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Syllabus E3. Control accounts and reconciliations

Syllabus E3

Control accounts and reconciliations

a) Understand the purpose of control accounts for accounts receivable and accounts payable.
b) Understand how control accounts relate to the double-entry system.
c) Prepare ledger control accounts from given information.
d) Perform control account reconciliations for accounts receivable and accounts payable.
e) Identify errors which would be highlighted by performing a control account reconciliation.
f) Identify and correct errors in control accounts and ledger accounts.