AAT - Accounts Preparation

Introduction

Studying for the AAT Accounts Preparation exam

The content of this Knowledge Bank is not designed to be a substitute for a structured system of study towards the exams but rather should help complement your chosen study system.

In particular,

• we do not guarantee full syllabus coverage,
• the content here is not necessarily pitched at the right level of difficulty for your exam - in particular, in some areas, it may go beyond what you need,
• the knowledge bank focusses on knowledge, concepts and ideas but has very few worked examples or graded exercises for you to practice,
• there are no past exam questions here to attempt
• examiner's articles and other official guidance are not repeated here.

We highly recommend that you complete a structured course of study and obtain text books and exam kits to improve your chances of exam success.

Using the Kaplan Financial Knowledge Bank

The main benefits of the way the content is presented and accessed via the Knowledge Bank are as follows:

• a quick answer to a quick question - if you have a  query then you should be able to access a trusted answer quickly and efficiently using either the search function, the top navigation bars or /and the side navigation.
• integrated knowledge - examiners often criticise students for not appreciating how different topics fit together. By following the structured links and navigation bars in the content, you can explore related concepts to integrate your knowledge.
• assumed knowledge - you can revise assumed knowledge from lower papers by searching for the relevant topics and reading around the subjects.

The AAT Accounts Preparation syllabus

A good page to start on if you are unclear where to begin would be the overview Financial Reporting page.

Other useful starting points for exploration are linked to syllabus areas below.

The syllabus for Accounts Preparation is split into 8 main learning outcomes (LOs):

LO1 Understand generally accepted accounting principles and concepts

There are a numbers of pages of importance to this LO, notably the ones on The Conceptual Framework and Fundamental Accounting Concepts.

LO2 Understand the principles of double entry bookkeeping

Start with the main page on Double Entry Bookkeeping before looking in more detail at Recording Basic Cash Transactions and Recording Basic Credit Transactions.

LO3 Understand the accounting methods used to record non-current assets

This LO can be covered by looking at the page on Property, Plant and Equipment. Note: don't be put off by the reference to IAS16.

LO4 Account for the purchase of non-current assets

This LO is also  covered by looking at the page on Property, Plant and Equipment.

LO5 Account for depreciation

This LO is also covered by looking at the page on Property, Plant and Equipment.  

LO6 Account for the disposal of non-current assets

This LO is also covered by looking at the page on Property, Plant and Equipment.

LO7 Account for adjustments

The best page to start with here would be the one looking at The Trial Balance and Errors.

LO8 Prepare and extend the trial balance

The best page to start with here would be the same one as for LO7 -  The Trial Balance and Errors.

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Tags:	AAT;Accounts Preparation;AP1