CXC CSEC Principles of Accounts (POA) exam guide: Section 3: Books of Original Entry
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CXC CSEC Principles of Accounts (POA) exam guide Section 3: BOOKS OF ORIGINAL ENTRY |
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SPECIFIC OBJECTIVES The students should be able to: |
CONTENT
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| 1. | Explain the uses of books of original entry;
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The uses of Books of Original Entry: (i) general journal (ii)purchases book (iii) sales (iv) returns outwards book (v) returns inwards book (vi) cash book (vii) petty cash book |
| 2. | Distinguish between cash and credit transactions; |
Cash and credit transaction:
The use of: (i) cash (ii)cheques (iii) credit cards (iv) debit cards
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| 3. | Identify source documents related to books of original entry;
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Source documents and the books of original entry to which they are related – (i) sales invoice, (ii) purchases invoice, (iii) credit notes, (iv) debit notes, (v) petty cash vouchers, (vi) receipts from cash transactions (vii) and non-cash transactions.
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| 4. | Use source documentation to make entries into books of original entry;
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Record transactions using source documents: (i) purchases book (ii) sales book (iii) returns inwards book (iv) returns outwards book (v) cash book (vi) petty cash book
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| 5. | Distinguish between trade and cash discounts; |
Treatment of trade discounts and cash discounts.
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| 6. | Distinguish between discounts allowed and discounts received; |
Cash discounts – discounts allowed and discounts received. |
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Balance the cash book; |
Balancing of the cash book |
| 8. | Interpret the balance of the cash book; | The significance of the balances brought down on the cash book.
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| 9. | Balance the petty cash book; | balancing the petty cash book using the Imprest System. |
| 10. | Indicate treatment of totals from books of original entry; | Posting totals of books of original entry to the General Ledger. |
POA
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