(a) Define control accounts (b) State the two main types of control accounts (c) State the purpose of control account

      

(a) Define control accounts (b) State the two main types of control accounts (c) State the purpose of control account

  

Answers


Benjamin
a) is a total account inserted in a ledger to make itself balancing

b)-Sales ledger control account/total debtors control account
-Purchases ledger control account/total creditors control account

c)
-Provide arithmetical check on the postings made on individual accounts
-Assists in detection and prevention of errors and frauds in the customers and suppliers accounts
-Provide for a quick total of balances to be shown in the trial balance as debtors and creditors
-Facilitates the delegation of duties among debtors/account receivable clerks and creditors/account payable clerks
Kalis answered the question on March 21, 2018 at 06:28


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