Accounting & Finance Pearson Technical Qualification Revision
Complete topic breakdowns, revision notes, exam practice questions, and adaptive quizzes for the Pearson Technical Qualification Accounting & Finance specification.
Specification Topics
Top Exam Tips
- Always show your workings clearly, even if the final answer is incorrect, as marks are often awarded for method.
- Before attempting a financial statements task, ensure that the trial balance figures are correctly entered and any adjustments have been posted.
- When answering discursive questions on ethics, link your answer directly to the specific scenario provided and reference the relevant professional code of conduct.
- Practice using the exact accounting software that will be used in the assessment to build speed and confidence.
- In assessment tasks, always show your workings for adjustments—examiners can award method marks even if the final figure is incorrect.
- When using accounting software, save periodic backup files to evidence competence in data integrity procedures.
- Refer to the specific ethical principles (integrity, objectivity, confidentiality, professional behaviour) by name when discussing ethical dilemmas.
- For written answers, structure your response using the PEEL method (Point, Evidence, Explanation, Link) to ensure comprehensive coverage.
Common Mistakes to Avoid
- Confusing the debit and credit sides of accounts, particularly for income and expense transactions.
- Including drawings or personal expenses of the owner as business expenses in the income statement.
- Treating relevant and irrelevant costs incorrectly when making short-term decisions such as make-or-buy.
- Overlooking the need to reconcile the sales ledger control account with the sales ledger list of balances.
- Confusing the double-entry for sales returns (debit sales returns, credit trade receivables) with purchases returns.
- Omitting non-current asset register reconciliation to control accounts.
- Misapplying the prudence concept by overstating assets or understating liabilities.
- Incorrectly treating VAT transactions in the ledgers when using cash accounting scheme.
Key Terminology & Definitions
- Double-entry bookkeeping
- Financial statement preparation
- Costing and budgeting
- Professional ethics and regulation
- Accounting software and systems
- Financial statements preparation
- Ethics and professional conduct
- Regulatory compliance
- Accounting software utilisation
- Data interpretation and reporting