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Learning Outcomes - Verification of Accounting Records

The trial balance

Students will be able to:

  • understand that a trial balance is a statement of ledger balances on a particular date
  • outline the uses and limitations of a trial balance
  • prepare a trial balance from a given list of balances and amend a trial balance which contains errors
  • identify and explain those errors which do not affect the trial balance – commission, compensating,complete reversal, omission, original entry, principle.

Correction of errors

Students will be able to:

  • correct errors by means of journal entries
  • correct errors by means of suspense accounts
  • adjust the profit or loss for an accounting period after the correction of errors
  • understand the effect of correction of errors on a balance sheet.

Bank reconciliation

Students will be able to:

  • understand the use and purpose of a bank statement
  • update the cash book for bank charges, bank interest paid and received, correction of errors, credit transfers, direct debits, dividends, and standing orders
  • understand the purpose of, and prepare, a bank reconciliation statement to include bank errors, uncredited deposits and unpresented cheques.

Control accounts

Students will be able to:

  • understand the purposes of purchases ledger and sales ledger control accounts
  • identify the books of prime (original) entry as sources of information for the control account entries
  • prepare purchases ledger and sales ledger control accounts to include credit purchases and sales,
  • receipts and payments, cash discounts, returns, bad debts, dishonoured cheques, interest on overdue accounts, contra entries, refunds, opening and closing balances (debit and credit within each account).

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