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Syllabus E. Preparing a trial balance

Syllabus E2/5. Correction of errors & Suspense Accounts 2 / 4

E2
a) Identify the types of error which may occur in bookkeeping systems.
b) Identify errors which would be highlighted by the extraction of a trial balance.
c) Prepare journal entries to correct errors.
d) Calculate and understand the impact of errors on the statement of profit or loss and other comprehensive income and statement of financial position.

E5
a) Understand the purpose of a suspense account.
b) Identify errors leading to the creation of a suspense account.
c) Record entries in a suspense account.
d) Make journal entries to clear a suspense account.
Correction of errors & Suspense Accounts