# 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.

Fivestar

8 November 2010 - 10:37pm

### POA and POB

need help in both subjects

Ava (not verified) 14 December 2010 - 11:49pm

### mathematics

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