Income Tax Revision for ACA CAP 1 Exam

What is Covered: Control Accounts Bank Reconciliation Statements Correction of Errors and Suspense Account Partnership Accounts

Topic 1 – Absorption & Marginal Costing · Terminology · Standard Unit Costing · Profit statements using Absorption Costing · Profit statements using Marginal Costing · Profit Reconciliation Topic 2 – Process Costing · The Process Account · The Normal Loss (Scrap) Account · The Adnormal Loss / Adnormal Gain · Equivalent Units Topic 3 – Activity Based Costing · Pre-determined Overhead Absorption Rates · Standing Costing / Standard Selling Price · Cost Pools / Cost Drivers · Overhead Allocation Topic 4 – Inventory Valuations · First in, First out (FIFO) · Last in, Last out (LIFO) · Weighted Average Session notes & recordings will be provided electronically following class. 100% money back guarantee if not 100% satisfied – No Risk Required! Who should attend: Students sitting Year 2 ATI - Management Accounting Taxation, CAP1 Management Accounting, and undergrad students covering the above! Aidan is a full-time tax lecturer, author, examiner, and founder of Tax Accounting Training

Topic 1 - Compulsory Question 1 · This is worth 40% of the entire Exam Topic 2 – Valued Add Tax · Rates of VAT · NET VS Gross calculations · Zero Vs Exempt supplies · Thresholds · Cash Receipts Vs Invoice Basis · Supply of Goods · Supply of Services · Cross Border supplies · Distance Sales · Non deductible items · VAT returns & Theory per Exam Papers Topic 3 - PAYE +USC + PRSI Topic 4 - Key Theory Considerations

CAPITAL GAINS TAX CGT and Residency / Ordinary residency / Domicile / Temporary Non Residence Double Taxation Relief Principal Private Residence Capital Gain Groups anti-avoidance measures Transfer of a Business to a Company Retirement Relief Revised Entrepreneur Relief Transfer of site to a child CGT and Shares - Rights issues / Bonus issue / B&B Share Buy backs

Topic 1 – Cost Volume Profit Analysis · CVP Terminology · Break Even Point · Margin of Safety · Target Profit Formula · High / Low Calculation (VC / FC split) ·CVP Graphs, Assumptions / Limitations Topic 2 – Variance Analysis · Sales Price · Sales Volume · Material Price · Material Usage · Labour Rate · Labour Efficiency · Variable Overhead · Fixed Overhead Topic 3 – Relevant Costing · Costing Terminology · Exam approach and pitfalls · Past exam standard question will be completed and explained.

Topic 1 - Income Tax ·Basis of Assessment - Commencement ·Pre-Trading Expenses ·Losses ·Capital Allowances / Balancing Adj’s ·Benefit-in-Kind - Company Car / Loans / Assets / Exemptions ·Single / Joint / Assessment - Tax Comps ·Medical Expenses ·Case V issues ·Payment Dates ·Income Tax Computations Topic 2– Capital Gains Tax ·Trading Vs Capital ·Disposal Costs ·Indexation ·Enhancement Expenditure ·Annual Exemption ·Chattels ·Payment Dates ·Exempt Assets ·CGT Groups ·Debt Write Off ·Connected Persons ·Grants ·CGT & Death ·The Magic Number (€2,540) ·Indexation ·Part Disposal (A/ A+B) ·Spouses & Civil Partners ·Development Land ·Principal Private Residence Relief ·Site to Child Relief

Past exam papers from ACA CAP 2 Taxation will be completed covering the following topics CAPITAL ACQUISITIONS TAX ·Pro-Forma Calculation ·Agricultural Relief ·Business Relief ·Free use of Property ·Gift Splitting ·Life / Limited Interests ·Small Gift Exemption ·Limited / Life interest · Dwelling House Exemption ·Non Domiciled Individuals ·Spousal Exemption ·Inheritances taken by a Parent ·Surviving Spouse Relief · Niece / Nephew Relief · CAT / CGT Offset ·Other Key Areas

Topic 1 – Ratio Analysis · Profitability Ratios · Liquidity Ratios · Working Capital Ratios · Gearing Ratios · Investment Ratios · Ratios explained in simple English · Approach provided for discursive analysis Topic 2 – Incomplete Records / Control Accounts · Approach to deal with this common question · Revision of double entry principles · Mark Up / Margin examples · Regular full compulsory exam question Topic 3 – Partnership Accounts · Partner Capital Account · Partner Current Account · Partner Income Statement · Partner Structure · Regular full compulsory exam question Topic 4 – Other Key Areas · Accounting for Grants – Cost Vs. Deferral Method · Adjusting / Non-Adjusting Events – regular full question. · Treatment of Asset Disposals – very common