ICMAP Operational Level study plan

Explain and apply the accounting cycle from source documents through journal, ledger, trial balance, and final accounts

Prepare a corrected trial balance by identifying and classifying errors of principle, omission, commission, and compensating errors

Compute depreciation under straight-line and reducing-balance methods and record the adjusting entries

Distinguish capital from revenue expenditure and justify each classification with a one-line rationale

Reconcile a bank statement to a cash book and explain each reconciling item

Prepare a cost statement separating prime cost, factory overhead, and cost of goods sold

Compute and interpret material variances (price and usage) and labour variances (rate and efficiency)

Solve 20 timed calculation questions on cost classification and variance analysis

Allocate service-department costs to production departments using the repeated-distribution and step-down methods

Compute break-even point, margin of safety, and target profit from given cost and revenue data

Prepare a marginal-costing income statement and reconcile it to absorption profit

Correctly identify and fix the three most common errors you made in weeks 1-2

Solve problems on simple and compound interest, present value, and annuities using formula and table methods

Compute and interpret mean, median, mode, standard deviation, and coefficient of variation for a data set

Calculate and interpret index numbers and apply them to a basic business decision

Summarise the key provisions of the Contract Act relating to offer, acceptance, and consideration in your own notes

Outline the essentials of a valid contract and apply them to three short fact patterns

Distinguish the main types of business organisations and state the formation and liability rules for each

Explain the core duties of a company auditor and the consequences of breach

Define elasticity of demand and compute price elasticity from given data

Apply demand and supply analysis to predict the effect of a price ceiling and a subsidy on market equilibrium

Compute and interpret cost curves (fixed, variable, average, marginal) and explain the law of diminishing returns

Describe the main instruments of monetary and fiscal policy and their likely effects on inflation and output

Draft effective prompts to summarise a business report and to generate a structured comparison table using an AI assistant

Use a spreadsheet or AI tool to build a simple budget and a break-even model, then verify every formula manually

Apply statistical sampling concepts to select and justify a sample from a business data set

Evaluate AI-generated numerical output for errors and correct at least two flawed results

Practise 15 mixed questions spanning mathematics, statistics, and business productivity

Complete two full-length timed mock exams under exam conditions and record per-domain scores

Review every incorrect answer and write a one-line reason for each error

Re-drill the two weakest domains with 30 focused questions each

Consolidate all formula sheets and legal-essentials notes into a single revision pack