LC Accounting study plan

Define each element of the accounting equation and classify 40 given transactions as affecting assets, liabilities, capital, income or expenses

Write the debit and credit entries for 30 transactions covering cash, credit sales, purchases, drawings and capital introduction

Post 20 transactions into T-accounts and prove that total debits equal total credits after each batch

Distinguish books of prime entry from ledger accounts and state which book records sales, purchases, returns, cash and the journal

Record 25 transactions through the sales day book, purchases day book, returns day books, cash book and general journal, then post all totals to the nominal ledger

Extract a trial balance from a completed ledger set and identify which side each account balance belongs on

Explain the purpose of a suspense account and journalise five opening and closing suspense entries

Classify six errors as errors of principle, omission, commission, original entry, reversal or compensating, and state which affect the trial balance

Correct ten errors using journal entries, including those requiring a suspense account, and restate the corrected profit figure

Prepare a bank reconciliation from a cash book and bank statement, adjusting for unpresented cheques, uncredited deposits, standing orders, direct debits, bank charges and dishonoured cheques

Update a cash book from bank statement items and carry the adjusted balance into the reconciliation statement

Prepare a receivables control account and a payables control account and reconcile each to the list of ledger balances

Identify three causes of difference between a control account and its list of balances and journalise the corrections

Adjust ten account balances for accruals and prepayments and show the effect on profit and on the statement of financial position

Compute depreciation under straight-line and reducing-balance methods for four assets over three years, including part-year charges

Record the disposal of a non-current asset, clearing accumulated depreciation and calculating the profit or loss on disposal

Write off bad debts, create and adjust an allowance for doubtful debts, and recover a previously written-off debt

Prepare an adjusted profit calculation starting from a draft profit and listing every adjustment

Value inventory under FIFO and weighted average cost for a set of receipts and issues, and state why LIFO is not permitted under IAS 2

Apply the lower of cost and net realisable value to a schedule of inventory lines and compute the closing inventory figure

Adjust cost of sales for purchases, returns, carriage inwards, opening and closing inventory

Prepare a statement of profit or loss for a sole trader from a trial balance with year-end adjustments

Prepare a statement of financial position for a sole trader, presenting non-current assets at carrying amount and separating current from non-current items

Draft a partnership appropriation account showing interest on capital, interest on drawings, partners' salaries and residual profit sharing

Record partners' capital and current accounts and explain why the two accounts are kept separate

Journalise the admission of a partner, including goodwill and revaluation adjustments, and the retirement of a partner with a loan account

Reconstruct sales, purchases and cash figures from incomplete records using mark-up and margin

Prepare a statement of affairs to derive opening or closing capital when records are incomplete

Distinguish ordinary and preference shares, record an issue at par and at a premium, and account for a bonus issue and a rights issue

Prepare a company statement of financial position showing share capital, share premium, retained earnings and the current and non-current split

Compute the gross profit margin, operating margin, return on capital employed, current ratio, quick ratio, inventory turnover and receivables collection period from a set of statements

Interpret the ratios computed, naming two possible causes and two limitations of ratio analysis

Complete two full-length timed mock exams under exam conditions and mark them against the answer key

Log every incorrect answer by domain and rework the underlying topic until the error is eliminated

Redo the weakest two domains from scratch without notes to confirm retention

Build a one-page formula and adjustment checklist covering depreciation, ratios, mark-up, margin and control account reconciliations

Review the checklist daily for four days and self-test each item from memory