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Level 3 Diploma in Business Management

Control Accounts and Correction of Errors

BM305 · Finance in Business — Week 5 of 16

CourseBM305
Week5 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Control Accounts and Correction of Errors

  1. Sales ledger control accounts (trade receivables)
  2. Purchases ledger control accounts (trade payables)
  3. Identifying error types affecting and not affecting trial balance
  4. Journal entries and suspense accounts
  5. Suspense Accounts - ACCA Financial Accounting (FA) lectures

What you will be able to do

  • 2.3 Develop control accounts for accounts receivable and accounts payable.
  • 2.4 Demonstrate how to correct errors in accounting records.

Activity

Start with this week’s video, then: Seminar, guided reading and a short written task: develop control accounts for accounts receivable and accounts payable.

Study materials

Videos

  • Suspense Accounts - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 22 min · for registered students
  • General Ledger & Subledger Quiz: 20 Questions for Beginners · YouTube · Accounting Stuff · 12 min · for registered students

Further resources

  • Principles of Accounting Vol. 1, ch. 7.3–7.4: Subsidiary ledgers and control accounts · PDF · OpenStax, textbook chapter; pp. 431–446 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
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Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

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Course plan
  • Week 1: Introduction to Business Records and Accounting
  • Week 2: Business Finance and Financial Statements
  • Week 3: The Double Entry Accounting System
  • Week 4: Bank Reconciliation
  • Week 5: Control Accounts and Correction of Errors
  • Week 6: Absorption and Marginal Costing
  • Week 7: Budgeting Framework and Subsidiary Budgets
  • Midterm: Midterm evaluation
  • Week 9: Budgetary Control and Variance Analysis
  • Week 10: Investment Appraisal Methods
  • Week 11: Appraisal Application and Project Evaluation
  • Week 12: Applying Finance in Business in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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