CAT T1 – Paper 1 | Recording Financial Transactions
| Syllabus and Study guide |
Past Papers |
Exam Fee £38 |
Variants 1 |
Exam Type CBE/Paper |
Examiner Clare Estlin |
CAT – T1 Recording Financial Transactions is the first paper among 10 in Certified accounting technician (CAT) scheme. CAT T1 paper deals with the financial accounting at very introductory level. Purpose of this paper is to prepare the students for the upcoming challenging exams in CAT and also in ACCA scheme with strong conceptual knowledge and ability to apply knowledge acquired to train skillful accountants. Students are not expected to have any prior knowledge before learning CAT – T1, however, the concepts that students will acquire under CAT – T1 will be expanded in the later papers i.e. CAT – T3 and CAT – T6 involving advanced techniques and methods.
Principal Objectives
Among principal aims of this paper, it requires students to learn:
- What are Business Documents, there types, how they are connected with each other and how they are processed i.e. invoices, receipts, orders etc
- How to record routine business transactions and maintaining financial records
- How financial information is summarized (trial balance)
- How to manage accounts of debtors (customers) and creditors (suppliers)
- How to manage petty cash and to understand how to reconcile bank information (bank reconciliation statements)
However, it is not limited only to these areas it also includes discussion about Sales tax, Payroll and some other topics.
CAT – T1 is examined through Computer Based Examination (CBE) or Paper Based Exam. Each paper contains 50 multiple choice questions (MCQs) carrying 2 marks each thus 100 marks in total. Duration of exam is 2 hours and to pass CAT – T1 you must get 55% marks.
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CAT – Paper 1 [T1] Recording Financial Transactions Video Lectures Access FREE CAT – T1 video lectures exclusively available on this website. These video lectures give you all the tips, tricks and guidance to top your T1 syllabus and pass the exam with great confidence.
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CAT – Paper 1 [T1] Recording Financial Transactions Revision Notes Access FREE CAT – T1 Revision Notes exclusively designed to memorize and grab key areas of CAT – T1 syllabus. These CAT T1 notes can work with any official study text book. |
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CAT – Paper 1 [T1] Recording Financial Transactions Practice Questions Access FREE CAT – T1 Practice questions. As past papers for CAT – T1 are not available these practice questions can help in great to deal to practice different concepts examinable in CAT – T1 course.
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CAT – Paper 1 [T1] Recording Financial Transactions Mock Exams Access eX-clusive! FREE CAT – T1 Mock Exams. These free mock exams enable you to check, test, stress yourself in every possible way so that you enter exam hall confident. These mock exams come in MCQs format and also include other types of questions. |
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CAT – Paper 1 [T1] Recording Financial Transactions Exam Tips Learn what tips, tricks and topics you must have studied before you sit for an exam. These exam tips specifically details important areas of CAT – T1 course. |
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CAT – Paper 1 [T1] Recording Financial Transactions i-ask! | QnA
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Whether it be a subject related question or a topic specific or simply need an advice on how to manage your studies.
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CAT T1 FREE Resources by Syllabus Area
| > Syllabus Area A |
| Sales |
| This area covers recording sales transactions in sales day book and maintaining sales ledger. It also involves how discount allowed to customers will be recorded and computation of sales tax. Managing debts, accounting for irrecoverable debts, preparing aged receivables analysis is one of the key areas in this section. – – CAT T1 Revision Notes for Area A |
| > Syllabus Area B |
| Purchases |
| This area discusses how organization place purchase orders and how purchased inventory is then recorded. It covers maintaining the records regarding transactions with creditors and how to account for the discounts received from creditors, computation of sales tax (input tax on purchases), and preparing aged payable analysis. Also including how computerized environment can help us in this regard.
– CAT T1 Revision Notes for Area B |
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| > Syllabus Area C |
| Receipts |
| This area deals with how receipts from customers are dealt in accounting records and what accounts must be adjusted in financial statements, involvement of cash book and petty cash book and receiving amounts in bank account. Documentation that is used by organizations to evidence receipt and how it is processed.
– CAT T1 Revision Notes for Area C |
| > Syllabus Area D |
| Payments |
| This area discusses the documentation involved n making payments and how payments made to creditors in cash and via cheque are recorded in books of accounts. It details the process of payment starting from authorization and ending at receipts and how computer systems can help us in this regard. – – CAT T1 Revision Notes for Area D |
| > Syllabus Area E |
| Petty Cash |
| This are introduces the concept of managing petty cash alongside regular Cash book to manage petty receipts and payments. Detailing concept regarding cash imprest/float system and how it is managed, and also who is responsible for managing petty cash book, need of petty cash book etc.–
– CAT T1 Revision Notes for Area E |
| > Syllabus Area F |
| Bank Reconciliations |
| This area introduces students about different banking concepts, banking documents, clearing of cheques, reconciling the differences between bank information and records held by an entity using bank reconciliation statements. Even though it does not form part of financial statements, its still important.
– CAT T1 Revision Notes for Area F |
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| > Syllabus Area G |
| Control Accounts |
| This area introduces the concept of control accounts and how they are used to control the records organizations maintain regarding debtors and creditors. It discusses how control accounts can help us in maintaining error free sales ledgers and purchases ledgers and also how control accounts can help in finding and correcting hidden errors in financial records.
– CAT T1 Revision Notes for Area G |
| > Syllabus Area H |
| The Trial Balance |
| This area aims at learning how to summarize financial data into concise yet meaningful information that can be used by users of financial statements. It covers how trial balance is made how it is connected with ledgers and also to the final accounts (financial statements) of the organization. Key sub area for this section is rectification of errors and how suspense account can help accountants in making financial statements.–
– CAT T1 Revision Notes for Area H |