CXC CSEC Principles of Accounts (POA) exam guide: Section 4: Ledgers and the Trial Balance



CXC CSEC Principles of Accounts Exam guide: Section 4: LEDGERS AND THE TRIAL BALANCE

CXC CSEC Principles of Accounts Exam Guide

Section 4: LEDGERS AND THE TRIAL BALANCE

 

SPECIFIC OBJECTIVES

The students should be able to:

CONTENT
1. Identify the different types of ledgers


Different types of ledgers for recording nominal, real and personal accounts:

(i) general ledger

(ii) sales/debtors’ ledger

(iii) purchases/ creditors’ ledgers

 

 

2. Describe the different classes of accounts;

Classification of accounts

(a)  Nominal          -           expenses

(b)  Real                 -           assets

(c) Personal           -           debtors and creditors

3.

Explain the significance of debit and credit in each class of account;

rules of entry for:

assets,

liabilities,

income,

capital,

and expenses.

 

4. Distinguish between capital expenditure and revenue expenditure;

Define, describe and contrast,

Capital expenditure;

revenue expenditure.

5. Draw up simple account formats, neatly and accurately; Recording transactions in accounts using the double entry system


6. Post from books of original entry to the general ledger and the subsidiary ledgers;


Posting to general and subsidiary ledgers.


7. Balance and close accounts;


Balancing accounts: calculation of the balance c/d and bringing down those balances

 

8. Use the balances brought down to prepare the trial balance;

Trial balances.
9. Outline the uses and limitations of the trial balance

 

Uses and limitations of  the trial balance


 


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