Trial Balance

Double entry to IFRS

Revise accounting
by doing it.

Short lessons, worked examples in the proper exam layout, and practice questions that mark your answers.

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The journal31 MAR 2026

AccountDr £Cr £

Equipment5,000

Bank5,000

(Bought shelving for the stockroom)

Totals5,0005,000

Debits = credits

52topics

245practice questions

52animated explainers

104YouTube lessons

How to use this site

1. Learn

Read the rule, the method and the common mistakes at the top of each topic page.

2. Worked example

See a full answer laid out the way an examiner expects.

3. Practice

Fill in journals, T-accounts and statements on the page, then check your answer or reveal it with an explanation.

Foundations · Year 1 & 2

Two effects for every transaction: the double-entry rules, the ledger and the year-end adjustments that everything else is built on.

The accounting equationWhy every transaction has two effects, and how assets, liabilities and equity stay in balance.3 questions Debits, credits and account typesThe five account types and the DEAD CLIC rule for which side an entry goes on.3 questions Journal entriesTurning transactions into balanced debits and credits, set out in the standard journal format.5 questions T-accounts and balancing offPosting to ledger accounts and working out closing balances with c/d and b/d.3 questions Trial balanceListing every balance on the right side, and what a trial balance can and can’t prove.3 questions Accruals and prepaymentsYear-end adjustments that match income and expenses to the period they belong to.5 questions Depreciation and disposalsStraight-line and reducing balance methods, the journal, and profit or loss on disposal.5 questions Income statementCost of sales, gross profit and net profit in the vertical format, for sole traders and companies.4 questions Statement of financial positionAssets, liabilities and capital at a date, laid out so the two halves agree.3 questions PartnershipsSharing profit between partners: salaries, interest on capital, the appropriation account and current accounts.4 questions Incomplete recordsPreparing accounts when a business hasn’t kept full books: net assets, control accounts, cash and mark-ups.5 questions

Financial statements

Every main type of financial statement, shown as a real, complete example with every line explained. Each page also shows how to build the statement from a trial balance and how to read it, and gives you one to fill in.

Sole trader income statementThe income statement of a small business owned by one person, explained line by line, with how to build it and how to read it.3 questions Sole trader statement of financial positionThe balance sheet of a small business owned by one person, explained line by line, with how to build it and how to read it.3 questions Company statement of profit or loss and OCIA limited company’s statement of profit or loss and other comprehensive income in the IAS 1 layout, explained line by line.3 questions Company statement of financial positionA limited company’s statement of financial position in the IAS 1 layout, explained line by line.3 questions Statement of changes in equityHow each part of shareholders’ equity moved during the year: profit, other gains, dividends and share issues.3 questions Statement of cash flowsWhere a company’s cash came from and went, built from the other statements, explained line by line.3 questions Consolidated statement of financial positionA group’s balance sheet: a parent and the company it controls, shown as one business. Explained line by line.3 questions

Year 3

The standards and techniques of a final-year International Financial Reporting module, each worked through with numbers.

Statement of cash flowsWhy profit isn’t cash, and how to prepare the IAS 7 statement using the indirect method.5 questions Ratio analysisProfitability, liquidity, efficiency and gearing ratios, and how to interpret them.5 questions IFRS standardsThe key rules in IAS 1, IAS 2, IAS 16, IAS 37, IAS 38, IFRS 15 and IFRS 16, with calculations.8 questions IAS 36: Impairment of assetsRecoverable amount, value in use, impairment losses and how they are spread across a cash-generating unit.5 questions IAS 12: Deferred taxWhy accounting profit and taxable profit differ, and how temporary differences create deferred tax assets and liabilities.5 questions IFRS 9: Financial instrumentsClassifying financial assets, the amortised cost method, and expected credit losses on receivables.4 questions IFRS 15: Revenue in depthThe five-step model in detail: performance obligations, variable consideration, allocation and revenue over time.5 questions IAS 37: Provisions and contingenciesWhen to recognise a provision, how to measure it, and when to disclose a contingent liability instead.5 questions IAS 16: Property, plant and equipmentWhat goes into cost, depreciation by component, and the revaluation model step by step.5 questions IAS 38: Intangible assetsRecognising intangibles, research versus development, and amortisation.4 questions IFRS 16: Lease calculationsMeasuring the lease liability and right-of-use asset, and building the liability table year by year.6 questions Consolidated statement of profit or lossAdding parent and subsidiary together, removing intra-group trading and unrealised profit, and splitting profit with the NCI.5 questions IAS 8: Policies, estimates and errorsTelling a change of policy from a change of estimate or an error, and whether to fix it looking back or looking forward.4 questions IAS 10: Events after the reporting periodWhich events after the year end change the figures, which only need a note, and the going concern exception.4 questions IAS 20: Government grantsWhen to recognise a grant, spreading capital grants over the asset’s life, and what happens if a grant must be repaid.5 questions IAS 23: Borrowing costsAdding interest to the cost of an asset while it is being built: specific loans, general borrowings and when to start and stop.4 questions IAS 33: Earnings per shareBasic EPS, weighting shares issued during the year, bonus issues, and what diluted EPS means.4 questions IAS 40: Investment propertyProperty held to earn rent or grow in value: the fair value and cost models, and moving property in and out of the category.5 questions IAS 21: Foreign currency transactionsRecording deals in other currencies, retranslating balances at the year end, and where exchange gains and losses go.4 questions IFRS 13: Fair value measurementWhat fair value means, the principal and most advantageous markets, and the three-level fair value hierarchy.3 questions Conceptual Framework and measurementWhat financial reporting is for, what makes information useful, the five elements, and the measurement bases: historical cost and current value.5 questions IAS 41: AgricultureBiological assets and agricultural produce at fair value less costs to sell, with every change in value going to profit or loss.4 questions IAS 1 and IFRS 18: Presentation of financial statementsWhat a full set of accounts contains, current versus non-current, OCI, and the new IFRS 18 profit or loss categories from January 2027.5 questions IFRS 3 and IFRS 10: Consolidated statement of financial positionControl, goodwill (partial and full methods), NCI, group retained earnings and intragroup eliminations, using the five standard workings.4 questions IAS 28: Associates and the equity methodSignificant influence, the equity method one line, and preparing a consolidated statement of financial position with a subsidiary and an associate.5 questions IAS 2: InventoriesInventory at the lower of cost and net realisable value: what goes into cost, FIFO and weighted average, and write-downs.3 questions IFRS 5: Held for sale and discontinued operationsWhen an asset is held for sale, measuring it at the lower of carrying amount and fair value less costs to sell, and showing discontinued operations.3 questions IAS 19: Employee benefitsShort-term benefits, defined contribution and defined benefit pension plans: service cost, net interest and remeasurements in OCI.3 questions IFRS 2: Share-based paymentEquity-settled share options valued at grant date and spread over the vesting period, and cash-settled share appreciation rights remeasured each year.3 questions IAS 24: Related party disclosuresWho counts as a related party, who doesn’t, and what must be disclosed, including key management personnel pay.2 questions IFRS 11: Joint arrangementsJoint control, and the difference between a joint operation (your share of assets and liabilities) and a joint venture (equity method).3 questions IAS 27: Separate financial statementsHow a parent or investor shows its investments in subsidiaries, joint ventures and associates in its own (separate) accounts.3 questions IAS 32 and IFRS 7: Financial instruments presentation and disclosuresLiability or equity, splitting a convertible bond, offsetting and treasury shares (IAS 32), and the risk disclosures of IFRS 7.3 questions IFRS 8: Operating segmentsThe management approach, the 10% tests for reportable segments, the 75% check, and what to disclose.3 questions IFRS 12: Disclosure of interests in other entitiesWhat a group must disclose about its subsidiaries, joint arrangements, associates and unconsolidated structured entities.3 questions IAS 34: Interim financial reportingThe minimum content of half-year reports, the comparatives needed, the year-to-date approach, and tax at the expected annual rate.3 questions IFRS 1: First-time adoption of IFRSMoving to IFRS for the first time: the date of transition, the opening IFRS statement of financial position, exceptions, exemptions and reconciliations.3 questions IAS 29: Financial reporting in hyperinflationary economiesSpotting hyperinflation, restating non-monetary items with a general price index, and the gain or loss on the net monetary position.3 questions IAS 26: Accounting and reporting by retirement benefit plansThe financial statements of pension plans themselves: net assets available for benefits, and the actuarial present value of promised benefits.3 questions IFRS 6: Exploration for and evaluation of mineral resourcesWhich exploration costs can be capitalised, measuring and classifying exploration and evaluation assets, and when to test them for impairment.3 questions IFRS 17: Insurance contractsThe general measurement model (fulfilment cash flows plus the contractual service margin), onerous contracts, and the premium allocation approach.3 questions IFRS 19: Subsidiaries without public accountability: disclosuresA reduced-disclosure option for eligible subsidiaries, effective from 2027: who qualifies and what changes.3 questions IFRS 14 and IFRS 20: Rate-regulated activitiesRegulatory deferral accounts under IFRS 14, and IFRS 20 (issued May 2026, effective 2029): regulatory assets and regulatory liabilities.3 questions

Industry ready

Skills for graduate finance and Big 4 roles: what you will actually do in your first year, and how to handle interviews.

Audit basicsHow an external audit works, and the tasks a first-year audit associate actually does.5 questions Practical bookkeepingBank reconciliations, VAT, control accounts and suspense accounts: the day-to-day work of a finance team.6 questions Group accountsConsolidation under IFRS 10 and IFRS 3: goodwill, non-controlling interest and intra-group trading.5 questions Interview prepHow to answer technical, competency and commercial awareness questions for graduate finance roles.4 questions Excel skillsThe formulas and habits finance teams use every day: SUMIFS, lookups, IF, pivot tables and checks.5 questions Reading an annual reportWhat is in a listed company’s annual report, where auditors and analysts look first, and a checklist to use on any report.6 questions

On the job

Realistic work simulations. Each one starts with an email from your senior or manager, gives you the documents you would really work from, and takes you through the tasks step by step, ending with the summary you would send back.

Audit: testing receivablesYour first audit section: pick the balances to test, check after-date cash, test sales cut-off and report back.9 questions Audit: inventory countAttend the year-end stock count: test counts both ways, check goods coming in, and review slow-moving stock.7 questions Finance team: month-end closeClose the October books at a gym chain: accruals, prepayments, the bank rec and budget variance commentary.8 questions Tax: VAT return and corporation taxPrepare a client’s quarterly VAT return and draft its corporation tax computation.7 questions Audit: going concern reviewReview a client’s cash flow forecast and loan covenant, spot the warning signs, and brief your manager.6 questions Audit: payrollTest a client’s wages: analytical review, a sample of employees, leavers, and the year-end PAYE liability.6 questions Audit: fixed asset additionsVouch additions to invoices and decide what is really capital, what belongs to the right year, and what’s been overstated.7 questions Finance team: accounting for a new leaseDecide which contracts are leases, then set up a new equipment lease under IFRS 16 and explain the effect to the finance director.5 questions

Practice

Test yourself the way the exam will: full questions against the clock, written answers, flashcards and one-page summaries.

Exam questionsTen multi-part questions with a timer, auto-marked numbers and a full mark scheme.140 marks Review my mistakesEvery question you got wrong or revealed, ready to try again.Updates as you go FlashcardsEvery glossary term, with spaced repetition so hard cards come back sooner.207 cards Written answersExplain-and-discuss questions with model answers and a checklist of key points.Model answers Summary sheetsThe key rules from every topic, one page per section, with PDFs to download.6 sheets Mixed testA random, timed test across the sections you choose.Timed

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Exam technique for every answer

Give every statement a full heading. Use for the year ended for the income statement and as at for the statement of financial position.
Show your workings. Method marks are often worth more than the final figure.
Put deductions in brackets, e.g. (8,500).
Single-underline before a subtotal and double-underline final totals.
In journals, put the debit first, indent the credit, and add a narration.
For ratios, give the formula, the workings, the result with its unit, and an interpretation.
For written IFRS answers, name the standard, state the rule, apply it and explain why.