ICAEW ACA Accounting (ICAEW) study plan

Build a one-page map of the accounting cycle from source documents through to the trial balance, and explain in writing where each of the five elements (assets, liabilities, equity, income, expenses) is recognised

Apply the dual-entry rule to 40 transactions covering cash, credit sales, purchases, returns and drawings, writing the debit and credit for each before checking the answer

Prepare a trial balance from a list of 25 ledger balances and identify which three balances would signal an error rather than a posting difference

Explain the difference between capital and revenue expenditure with four original examples and state the ledger treatment for each

Journalise and post adjustments for accruals, prepayments, depreciation, irrecoverable debts and closing inventory, then restate the affected ledger accounts

Produce an extended trial balance from a pre-adjustment list and carry each adjustment to the correct statement column

Reconcile a bank statement against the cash book, listing unpresented cheques, uncredited lodgements, bank charges and standing orders

Prepare a bank reconciliation statement and explain why a credit balance in the cash book is not the same as an overdraft on the statement

Prepare a statement of profit or loss from an adjusted trial balance, correctly classifying cost of sales, distribution costs and administrative expenses

Prepare a statement of financial position in good format, separating non-current assets, current assets, equity, non-current liabilities and current liabilities

Calculate depreciation under straight-line and reducing-balance methods and show the effect of a mid-year acquisition and a disposal on the statements

Compute gross profit margin, operating margin, return on capital employed and current ratio from a set of prepared statements and interpret each movement in two sentences

Reconcile opening and closing retained earnings through a statement of changes in equity, including a share issue and a dividend

Correct a trial balance containing five planted errors (transposition, one-sided entry, wrong account, omitted adjustment, reversed entry) and state the correction for each

Explain the treatment of provisions, contingent liabilities and post-year-end events under the relevant reporting framework at a level sufficient for the exam

Draft the disclosure note for property, plant and equipment showing cost, additions, disposals and accumulated depreciation movements

Prepare a manufacturing or trading account with opening and closing inventory, purchases, carriage inwards and returns, and reconcile cost of goods sold to the profit or loss figure

Prepare a partnership appropriation account and current accounts under both fixed and fluctuating capital arrangements

Allocate profit between partners after interest on capital, salary and interest on drawings, and show the closing current account balances

Explain how a partnership admission or retirement is recorded, including revaluation and goodwill adjustments at an introductory level

Prepare a statement of cash flows using the indirect method, deriving operating cash flow from profit before tax with adjustments for depreciation, working capital and non-cash items

Classify 20 cash movements into operating, investing and financing activities and justify each classification in one line

Reconcile the movement in cash and cash equivalents from opening to closing position and tie it back to the statement of financial position

Explain why profit and operating cash flow diverge, using two original numerical examples

Work through 30 multiple-choice style questions on double entry, adjustments, statements and cash flow in a single timed sitting and record accuracy by topic

Redo every question answered incorrectly in week 7, writing the correct treatment and the reason for the original error

Interpret a set of financial statements for a non-specialist reader, identifying three strengths, three weaknesses and the ratios that support each

State the qualitative characteristics of useful financial information and apply each to one accounting policy choice

Sit two full-length timed mock exams under exam conditions and mark them strictly against the published mark allocation

Diagnose the three weakest topics from the mock results and re-teach each using fresh original examples

Build a one-page formula and format sheet covering the SPL, SFP, cash flow and key ratios, and reproduce it from memory

Practise exam technique on two long-form questions, allocating time by mark and showing all workings