Which of the following is not the purpose of a control ac...
Which of the following is not the purpose of a control account?
Check on errors of addition
Locate errors
Locate missing figures
Monitor the cash book
Correct answer is D
In accounting, the controlling account (also known as an adjustment or control account) is an account in the general ledger for which a corresponding subsidiary ledger has been created.
The details for each control account will be found in a related (but separate) subsidiary ledger. The control account keeps the general ledger free of details, but still has the correct balance for preparing the company's financial statements.
An effect of increase in the provision for depreciation is ...
A partners whose liability goes beyond his capital is known as ...
The following are the importance of branch account except ...
Trade creditors personal accounts are found in the ...
A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of i...
The concept which underlines double entry bookkeeping is ...