CONTROL SYSTEMS

Question 1

explain the uses of control systems
in the accounting process

Question 2

outline the THREE most commonly
used control systems in the
accounting process;

Answer 2

Common control systems:
(a) Suspense Account;
(b) Control Accounts; and,
(c) Bank Reconciliation Statements.

Question 3

distinguish between those errors
which affect and those which do
not affect the trial balance

Question 4

explain the need for suspense
account

Question 5

explain the purposes of control
accounts and how they are
prepared

Question 6

identify the sources of information
for entries made in control
accounts;

Question 7

explain the significance of the
balances on control accounts