SACE Stage 2 Accounting study plan

Build a one-page formula and concept sheet covering the accounting equation, double-entry rules, and the classification of assets, liabilities, equity, income and expenses

Prepare a full set of general journal entries for a simple trading business and post them to ledger accounts

Extract and explain the purpose of each line in an income statement and a balance sheet from a worked scenario

Distinguish between financial accounting and management accounting by writing five comparison points for each

Prepare a trial balance from posted ledger accounts and locate and correct at least three types of errors

Complete a worksheet leading to an income statement and balance sheet including closing entries

Classify costs into fixed, variable and mixed using a given cost data set, and calculate contribution margin

Apply cost-volume-profit analysis to calculate break-even point and target profit in units and dollars

Reconcile a bank statement and a cash book, identifying outstanding cheques and deposits in transit

Prepare a bank reconciliation and a corrected cash book balance with supporting notes

Prepare a schedule of accounts receivable and accounts payable and reconcile to control accounts

Explain the purpose of control accounts and identify three common causes of a discrepancy

Calculate depreciation using straight-line and reducing-balance methods and record disposal entries

Prepare inventory records using FIFO and weighted average and reconcile closing inventory to cost of goods sold

Explain the effect of inventory valuation and depreciation choices on reported profit and asset values

Draft a short written comparison of two inventory costing methods for a small retailer

Map the flow of transactions through source documents, journals, ledgers and reports in a computerised system

Identify internal control weaknesses in a described business process and propose a specific control for each

Explain the purpose of segregation of duties, authorisation, physical safeguards and reconciliations

Describe the role of general and application controls and give two examples of each

Evaluate the ethical responsibilities of an accountant in a described conflict-of-interest scenario using a recognised decision framework

Identify the key elements of an accounting information system and explain how data integrity is maintained

Analyse a fraud or error scenario and recommend preventive and detective controls

Draft a professional memo advising a business owner on a control failure

Prepare a cash budget for three months from given receipts and payments data

Prepare a simple capital investment appraisal using payback period and net present value concepts

Evaluate make-or-buy and special-order decisions using relevant costing

Justify a recommendation to management in writing, citing quantitative and qualitative factors

Complete two full-length practice papers under timed conditions

Mark each paper against a worked solution and log every error by domain

Re-teach the three weakest topics from memory on blank paper without notes

Compile a final one-page summary sheet of formulas, control principles and decision rules