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.
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