LC Accounting

Record transactions in the day books, cash book and general journal and post them to the ledger using the dual aspect of every transaction.

Extract a trial balance from ledger balances and know which errors it does and does not reveal.

Prepare a trading, profit and loss account (income statement) and balance sheet (statement of financial position) for a sole trader.

Apply the accruals concept so that only the income and expenses of the period appear in the profit and loss account.

Write off irrecoverable debts and create or adjust a provision for doubtful debts.

Calculate depreciation by the straight-line and reducing-balance methods and record the disposal of a fixed asset.

Update the cash book and reconcile it with the bank statement.

Prepare debtors (sales ledger) and creditors (purchases ledger) control accounts and reconcile them with the ledgers.

Correct errors with journal entries, clear a suspense account and show the effect on profit.

Prepare the published-style income statement and statement of financial position of a company, including share capital, reserves and debentures.

Prepare a receipts and payments account, an income and expenditure account and a balance sheet for a not-for-profit club.

Prepare the accounts of a business that sells a service rather than goods, such as a medical practice or a hotel.

Find missing figures and profit using a statement of affairs, control accounts and mark-up or margin.

Prepare a cash flow statement using the indirect method and explain the difference between profit and cash.

Value inventory at the lower of cost and net realisable value, adjust closing inventory and see how valuation affects profit.

Record VAT on sales and purchases and treat payroll deductions and employer's PRSI in the accounts, using rates given in the question.

Prepare a manufacturing account showing prime cost, factory overheads, work in progress, cost of production and factory profit.

Allocate and apportion expenses between departments, prepare departmental trading and profit and loss accounts and advise management.

Prepare an analysed receipts and payments account, farm final accounts and an enterprise analysis account for a farm.

Calculate and use gross margin, mark-up, net margin, return on capital employed, current ratio and acid-test ratio.

Calculate inventory turnover, debtors and creditors periods, interest cover and gearing.

Comment on a firm's performance and position for owners, lenders and other users of accounts.

Prepare a cash budget and use it to plan for surpluses and shortfalls of cash.

Flex a budget to the actual level of activity and compare it with actual results.

Use contribution to find break-even point, margin of safety and profit at different outputs.

Allocate and apportion overheads, calculate absorption rates and find the cost of a job or product.

Classify costs as direct or indirect, fixed, variable or semi-variable, product or period, and contrast management with financial accounting.

Prepare sales, production, materials, labour and other subsidiary budgets leading to a master budget.

Explain and apply the main accounting concepts (going concern, accruals, consistency, prudence, entity, materiality and others) and the qualities of useful accounting information.

Describe how financial reporting is regulated, the role of directors and auditors, the true and fair view, and the contents of a plc's annual report.

Use spreadsheets and accounting software for accounting tasks and understand the benefits, risks and controls of computerised accounting.