CXC CSEC Principles of Accounts (POA) exam guide: Section 4: Ledgers and the Trial Balance
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CXC CSEC Principles of Accounts Exam Guide Section 4: LEDGERS AND THE TRIAL BALANCE |
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SPECIFIC OBJECTIVES The students should be able to: |
CONTENT
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| 1. | Identify the different types of ledgers
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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
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| 3. |
Explain the significance of debit and credit in each class of account;
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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.
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| 5. | Draw up simple account formats, neatly and accurately; | Recording transactions in accounts using the double entry system
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| 6. | Post from books of original entry to the general ledger and the subsidiary ledgers;
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Posting to general and subsidiary ledgers.
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| 7. | Balance and close accounts;
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Balancing accounts: calculation of the balance c/d and bringing down those balances |
| 8. | Use the balances brought down to prepare the trial balance;
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Trial balances. |
| 9. | Outline the uses and limitations of the trial balance | Uses and limitations of the trial balance
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