My latest instructor taught me an alphabet mnemonic for an engine-out emergency. His version went to E. I added the F. While I fly Pipers, which have the advantage of being able to operate the flaps without electrical power, this should translate well to just about any light aircraft.
The order is important, especially at low altitudes. If you lose power on takeoff, you want to push now.
Engine Failure: ABCDEF
A Airspeed (Vg) (And hit the carb heat)
B Best Field: Set up for 1000 ft AGL left base on a good landing spot
C Check systems: Carb heat, Mixture full, Throttle full, Fuel Pump on, Primer Locked, Switch Tanks, pull checklist
D Declare: Mayday on 121.5 unless already established with ATC
E Egress: Prepare door by propping it open, tighten seatbelts
F Fire: On final, Master off, Mags off, Fuel off
Again, I think the order is important. A friend of a friend was flying his classic Beechcraft across the San Francisco Bay from San Carlos to Hayward last year when it lost power. He and his nine-year-old boy survived the ditching just fine, and even stood on the poor plane until it sank. Then they started swimming for shore. Fortunately they were picked up by a boat in the area. I remember reading that he said he went through all the engine restart procedures and then set up a best glide speed. I hate to second guess a guy who apparently did just fine, but I often wonder how much closer to shore he might have ditched if setting pitch for best glide were the first thing he had done.
