CAT T3 – Paper 3 | Maintaining Financial Records
| Syllabus and Study guide |
Past Papers |
Exam Fee £38 |
Variants 2 |
Exam Type CBE/Paper |
Examiner Ronnie Patton |
Second installment for Financial Accounting in Certified Accounting Technician course is CAT – T3 Maintaining Financial Records. This subject will be carrying students forward where CAT – T1 actually left i.e. it will introduce few of the new topics and also the advanced knowledge about the topics already covered in CAT – T1. As this paper rests in the intermediate level of certification, difficulty will be raised a bit, but still not up to professional level. Student with good CAT – T1 background will find moving on with CAT – T3 easy. As said earlier, difficulty level be a bit higher for CAT – T3 therefore, questions will tend to be complex, a bit lengthy and sometime test more than one concept in one question. And right from the beginning students are advised not to practice ONLY objective type questions if they really want to be certain about their preparation.
Main objectives for this paper is almost the same as we had in CAT – T1, but the level has advanced therefore for the same topics that we learnt in CAT – T1 we will be touching advanced techniques. However, more specifically, following are the main objectives for this paper:
- Understanding and application of appropriate accounting concepts, principles and policies.
- Understanding the difference between Capital and Revenue expenditures
- Maintaining financial records for non-current assets and making necessary adjustments for acquisition (on cash and part-basis), depreciation on fixed assets and disposal
- Maintaining error free financial records
- Identifying and rectifying errors and understanding their effects on financial statements
- Preparing adjusted trial balance and making adjustments for different transactions
- Preparing Sole trader’s financial statements
- Preparing financial statements for Partnership
- Constructing complete set of financial statements from incomplete records.
CAT – T3, Maintaining Financial Records, is examined in two formats just like its predecessor CAT – T1 i.e. CBE and Paper based exam.
But the type of questions in CBE and Paper based exam will be different.
In CAT – T1 whether you take up CBE or Paper Based exam, things were almost the same as there are 50 multiple choice questions whether it be CBE or Paper Based exam.
But for CAT – T3 you must be very careful while deciding on format of your exam i.e. CBE or Paper based.
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CAT – Paper 3 [T3] | Maintaining Financial Records Video Lectures
Access FREE CAT – T3 video lectures exclusively available on this website. These video lectures give you all the tips, tricks and guidance to top your T3 syllabus and pass the exam with great confidence.
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CAT – Paper 3 [T3]| Maintaining Financial Records Revision NotesAccess FREE CAT – T3 Revision Notes exclusively designed to memorize and grab key areas of CAT – T2 syllabus. These CAT T3 notes can work with any official study text book. |
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CAT – Paper 3 [T3] | Maintaining Financial Records Practice QuestionsAccess FREE CAT – T3 Practice questions. As past papers for CAT – T3 are not available these practice questions can help in great to deal to practice different concepts examinable in CAT – T3 course.
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CAT – Paper 3 [T3]| Maintaining Financial Records Mock ExamsAccess FREE CAT – T3 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 3 [T3] | Maintaining Financial Records Exam TipsLearn what tips, tricks and topics you must have studied before you sit for an exam. These exam tips specifically details important areas of CAT – T3 course. |
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CAT – Paper 3 [T3]| Maintaining Financial Records i-ask! | QnAi – 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.
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CAT T3 FREE Resources by Syllabus Area
| > Syllabus Area A |
| Basic Bookkeeping |
| This area serves greatly as a link between CAT – T1 and CAT – T3 and enables the student to revise in a greater deal. This area encompass maintaining double entry records for business transactions, recording capital and revenue expenditures accordingly, maintaining records for assets, liability, income and expenses. In addition to that it also include discussion about preparation of simple final accounts from trial balance and the policies adopted by the organization.
– CAT T3 Revision Notes for Area A |
| > Syllabus Area B |
| Accounting Standards, Principles and Policies |
| This area introduces the major accounting concepts and conventions that are considered in preparing financial statements and are important to correctly record the transactions in books of accounting. It also discusses IASs and IFRSs and the role of IAASB in setting accounting standards. Based on the IAASB framework, it also requires the student to understand the policies that ensures preparation of quality financial statements for users.
– CAT T3 Revision Notes for Area B |
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| > Syllabus Area C |
| Non-current Assets and Depreciation |
| One of the key areas of CAT T3 and also one of the biggest. This area revolves around the purpose and maintaining asset register and how it helps in controlling the acquisition and disposal of non-current assets. It also includes the methods used to calculate depreciation and how it is calculated and recorded. And lastly the accounting treatments for disposal of non-current assets and adjustments for the same in asset register and Income statement.
– CAT T3 Revision Notes for Area C |
| > Syllabus Area D |
| Control accounts, reconciliation and errors |
| This area advances the knowledge acquired in CAT T1 and involves identifying different types of errors in financial statements using control accounts and how to rectify them accordingly by adjusting accounting books and taking help of suspense account. How to reconcile payables, receivables and bank records with control accounts and bank statements. – — – CAT T3 Revision Notes for Area D |
| > Syllabus Area E |
| Adjustments to the Trial Balance |
| The most important area of CAT T3 paper and major connection with upcoming subjects in CAT and ACCA courses. It includes post trial balance adjustments like depreciation, accruals and prepayments, provisions for doubtful debts, adjustments for bad debts and adjustments in inventory including inventory valuation. Students are advised to put great amount of their efforts in this area as examiner can have variety of questions in his mind for this area.
– CAT T3 Revision Notes for Area E |
| > Syllabus Area F |
| Final Accounts |
| Another key area and one of the biggest area and will serve a major role in CAT T6. Students are advised in advance to grasp this area very well. This area revolves around preparing financial statements for Sole Traders and Partnerships and will use all the knowledge acquired in CAT T3 especially the knowledge of basic bookkeeping, non-current assets and post trial balance adjustments is very essential for this CAT T3 key area.
– CAT T3 Revision Notes for Area F |