Ch 2 · Journal, Ledger and Trial Balance

5 concept points · 2 formulas · 4 exam-critical points.

⭐ Important points (exam-critical)

• ⭐Errors not disclosed by trial balance: error of omission, principle, compensating errors.
• ⭐Suspense A/c absorbs trial-balance mismatches temporarily.
• ⭐Compound journal entries combine multiple debits/credits but must balance.
• ⭐Subsidiary books (purchase, sales, returns, cash) avoid bulky journalising.