Understanding and correcting accounting errors is a key part of CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course.
You are part way through the CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course and you should have read the pages listed below before reading this page:
Welcome to The Trial Balance and Correction of Accounting Errors.
An Accounting Trainee or Bookkeeper should have a good understanding of the Trial Balance and Correction of Accounting Errors. You should be able to explain the nature and purpose of a trial balance. You may need to go back to the FREE BOOKKEEPING 1 course which has a chapter on the initial trial balance.
The Accounting and Bookkeeping examiner will expect you to understand the theory behind the correction of accounting errors, specifically:
-errors not shown on the trial balance
-errors shown by the trial balance.
The examiner will expect you to be able to correct both types of errors by using the journal.
The Accounting examiner will expect you to have a thorough understanding of correction of accounting errors.
The link to Amazon for the recommended reading on Journal Entries is:
Now lets test your knowledge of the trial balance and the correction of accounting errors – go to the test below.