ICAEW ACA Accounting (ICAEW) case studies
ICAEW ACA Accounting · Put your knowledge to work in context.
The ICAEW ACA is the chartered accountancy qualification awarded by the Institute of Chartered Accountants in England and Wales, described by ICAEW as "one of the most advanced learning and professional development programmes available," valued "around the world in business, practice and the public sector." Accounting is the foundational technical module of the ACA's Certificate Level: it introduces double-entry bookkeeping, the preparation of financial statements, and the principles behind recording and adjusting transactions. It suits career-starters in accountancy practices, apprentices, graduates on training contracts, and finance staff in industry or the public sector who need a rigorous grounding in financial reporting before progressing to more advanced ACA modules. The ICAEW ACA Accounting case studies are 5 cases and about 3,178 words.
1Year-end adjustments for a sole trader
Harbour View Joinery is a sole trader. Its draft profit for the year ended 31 December 20X4 is £48,600, before any of the following adjustments.
512 words, about 3 min2Suspense account and correction of errors
Meridian Components Ltd's draft profit for the year ended 31 December 20X4 is £86,400. The trial balance debit total exceeded the credit total by £1,260 and the difference was posted to a suspense account.
672 words, about 3 min3Bank reconciliation with unpresented cheques and bank error
Rivergate Traders' cash book showed a debit balance of £4,860 at 31 March 20X5, while the bank statement showed a credit balance of £2,800 on the same date. The following were then discovered: bank charges of £120 and a standing order of £600 had not been entered in the cash book; a customer's cheque for £740 had been dishonoured and no entry made; a receipt of £1,200 had been entered twice in the cash book; cheques totalling £3,400 had been sent to suppliers but had not yet cleared the bank; lodgements of £1,850 had been recorded in the cash book but did not appear on the bank statement; and the bank had debited a cheque for £950 to the account twice, although it had been paid once.
619 words, about 3 min4Cash flow classification and overdraft treatment
Aldermoor Ltd's summarised statement of profit or loss for the year ended 31 December 20X4 shows profit before tax of £184,000 after charging depreciation of £42,000 and interest expense of £9,000, and after recording a gain on disposal of plant of £6,000. The plant had a carrying amount of £12,000 and was sold for £18,000.
693 words, about 3 min5Provisions, contingencies and an adjusting event
Kestrel Engineering Ltd is finalising its financial statements for the year ended 31 December 20X4. A customer has started legal proceedings claiming £150,000 for defective work.
682 words, about 3 min