CONTROL SYSTEMS Flashcards
1
Q
explain the uses of control systems
in the accounting process
A
2
Q
outline the THREE most commonly
used control systems in the
accounting process;
A
Common control systems:
(a) Suspense Account;
(b) Control Accounts; and,
(c) Bank Reconciliation Statements.
3
Q
distinguish between those errors
which affect and those which do
not affect the trial balance
A
4
Q
explain the need for suspense
account
A
5
Q
explain the purposes of control
accounts and how they are
prepared
A
6
Q
identify the sources of information
for entries made in control
accounts;
A
7
Q
explain the significance of the
balances on control accounts
A
