MATSEC SEC Accounting study plan

Prepare the full set of final accounts (income statement, statement of financial position) for a sole trader from an unadjusted trial balance, including year-end adjustments for accruals, prepayments, depreciation and closing stock

Apply the double-entry rules to record opening entries, purchases, sales, returns, and cash/bank transactions, then balance off the ledger accounts

Construct and reconcile a trial balance, identifying and correcting errors that do not affect trial balance agreement

Explain the purpose of the books of prime entry and trace one transaction from source document to ledger postings

Prepare a bank reconciliation statement from a cash book and bank statement, adjusting for unpresented cheques, lodgements not credited, standing orders and bank charges

Prepare and explain the purpose of a petty cash book using the imprest system, restoring the float and analysing payments by expense category

Draw up a sales ledger control account and a purchases ledger control account and reconcile the closing balances to the list of ledger balances

Distinguish between capital and revenue expenditure and classify ten given items accordingly

Prepare manufacturing accounts and transfer the production cost to the income statement correctly

Prepare a partnership's appropriation account, including interest on capital, interest on drawings, partners' salaries and profit-sharing ratios

Record the admission of a new partner and the revaluation of assets, showing the resulting adjustments to partners' capital accounts

Explain the accounting treatment of goodwill on admission of a partner under the capital adjustment method

Prepare a company income statement and statement of financial position from a trial balance including taxation, dividends and retained earnings

Distinguish between issued share capital, called-up capital and reserves, and present them correctly in the equity section

Compute the main profitability and liquidity ratios from a set of final accounts

Interpret the ratios in a short written commentary linking movements to underlying business causes

Classify costs into direct, indirect, fixed, variable and semi-variable, and separate semi-variable costs using the high-low method

Prepare a manufacturing or service cost statement showing prime cost, production overhead absorbed and total cost

Calculate predetermined overhead absorption rates and compute over- or under-absorption for a period

Apply the most appropriate basis of apportionment to reapportion service department costs to production departments

Prepare a cost-volume-profit analysis showing contribution per unit, break-even point in units and in revenue, and margin of safety

Compute the sales volume required to achieve a target profit and explain the effect of a change in selling price or variable cost on the break-even point

Prepare a cash budget for a three-month period from given receipts and payments data, including lagged collection from debtors

Explain why a profitable business can still face a cash shortfall, using figures from the budget produced

Analyse a set of published-style final accounts using profitability, liquidity, efficiency and gearing ratios, and state the limitations of ratio analysis

Prepare a statement of cash flows (or a simplified cash flow statement) and explain what it reveals that the income statement does not

Prepare a marginal costing statement and reconcile the resulting profit to the absorption costing profit for the same period

Evaluate a short investment or make-or-buy decision using relevant costing, identifying sunk and opportunity costs

Complete two full timed mock papers under exam conditions, allocating time per question according to marks available

Mark each mock against the model answers and log every lost mark by domain and by error type

Re-work every question where more than a quarter of the marks were lost until the method is correct without notes

Compile a one-page summary sheet of formulae and layouts (final accounts, control accounts, absorption, CVP, ratios) and recite it from memory