Introduction to control processes

Worked examples (9)

• 1State which side of the SLCA each item appears on
• 2State which side of the PLCA each item appears on
• 3Identify reasons for SLCA and Sales Ledger balance mismatch
• 4Calculate the closing balance of the SLCA
• 5Calculate the closing balance of the PLCA
• 6Calculate a missing credit sales figure from the SLCA
• 7Prepare the SLCA in T-account format
• 8Reconcile the SLCA with the Sales Ledger total after errors
• 9Explain the purpose and benefits of control accounts

Worked examples (9)

• 1State whether each account is Dr or Cr in the trial balance
• 2Classify each error — does the trial balance reveal it?
• 3Name the type of error in each case
• 4Calculate the trial balance total
• 5Find the missing balance
• 6Calculate the suspense account balance
• 7Prepare a full trial balance from a list of balances
• 8Identify and correct errors in a draft trial balance
• 9Extract data for the income statement from the trial balance

Worked examples (9)

• 1Name the type of error in each scenario
• 2State whether each error would be revealed by the trial balance
• 3Identify whether a suspense account is needed for each correction
• 4Calculate the journal correction (no suspense)
• 5Calculate the suspense correction
• 6Calculate the impact of correction on profit
• 7Prepare journal entries for multiple errors
• 8Clear a suspense account by identifying multiple errors
• 9Prepare a Statement of Corrected Profit

Worked examples (9)

• 1Identify timing differences vs bank-only items
• 2State which Cash Book side each item updates
• 3Identify whether each item is added or deducted on the reconciliation
• 4Calculate the updated Cash Book balance
• 5Calculate the bank statement balance using the reconciliation
• 6Calculate the original Cash Book balance given corrections and reconciliation
• 7Prepare a full bank reconciliation
• 8Reconcile when both Cash Book and bank statement show overdrafts
• 9Explain why bank reconciliations are prepared