SPM Accounting (3756) study plan
SPM Accounting (3756) · Give each week a clear focus.
8 weeks · About 7 hours per week
Ledger Accounts, Double Entry and Trial Balance & Source Documents, Books of Original Entry and Journals
Apply the double-entry rule to record 30 transactions across asset, liability, capital, income and expense accounts without reference notes
Post 20 journal entries from the books of original entry into correctly balanced T-accounts
Extract a trial balance from a completed ledger and identify which of three seeded imbalances are genuine errors
Distinguish the purpose of each book of original entry (sales day book, purchases day book, returns books, cash book, general journal) and route 15 source documents to the correct book
Your checkpoint
A handwritten ledger set covering 30 transactions with a trial balance that balances to the penny, plus a one-page routing table matching 15 source documents to their books of original entry
Financial Statements of Sole Proprietors & Ledger Accounts, Double Entry and Trial Balance
Prepare a full set of sole proprietor financial statements (income statement and statement of financial position) from an unadjusted trial balance in under 60 minutes
Classify 40 ledger balances as capital, non-current asset, current asset, current liability, non-current liability, income or expense
Reconcile opening capital to closing capital using the profit figure and drawings
Explain how each financial statement links to the next and state which balances feed the statement of financial position
Your checkpoint
One complete sole proprietor income statement and statement of financial position from a practice trial balance, with a capital reconciliation showing opening capital plus profit less drawings equals closing capital
Adjustments, Accruals, Prepayments and Bad Debts & Financial Statements of Sole Proprietors
Calculate and journalise accruals and prepayments for five expense accounts and two income accounts at year end
Adjust the financial statements of a sole proprietor for accruals, prepayments, bad debts written off and a provision for doubtful debts
Compute the net effect of each adjustment on profit and on the statement of financial position
Reverse opening accruals and prepayments correctly in the following period's ledger
Your checkpoint
A year-end adjustment working paper for a sole proprietor showing seven accrual/prepayment adjustments, bad debt write-off and doubtful debt provision, with the restated income statement and statement of financial position and a list of reversals for next period
Depreciation of Non-Current Assets & Adjustments, Accruals, Prepayments and Bad Debts
Compute depreciation under straight-line and reducing-balance methods for a pool of five assets with differing acquisition dates
Record the disposal of a non-current asset, including accumulated depreciation, disposal account and resulting profit or loss on disposal
Prepare the non-current asset note showing cost, additions, disposals and accumulated depreciation movements
Identify which adjustments belong in the income statement versus which adjust only the statement of financial position
Your checkpoint
A non-current asset register and note for five assets over three years, including one disposal with a calculated profit or loss on disposal, plus a depreciation expense figure that ties to the income statement
Bank Reconciliation and the Cash Book & Correction of Errors and Suspense Accounts
Update a three-column cash book for 20 transactions including discounts allowed and received, then balance it and carry balances down
Prepare a bank reconciliation statement starting from the cash book balance and reconciling to the bank statement balance
Identify and correct eight errors using journal entries, distinguishing errors that affect the trial balance from those that do not
Open and clear a suspense account for a trial balance difference and explain why each correcting entry clears it
Your checkpoint
A completed three-column cash book, a bank reconciliation statement that agrees to a given bank statement, and a correction journal with suspense account for eight seeded errors
Partnership Accounts & Accounting Concepts, Principles and Assumptions
Draft a partnership appropriation account showing interest on capital, partner salaries, interest on drawings and residual profit sharing
Prepare partners' current accounts and capital accounts and reconcile each partner's closing balance
Record the admission of a new partner including goodwill treatment and revaluation of assets
Apply the accruals, consistency, prudence, business entity and going concern concepts to justify five specific accounting treatments
Your checkpoint
A partnership appropriation account and full set of partner capital and current accounts for a two-partner firm, plus a written note applying five accounting concepts to justify the treatments chosen
Company Accounts and Financial Statement Analysis & Introduction to Accounting and the Accounting Equation
Prepare a company income statement and statement of financial position distinguishing share capital, retained earnings and reserves
Compute and interpret five ratios: gross margin, net margin, return on capital employed, current ratio and inventory turnover
Explain the accounting equation and demonstrate how each of six transactions preserves the balance of assets equals capital plus liabilities
Identify the users of financial statements and state the information need of each
Your checkpoint
A company income statement and statement of financial position with a ratio analysis table of five ratios and a short commentary comparing the results to a prior year
Financial Statements of Sole Proprietors & Correction of Errors and Suspense Accounts & Adjustments, Accruals, Prepayments and Bad Debts
Complete a full-length timed mock covering all eleven domains under exam conditions without notes
Review every incorrect answer and write a correction note identifying the underlying rule that was missed
Redo the two weakest domains from scratch using fresh practice questions
Build a one-page formula and rule sheet covering depreciation, ratios, accruals and suspense corrections for final revision
Your checkpoint
A completed timed mock paper scored against the answer key, with a written error log for every mistake and a one-page revision sheet of formulas and rules
Milestones
Week 2: Produce a balanced sole proprietor income statement and statement of financial position from an unseen trial balance within 60 minutes, with no arithmetic errors
Week 4: Score at least 70% on a self-marked set of 20 questions covering depreciation, disposals, accruals, prepayments and bad debts
Week 6: Complete a partnership appropriation and current account question end to end and reconcile every partner balance without notes
Week 8: Score at least 65% on the full timed mock across all eleven domains, with every error logged and explained