Overview
This module covers trial balance preparation, error identification and classification, and suspense account procedures. Topics include balancing accounts, different types of errors, and clearing suspense accounts with journal corrections.
1. Extracting the trial balance
- Balancing accounts and carried-forward totals
- Control totals and cross-casting
- Limitations of the trial balance
2. Types of errors
- Omission, commission, and principle
- Original entry and reversal errors
- Compensating errors and transposition