GCE O/L Business & Accounting Studies study plan

Define each element of the accounting equation (assets, liabilities, equity) and classify 30 given items into the correct element

Record 15 transactions in the equation format and confirm assets equal liabilities plus equity after each one

Explain the difference between capital expenditure and revenue expenditure using three original examples each

Describe the purpose of the three business sectors (primary, secondary, tertiary) and place 12 named industries in the right sector

Apply the double entry rule to record 20 transactions covering cash, bank, purchases, sales, expenses and drawings

Write up the books of prime entry (general journal, sales journal, purchases journal, returns journals, cash book) for a single set of source documents

Post 25 journal entries to the correct ledger accounts and calculate closing balances

Distinguish between trade discount and cash discount and record both correctly in the ledger

Prepare a three-column cash book with discount allowed and discount received and reconcile it to the bank statement

Construct a trial balance from 30 ledger balances and identify the side on which each balance belongs

Detect and correct five types of trial balance error, separating those that affect the trial balance from those that do not

Explain why a trial balance can still balance when errors exist

Prepare a trading account and profit and loss account for a sole trader from a given trial balance with adjustments

Adjust for closing stock, accrued expenses, prepaid expenses, depreciation and bad debts in the final accounts

Prepare a statement of financial position in the standard format, separating current and non-current items

Calculate gross profit, net profit and cost of goods sold and check each against the underlying figures

Prepare a manufacturing account and transfer the cost of production into the trading account

Compute and interpret five ratios: gross profit margin, net profit margin, return on capital employed, current ratio and quick ratio

Compute stock turnover and debtor collection period and explain what each change signals to the owner

Compare two years of figures and write three evidence-based recommendations for the owner

Distinguish the four management functions (planning, organising, leading, controlling) and give one business example of each

Draw and explain the functional areas of a business and show how they depend on one another

Describe the characteristics of a successful entrepreneur and assess your own idea against five of them

Carry out a simple SWOT analysis and a break-even calculation for a small business idea

Compare sole trader, partnership, private limited company and public limited company on ownership, liability, continuity and capital raising

Match 10 given scenarios to the most suitable form of ownership and justify each choice in one sentence

Distinguish short-term and long-term sources of finance and state one advantage and one disadvantage of each

Explain the role of a bank, the function of a current account and the purpose of a simple cash budget

Complete two full timed mock papers under exam conditions and score each against the marking scheme

Re-work every question missed in the mocks and write the correct method beside it

Recite the double entry rules, the accounting equation and the final account formats from memory without notes

Build a one-page formula and format sheet covering ratios, final accounts and the cash book