. ii. State the basic components of time series, such as secular/trend, seasonal, irregular and cyclical. iii. State the models of time series, such as additive and multiplicative. iv. State the methods of constructing trend line, such as eye fitting, semi-averages, moving averages and least squares. v. State the methods of determining seasonal indices such as moving average and smoothening. vi. Determine adjusted seasonal variation. f. Index numbers 2% i. Explain the meaning of index numbers and state their uses. ii. State the problem associated with the construction of index numbers. iii. Calculate the simple aggregate index, mean of price relatives as unweighted indices. iv. Calculate the Laspeyre, Paasche, Fisher and Marshall Edgeworth as weighted indices. g. Probability 4% i. Define probability and its basic terms, such as random experiment, sample space, event and probability of an event. ii. Explain the types of probability events, such as mutually exclusive, independent and conditional/dependent events. 42  iii. State the addition and multiplication laws as applied to the above events. iv. Explain and determine the expected values. h. Test of hypothesis 4% i. Explain the meaning of hypothesis and state the types of hypothesis such as null and alternative. ii. State and explain the types of probable decision errors, such as types I error and type II error. iii. Explain the useful concepts in test of hypothesis such as level of significance, test statistic, critical region, one-tailed/sided and two-tailed tests. iv. Explain the meaning of test of hypothesis about single population mean for small and large samples and single proportion. v. Test the hypothesis about single population mean for small and large samples and single proportion at appropriate level of significance. vi. Explain the meaning of test of hypothesis about the difference between two population means for small and large samples and the difference between two population