We are glad to present this revision book to candidates and lecturers appearing in Financial Accounting Paper No.1 which is examined under Certified Public Accountants (CPA) Part I Section 1.
This revision book contains KASNEB past paper examination Questions and suggested solutions.
Questions and answers in this book are arranged topically giving appropriate weighting to various topics.
The general objective of Financial Accounting Paper No. 1 is to introduce the candidate to the basic concepts in accounting, regulation, bookkeeping and preparation of financial statements for different types of entities. Specifically a candidate who passes this paper should be able to explain the nature and purpose of accounting, write up books of original entry, prepare ledger accounts under double entry system, prepare financial statements of sole traders, partnerships, companies, manufacturing entities, small and medium sized entities and not-for-making organizations, explain the regulatory framework of accounting, account for assets and liabilities, analyze financial statements by use of ratios and statement of cash flows.
This book has been deliberately designed to assist the CPA candidates and lecturers appearing in examination paper in Financial Accounting meet the above stated course objectives.