CXC CSEC Principles of Accounts (POA) exam guide: Section 7: Control Systems



CXC CSEC Principles of Accounts Exam guide: Section 7: CONTROL SYSTEMS

CXC CSEC Principles of Accounts Exam Guide

Section 7: CONTROL SYSTEMS

SPECIFIC OBJECTIVES

The students should be able to:

CONTENT
1. Explain the need for control systems; The need for control systems.

2. Identify common control systems;

Common control systems

(a) Suspense Account,

(b) Control Accounts,

(c) Bank Reconciliation Statements.

3.

Distinguish between those errors which affect and those which do not affect the trial balance;

Types of errors.

 

4.

Explain the need for suspense account;

Uses of the suspense account.
5.

Prepare journal entries for the correction of errors;

 

Correction of errors via journal entries.
6. Construct a suspense account; Suspense accounts.

7. Construct a statement of revised profit after the correction of errors; The effect of errors on the Trading and Profit and Loss account and the Balance Sheet.

 

8.

Explain the purposes of control accounts and how they are prepared;           

Uses of control accounts.

 

9.

Identify the sources of information for entries made in control accounts;

 

Source of information for entries in control accounts.
10. Construct sales and purchases ledger control accounts;

Sales Ledger Control Accounts,

Purchases Control Accounts.

11.

Explain the significance of the balance on control accounts;

Meaning (significance) of the balances on Control Accounts.
12.

Account for differences between cash book and bank statement balances;

Identification of the items that cause the difference between cash book and Bank statement.
13. Construct a bank reconciliation statement using the adjusted cash book balance Uses and construction of the Bank Reconciliation Statement.


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mathematics

I am really having difficulties in doing maths lately can sum one help me with circle theroem please???????????

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Satoya (not verified)
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need help in both subjects

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