T1 Recording Financial Transactions

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.

Exam Format

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.

>
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.

  • CLICK here for CAT – T1 related prep-tips video lectures
  • CLICK here to suggest a topic for which you need a tip
  • CLICK here to share your own tip(s)
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.

>
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.


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.

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.

>
CAT  – Paper 1 [T1] Recording Financial Transactions i-ask! | QnA


i – ask! portal lets you ask your question directly from our teachers.
Whether it be a subject related question or a topic specific or simply need an advice on how to manage your studies.

  • CLICK here to ask your question
  • CLICK here to open complete list of CAT – T1 related questions already answered

 

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
CAT T1 Mock Exam for Area A
CAT T1 Practice questions for Area A
CAT T1 Prep-tips video lectures for Area A
CAT T1 Prep-tice video lectures for Area A
– Access list of questions answered by tutors related to 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
– CAT T1 Exam for Area B
CAT T1 Practice questions for Area B
CAT T1 Prep-tips video lectures for Area B
CAT T1 Prep-tice video lectures for Area B
– Access list of questions answered by tutors related to Area B

>>>

> 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
CAT T1 Mock Exam for Area C
CAT T1 Practice questions for Area C
CAT T1 Prep-tips video lectures for Area C
CAT T1 Prep-tice video lectures for Area C
– Access list of questions answered by tutors related to 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
CAT T1 Mock Exam for Area D
CAT T1 Practice questions for Area D
CAT T1 Prep-tips video lectures for Area D
CAT T1 Prep-tice video lectures for Area D
– Access list of questions answered by tutors related to 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
CAT T1 Mock Exam for Area E
CAT T1 Practice questions for Area E
CAT T1 Prep-tips video lectures for Area E
CAT T1 Prep-tice video lectures for Area E
– Access list of questions answered by tutors related to 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
CAT T1 Mock Exam for Area F
CAT T1 Practice questions for Area F
CAT T1 Prep-tips video lectures for Area F
CAT T1 Prep-tice video lectures for Area F
– Access list of questions answered by tutors related to Area F

>>>

> 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
CAT T1 Mock Exam for Area G
CAT T1 Practice questions for Area G
CAT T1 Prep-tips video lectures for Area G
CAT T1 Prep-tice video lectures for Area G
– Access list of questions answered by tutors related to 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
CAT T1 Mock Exam for Area H
CAT T1 Practice questions for Area H
CAT T1 Prep-tips video lectures for Area H
CAT T1 Prep-tice video lectures for Area H
– Access list of questions answered by tutors related to Area H