Zambia Grade 10 Principles of Accounts

This course introduces students to the fundamental principles and techniques of accounting. It covers a range of topics, from basic accounting concepts to preparing final accounts. The syllabus emphasizes practical application and aims to equip students with the skills necessary for a career in accounting or business.

Principles of Accounts

• General Outline of Accounting: This section provides an overview of the accounting profession and its importance in business and finance.
• Job Opportunities: Students explore various career paths in accounting, such as accountant, bookkeeper, cashier, bursar, assistant accountant, financial manager, and finance minister.
• Accounting Concepts (Conventions): This section introduces key accounting concepts, including cost, prudence, going concern, business entity, realization, objectivity, dual aspect, consistency, accrual, materiality, and periodical concepts.

Business Transactions

• Types of Business Transactions: Students learn about different types of business transactions, including cash transactions, bank transactions, credit transactions, and barter transactions. They also learn how to record these transactions.

Books of Prime Entry

• Source Documents Used in Books of Prime Entry: This section covers the source documents used to record transactions, such as receipts, cash sale slips, bank paying-in slips, checks, tickets, invoices, credit notes, and petty cash vouchers.
• Types of Books of Prime Entry: Students learn about different books of prime entry, including the Purchases Day Book, Sales Day Book, Cash Book, Purchases Returns Day Book, Sales Returns Day Book, General Journal, and Petty Cash Book. They also practice recording transactions in these books.

Double Entry

• Principle of Double Entry: This section explains the double-entry system, its role in confirming the dual aspect of transactions, and how it tracks the movement of value. Debit and credit entries are also explained.
• Types of Accounts: Students learn about different types of accounts, including real accounts, personal accounts, and nominal accounts.

Ledger

• Types of Ledgers: This section covers various types of ledgers, including the General Ledger, Debtors/Sales Ledger (Accounts Receivable Ledger), and Creditors/Purchases Ledger (Accounts Payable Ledger).

Trial Balance

• Purpose of Trial Balance: Students learn about the purpose of a trial balance, which includes checking for arithmetic errors, ensuring the completion of double entry, and detecting fraud. They also learn how to prepare a trial balance.

Final Accounts

• Trading Account (Income Statement): This section explains and demonstrates the preparation of a trading account, including calculating net sales, cost of sales, and gross profit/loss.
• Profit and Loss Account (Income Statement): Students learn how to prepare a profit and loss account, including identifying income and expenses and calculating net profit/loss.
• Balance Sheet (Statement of Financial Position): This section covers the preparation of a balance sheet, including calculating different types of capital and identifying assets and liabilities.