BGCSE Accounting 1442 study plan

State the meaning of the business entity, going concern, accruals (matching), consistency, prudence and realisation concepts, and identify which concept is being applied in each of eight given situations.

Analyse 15 transactions by naming both accounts affected and stating the debit and credit entry for each.

Record transactions in the books of original entry (sales, purchases, sales returns, purchases returns, general journal, cash book) and post every entry to the relevant ledger account.

Balance off ledger accounts at month end and extract a trial balance from the balances.

Prepare a trading account and profit and loss account for a sole trader from a trial balance, adjusting for closing stock, accrued expenses, prepaid expenses and accrued income.

Prepare a balance sheet in vertical or horizontal form, correctly classifying non-current assets, current assets, current liabilities, non-current liabilities and capital, and treating drawings and net profit in the capital section.

Calculate depreciation under both the straight-line and reducing-balance methods and record the charge and accumulated depreciation in the final accounts.

Adjust for bad debts and a provision for doubtful debts and show the effect of each on net profit and on the balance sheet.

Classify errors into omission, commission, principle, original entry, reversal and compensating, and decide for ten given errors whether the trial balance would still agree.

Prepare journal entries, with narratives, to correct each of ten errors, including entries that require a suspense account.

Open, post to and close a suspense account, and explain what a remaining balance in it signifies.

Redraft a reported net profit after corrections and state, for each correction, whether profit rises or falls and by how much.

Prepare a sales ledger control account and a purchases ledger control account from given opening balances and a list of transactions.

Reconcile the closing balance of each control account with the total of the individual ledger balances and explain the purpose of control accounts as a check on accuracy.

Update a cash book for bank statement items such as standing orders, direct debits, bank charges, interest and dishonoured cheques, then prepare a bank reconciliation statement from the updated cash book balance.

Explain why unpresented cheques and uncredited lodgements cause a difference between the cash book and the bank statement and show where each appears in the reconciliation.

Prepare a partnership appropriation account showing interest on capital, partners' salaries, interest on drawings and the division of residual profit in the agreed ratio.

Prepare partners' capital accounts and current accounts, distinguishing clearly between the two and correctly recording drawings, salary, interest and profit share.

Record the admission of a new partner, including cash introduced and the revised profit-sharing ratio, and prepare the partnership balance sheet afterwards.

Identify and correct three common errors in a faulty appropriation account, explaining the effect of each on individual partners' current accounts.

Distinguish a receipts and payments account from an income and expenditure account and prepare both from a single set of club data.

Adjust subscriptions for amounts in arrears and in advance, depreciate club assets, and calculate the surplus or deficit for the period.

Compute gross profit margin, net profit margin, return on capital employed, current ratio, quick ratio, stock turnover and trade receivable and payable days from a set of final accounts.

Write a short evaluation of a business's profitability, liquidity and efficiency that names each ratio, compares it with the prior year and states one limitation of ratio analysis.

Correct six errors in a draft set of final accounts and then recompute six ratios from the corrected figures, showing the effect of each correction on the ratio concerned.

Interpret year-on-year changes in margins, return on capital employed and liquidity ratios, and explain why a higher ratio is not always a sign of improvement.

State the limitations of ratio analysis, including historical cost figures, differing accounting policies and the absence of non-financial information.

Answer structured exam-style questions on error correction and suspense accounts within the stated time allocation.

Sit two full-length, closed-book papers covering all eight domains within the official time limits.

Mark each paper against the mark scheme, log every lost mark by domain on an error sheet and re-work each incorrect item to full marks.

Redo final accounts and double-entry questions from the two heaviest domains until each can be completed without notes inside the time allowance.

Apply a written pre-start checklist of adjustments (closing stock, accruals, prepayments, depreciation, bad and doubtful debts, drawings) at the beginning of every final accounts question.