HKICPA QP Module 1 Accounting study plan

Build a one-page map of the HKICPA Conceptual Framework (objective, qualitative characteristics, elements, recognition, measurement, derecognition) from memory

Apply the definition and recognition criteria for assets, liabilities, equity, income and expenses to five short scenario descriptions

Distinguish fair value, value in use, historical cost and current cost, and select the appropriate measurement basis in three written justifications

Draft a personal formula sheet for the accounting cycle (journal to trial balance to adjusting entries to financial statements) without notes

Record, post and close a full accounting cycle for a small trading entity, including accruals, prepayments, depreciation and inventory adjustments

Prepare an adjusted trial balance and a simple statement of financial position and statement of profit or loss from the adjusted balances

Reconcile a bank statement and explain each reconciling item in one sentence

Correct five deliberately misstated ledger entries and state the double-entry effect of each correction

Apply HKAS 2 cost formulas (FIFO and weighted average) and calculate closing inventory and cost of sales under each

Compute net realisable value and record write-downs and reversals with the correct journal entries

Apply HKAS 16 cost model and revaluation model, including depreciation methods, useful-life changes and impairment indicators

Calculate gain or loss on disposal of property, plant and equipment under both models and explain the difference

Apply HKAS 36 impairment testing: identify cash-generating units, allocate goodwill, and compute impairment losses and reversals

Account for HKAS 38 intangible assets, including research and development phase separation and amortisation

Apply HKAS 37 provisions, contingent liabilities and contingent assets, including the expected-value and most-likely-outcome approaches

Classify 15 items as provision, contingent liability, contingent asset or neither, with a one-line reason each

Apply HKAS 18/HKFRS 15 five-step revenue model to three multi-element contracts, including allocation of transaction price and timing of recognition

Account for contract assets, contract liabilities and onerous contracts under HKFRS 15

Apply HKAS 12 current and deferred tax, including temporary differences, tax losses and the initial recognition exemption

Prepare the deferred tax working and tax reconciliation note for a practice entity

Prepare consolidated financial statements for a simple group: acquisition analysis, goodwill, non-controlling interests and intra-group eliminations

Adjust for fair value differences at acquisition and post-acquisition profit and dividend eliminations

Apply HKAS 28 equity method to an associate, including impairment and share of other comprehensive income

Reconcile group retained earnings and NCI from opening to closing balances for a two-subsidiary example

Prepare a statement of cash flows under HKAS 7 using both direct and indirect methods for the same trial balance

Compute and interpret at least eight financial ratios across profitability, liquidity, efficiency and gearing, and explain their limitations

Apply HKAS 10 events after the reporting period and HKAS 8 accounting policies, changes in estimates and errors to five scenarios

Draft the required disclosures for a change in accounting policy and a prior-period error

Complete two full-length timed mock exams under exam conditions and mark them against published marking guides

Log every error by topic, restudy the three weakest topics, and redo the associated questions until correct

Recite from memory the recognition and measurement rules for inventory, PPE, impairment, provisions, revenue, tax, consolidation and cash flows

Build a one-page exam-day checklist covering workings presentation, time allocation and common traps