The control account is used in facilitating?
...The control account is used in facilitating?
The various location of errors in the various accounts
Up to date bank transactions
The payment of debts and liabilities of the firm
Assets distribution with respect to income
Correct answer is A
A control account, often called a controlling account, is a general ledger account that summarizes and combines all of the subsidiary accounts for a specific type. In other words, it’s a summary account that equals the sum of the subsidiary account and is used to simplify and organize the general ledger. The purpose of the control account is to keep the general ledger nice and clean without any details, yet contain the correct balances to be used in the financial statements.
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