CTA Finance & Accounting study plan

Build a one-page map of the financial reporting chain, from journal entry through trial balance to the four primary statements, and explain in writing how each link constrains the next.

Rehearse the mechanics of double-entry for accruals, prepayments, depreciation, and inventory movements by writing the entries for 15 short scenarios without consulting notes.

Distinguish the treatment of adjusting versus correcting entries, and draft the adjusting entries needed at a year-end close for a given list of unrecorded items.

Construct a simple statement of cash flows under the indirect method from a comparative balance sheet and income statement, reconciling operating cash flow to net income.

Apply the revenue recognition model step by step to five contract scenarios, identifying the performance obligations and the timing of recognition for each.

Compute cost of goods sold and ending inventory under FIFO, weighted average, and a simple standard costing system, then explain why the three figures diverge.

Prepare a manufacturing cost schedule that separates prime cost, conversion cost, and overhead absorbed, and reconcile it to the income statement.

Explain the accounting treatment of a defined set of asset categories, including impairment indicators and the reversal rules that apply.

Classify costs by behaviour and by function across a realistic cost base, and build a contribution-format income statement from the classification.

Calculate break-even points, margin of safety, and operating leverage, and interpret what each figure tells a manager deciding on a price change.

Prepare a flexible budget that isolates volume variance from spending variance, and explain which variances a manager should investigate first.

Evaluate a make-or-buy and a special-order decision using relevant costing, explicitly excluding sunk and allocated costs.

Build a discounted cash flow model for a capital project, computing net present value, internal rate of return, payback, and discounted payback from the same cash flow stream.

Explain the weighted average cost of capital, and recompute it after a change in capital structure to show the sensitivity of the investment decision.

Distinguish profit from cash in a working capital context, and calculate the cash conversion cycle for a business with given receivable, inventory, and payable days.

Compare two financing options for a planned investment on cost, covenant impact, and risk, and state a recommendation with conditions.

Prepare a 12-month cash forecast from an assumed sales and collection pattern, and identify the month in which a funding gap appears.

Apply the main rules for computing taxable profit from accounting profit for a set of adjustments, distinguishing permanent from temporary differences.

Explain how a deferred tax balance arises and compute one for a single asset with a tax depreciation rate different from the accounting rate.

Identify the filing and payment obligations that attach to a given set of transactions, and note the deadlines and penalties for late compliance.

Map the five components of an internal control framework onto a described sales and purchasing cycle, naming the specific control activity at each point.

Design a segregation-of-duties matrix for a small finance team, and identify the conflicts that cannot be removed and the compensating controls required.

Distinguish inherent, control, and detection risk, and explain how each changes the nature, timing, or extent of audit procedures.

Analyse a described fraud scenario, identify the control failure that permitted it, and propose two preventive and one detective control.

Apply the fundamental ethical principles to five short dilemmas, identifying the threat present, whether it is at an acceptable level, and the safeguard that resolves it.

Explain independence requirements for audit engagement, and decide for a set of non-audit services whether each creates a self-review or advocacy threat.

Distinguish the main business entity forms on liability, taxation, and governance, and state which suits a described start-up and why.

Outline the elements of a valid contract and the remedies available on breach, applying them to two short fact patterns.

Sit two full-length timed mock exams under exam conditions, and record the score and time spent per domain for each.

Rank the domains by score deficit and rework the three weakest areas using targeted practice rather than rereading notes.

Consolidate a single formula and rule sheet covering the calculations most likely to appear, and verify each entry against a worked example.

Rehearse written-answer structure for discussion questions, allocating marks to points and showing workings even where the final figure is uncertain.