Assets, liabilities and capital, the accounting equation, and the rules of double-entry bookkeeping.
The books of prime entry, the ledgers, and posting transactions through the system.
Preparing a trial balance, errors that do and don't affect it, and the suspense account.
Preparing the trading account and profit and loss section to find gross and net profit.
Preparing the balance sheet: non-current and current assets, liabilities, and capital.
Why we depreciate non-current assets, the straight-line and reducing-balance methods, and disposals.
Year-end adjustments: accrued and prepaid expenses, and irrecoverable debts and provisions.
Sales and purchases ledger control accounts, and reconciling the cash book with the bank statement.
The fundamental accounting concepts and the qualities of useful financial information.
Partnership agreements, the appropriation account, and capital and current accounts.
Limited company features, share capital and reserves, and the appropriation of company profit.
Manufacturing accounts and prime/production cost, and reconstructing incomplete records.
Profitability, liquidity and efficiency ratios, and interpreting business performance.
Marginal costing and break-even, and budgets including the cash budget.
Valuing inventory using FIFO and weighted average, and the rule of cost or net realisable value.
Reconciling profit to cash under IAS 7: operating, investing and financing activities.
Apportioning and absorbing overheads, overhead absorption rates, and marginal vs absorption costing.
Appraising capital projects using payback, accounting rate of return and net present value.