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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    In reply to by guestY-Nelly (not verified)

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