facts about control account

What is control account?

• a summary of the individual account
• a record of all the transactions that happen in the business

• One where a business invest huge capital to possess certain assets

• a journal recording all of the transactions of a business

Which of this is the uses/purpose of control account

• to locate the error in individual/personal account

• identifying errors in the bank statement

• to locate the errors in the transaction

• to identity the errors in cash book

Control account have ______ types

• two
• three

• four

• five

Which one is the type of control account?

• sales account

• office equipment account

• sales ledger control account

• purchase account

What transaction are related with trade receivable?

What discount is used in purchase ledger control account?

Control account is not part of double entry system but ______ account

Total trade receivable account is also known as purchase ledger control account

• true

• false

Return inward is used in purchase ledger control account

• true

• false

Balance b/d in sales ledger control account will be on the credit side

• true

• false