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
The students should be able to:
|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
Explain the significance of debit and credit in each class of account;
rules of entry for:
|4.||Distinguish between capital expenditure and revenue expenditure;
Define, describe and contrast,
|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;
|9.||Outline the uses and limitations of the trial balance
|Uses and limitations of the trial balance
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