MATSEC IM Accounting study guide
MATSEC IM Accounting · Work through your exam, one topic at a time.
The MATSEC Intermediate Level Accounting examination is offered by the MATSEC Examinations Board, which operates within L-Università ta' Malta and publishes its regulations, guidelines and policies, syllabi, current session information, applications, past papers, and marking schemes and exemplars through its official pages. Candidates should treat those published documents - particularly the current syllabus and the marking schemes and exemplars - as the authoritative statement of what the examination contains and how it is assessed. The MATSEC IM Accounting study guide has 4 sections and about 1,320 words.
01Financial Accounting
Financial Accounting is the domain that tests whether you can prepare and present financial statements that comply with accrual accounting and the recognition and measurement rules in IFRS. MATSEC IM questions typically ask for a sole trader's, partnership's or small company's statement of profit or loss and statement of financial position from a trial balance, with year-end adjustments.
352 words, about 2 min02Cost and Management Accounting
Cost and Management Accounting tests how costs are classified, accumulated and used for planning and decisions. Expect questions on cost behaviour, overhead absorption, marginal versus absorption costing, cost-volume-profit analysis, budgeting and basic variances.
297 words, about 1 min03Accounting Records and Control
Accounting Records and Control tests the bookkeeping system that produces reliable information: books of prime entry, ledgers, the trial balance, control accounts, bank reconciliations and the correction of errors. Every transaction is recorded first in a book of prime entry (sales, purchases, returns, cash book, journal), then double-entered in the ledgers.
353 words, about 2 min04Interpretation of Financial Statements
Interpretation of Financial Statements tests your ability to calculate and explain ratios from published or draft statements, and to comment on profitability, liquidity, efficiency, gearing and investor returns. MATSEC questions usually require calculation, comparison and a short evaluation of limitations.
318 words, about 2 min