CXC CSEC Principles of Accounts (POA) exam guide: Section 7: Control Systems
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CXC CSEC Principles of Accounts Exam Guide Section 7: CONTROL SYSTEMS |
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SPECIFIC OBJECTIVES The students should be able to: |
CONTENT
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| 1. | Explain the need for control systems; | The need for control systems.
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| 2. | Identify common control systems; |
Common control systems (a) Suspense Account, (b) Control Accounts, (c) Bank Reconciliation Statements.
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| 3. |
Distinguish between those errors which affect and those which do not affect the trial balance;
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Types of errors. |
| 4. |
Explain the need for suspense account;
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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.
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| 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;
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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.
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| 11. |
Explain the significance of the balance on control accounts;
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Meaning (significance) of the balances on Control Accounts. |
| 12. |
Account for differences between cash book and bank statement balances;
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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. |
mathematics
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POA and POB
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