BGCSE Accounting 0614 study plan
BGCSE Accounting 0614 · Give each week a clear focus.
8 weeks · About 6 hours per week
Ledger accounts and double-entry bookkeeping & Source documents and books of original entry
Apply the double-entry rule to record 20 transactions across asset, liability, capital, income and expense accounts without error
Distinguish between the two accounts affected in each transaction and state which is debited and which is credited
Identify the source document that triggers each of eight common transactions (invoice, credit note, receipt, cheque counterfoil, petty cash voucher, debit note, bank statement, paying-in slip)
Post ten transactions from journal entries into correctly balanced T-accounts
Your checkpoint
A handwritten ledger containing 10 balanced T-accounts with a one-line narration for each posting
Source documents and books of original entry & Ledger accounts and double-entry bookkeeping
Classify transactions into the correct book of original entry: sales day book, purchases day book, returns books, cash book and general journal
Total and cross-cast each day book and transfer the totals to the nominal ledger
Explain the purpose of the general journal for non-regular transactions such as opening entries and corrections
Reconcile the sales day book total to the individual customer accounts in the sales ledger
Your checkpoint
A complete set of day books for one simulated trading month, with all totals posted and a sales ledger control account agreeing to the list of balances
Accounting for cash and bank transactions, including petty cash & The trial balance and correction of errors
Prepare a two-column and three-column cash book, including discount allowed and discount received
Operate an imprest petty cash system, record vouchers, and restore the float
Reconcile a bank statement to a cash book and explain timing differences such as unpresented cheques and lodgements not yet credited
Extract a trial balance from a set of ledger balances and identify which side each balance belongs on
Your checkpoint
A reconciled bank reconciliation statement and a balanced petty cash book for one month, plus a trial balance that balances to zero difference
Final accounts of sole traders & The accounting environment and accounting concepts
Prepare a trading account and profit and loss account for a sole trader from a trial balance
Compute gross profit, net profit, cost of goods sold and the rate of turnover of stock
Distinguish capital expenditure from revenue expenditure and explain why the distinction affects profit
State and apply the accruals, going concern, consistency and business entity concepts to given scenarios
Your checkpoint
A full trading and profit and loss account for a sole trader with a written note of at least 120 words explaining which concepts were applied and where
Final accounts of sole traders & Adjustments to final accounts
Prepare a statement of financial position (balance sheet) in vertical format from a trial balance with adjustments
Adjust for closing stock, accruals, prepayments, bad debts and provision for doubtful debts
Draw up a provision for doubtful debts account showing the movement for the year
Reconcile net profit before and after adjustments and explain each adjustment's effect on profit
Your checkpoint
A complete set of final accounts including all five adjustments, with a reconciliation table showing the effect of each adjustment on net profit
Accounting for non-current assets and depreciation & Adjustments to final accounts
Distinguish between capital and revenue expenditure when deciding whether to capitalise a cost
Calculate depreciation using the straight-line and reducing-balance methods over three years
Prepare the non-current asset account, accumulated depreciation account and disposal account for an asset sold at a gain and at a loss
Post the depreciation charge to the profit and loss account and show the net book value in the statement of financial position
Your checkpoint
A depreciation schedule for three assets over three years, with disposal accounts for one gain and one loss and the resulting statement of financial position extract
The trial balance and correction of errors & The accounting environment and accounting concepts
Identify and correct errors of principle, omission, commission, original entry, reversal and compensating errors using journal entries
Explain why an error of principle does not affect the trial balance agreement but does affect profit
Prepare a suspense account and clear it after locating errors
State the qualitative characteristics of accounting information and apply them to given reporting choices
Your checkpoint
A corrections journal covering eight errors, a suspense account cleared to nil, and a one-page note on why the trial balance still balanced before correction
Interpretation and analysis of accounting information & Final accounts of sole traders
Compute and interpret gross profit margin, net profit margin, return on capital employed, current ratio and liquid (acid-test) ratio
Compare two years of figures and comment on profitability, liquidity and efficiency
Evaluate the limitations of ratio analysis when comparing firms of different sizes or industries
Complete two full past-paper style questions under timed conditions and self-mark against the mark scheme
Your checkpoint
A written ratio analysis of at least 150 words comparing two years of results, plus two timed practice papers scored and reviewed
Milestones
Week 2: Score at least 80% on a self-made 20-question test on source documents, books of original entry and double-entry postings
Week 4: Produce a trading and profit and loss account from an unseen trial balance with no more than two arithmetic errors and correct gross and net profit figures
Week 5: Complete a full set of final accounts with all adjustments within 45 minutes, correctly handling accruals, prepayments and doubtful debts
Week 7: Correct eight mixed errors and clear a suspense account to nil without referring to notes
Week 8: Achieve at least 65% on two timed full-length practice papers, with the ratio analysis section scoring above 70%