Lesson Notes By Weeks and Term - Senior Secondary 2

Control account

Get it on Google Play
Get it on the Apple App Store
  1. Home
  2. Lesson Notes By Weeks and Term
  3. Senior Secondary 2
  4. Control account

Term: 1st Term

Week: 11

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Financial accounting

Topic:-       Account control

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Define account control
  2. State the advantages of control account
  3. Discuss the divisions of control account

 

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on manufacturing account

Students pay attention

STEP 2

EXPLANATION

She explains the meaning and advantages of control account

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She further discusses the divisions of control account

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

CONTROL ACCOUNT

Control accounts is the extraction of trial balance from individual ledger account of a large organization. Generally speaking, large organizations prepare different types of ledger accounts, but error might occur when preparing these ledgers. To locate the error easily, individual trial balance needs to be opened for each ledger account, anyone that fails to agree indicates that there are errors. Control account is an easy way to locate errors from ledger account. Control account is also called self-balancing ledge.

 

ADVANTAGES OF CONTROL ACCOUNT

  1. It helps in locating errors
  2. It saves time
  3. It can be used to detect missing figures
  4. Fraud becomes difficult when control accounts are prepared 
  5. It is used to check accuracy of balance of the ledgers
  6. The total debtors and creditors can be easily calculated.

 

DIVISION OF CONTROL ACCOUNTS

Basically, control accounts is divided into two: Sales Ledger Control Account and Purchases Ledger Control Accounts. 

  1. Sales Ledger Control Account: This account recorded all account debtors control account.
  2. Purchases Ledger Control Account: This account recorded all account of creditor. It is also called Total Creditors Control account.

 

Note: The closing balance of sale ledger control account represents debtors which will appear in balance sheet under current assets. While closing balance of purchase ledger control account represents creditors which will appear in balance under current liability.

 

EVALUATION:    1. Define control account

  1. State the advantages of control account
  2. Mention and explain the divisions of control account

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively