ACC 211 & 221 TOPICS
CORRECTION OF ERRORS IN A TRIAL BALANCE
1. Definition of a Trial Balance
2. Types of Errors in a Trial Balance
i. Error of Ommission; Meaning, example and treatment
ii. Error of Commission; Meaning, example and treatment
iii. Error of Principle; Meaning, example and treatment
iv. Compensating Error; Meaning, example and treatment
v. Error of Original Entry; Meaning, example and treatment
vi. Complete Reversal of Entry; Meaning, example and treatment
Correction of Errors in a Trial Balance
CONTROL ACCOUNT
1. Definitiuon of Control Account
2. Types of Control Account
3. Description of Sales Ledger Control Account
i. Source of Entries in Sales Ledger Control Account
ii. Question and Solution on Sales Ledger Control Account
4. Purchases Ledger Control Account
i. Source of Entries in Purchases Ledger Control Account
ii. Question and Solution on Purchases Ledger Control Account
5. Prepararing Sales Ledger Control Account and Purchases Ledger Control Accouny (Question and Solution)
Control Account
SINGLE ENTRY AND INCOMPLETE RECORD
1. Meaning of Single Entry and Incomplete Record
2. Difference Between Single Entry and Incomplete Record
3. Approaches to Single Entry and Incomplete Recordk
i. Statement of Financial Position Approaches to Incomplete Record
ii. Matching Concept Approache to Single Entry
5. Question, Adjustment and Solution on Incomplete Record
i. Adjustment and Preparatuion of Statement of Affairs to Incomplete Record
ii. Calculation of Profit to Single Entry
iii. Preparation of Statment of Financial Position to Incomplete Record
Control Account
STOCK VALUATION/INVENTORY VALUATION (FIFO, LIFO & WEIGHTED AVERAGE)
1. Classification of Account (Personal & Inpersonal)
2. Meaning of Inventory
3. Meaning of Inventory Valuation
4. Methods of Calculating Inventory/Inventory Valuation Methods
5. First In First Out (FIFO) Method of Inventory Valuation
i. Illustration and Solution using First In First Out (FIFO) Method
6. Last In First Out (LIFO) Method of Inventory Valuation
i. Illustration and Solution using Last In First Out (LIFO) Method
7. Weighted Averaage Method of Inventory Valuation
i. Illustration and Solution using Weighted Averaage Method Method
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8. Question and Solution on Inventory Valuationb using FIFO Method
9. Question and Solution on Inventory Valuationb using LIFO Method
10. Question and Solution on Inventory Valuationb using Weighted Average Method
Source Documents
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