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Understand the form and function of the trial balance
Explain the purpose of the trial balance.
Discuss of the limitations of the trial balance
Describe the types of error not exposed by the trial balance
Explain the procedures for tracing errors exposed by the trial balance.
Understand the purpose of the suspense account
Explain the purpose of a suspense account
Describe the type of errors that will result in an imbalance in the books of account.
Understand the form and function of the financial statements
Describe the format and the purpose of the trading and profit and loss account
Describe the format and the purpose of the balance sheet
Understand the form and function of the extended trial balance
Describe the format and purpose of the extended trial balance
Explain the procedures used in preparing the extended trial balance