Control Account - SS1 Accounting Past Questions and Answers - page 1
1
What is a control account?
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A
A financial account that summarizes and represents the activity and balances of a group of related accounts
B
An account used to purchase inventory
C
An account used to record employee salaries
D
An account used to track advertising expenses
2
Which of the following is an example of a control account?
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A
Office supplies expense account
B
Rent expense account
C
Customer accounts receivable account
D
Utilities expense account
3
What is the purpose of a control account?
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A
To track the balances of multiple accounts within an organization's financial records
B
To purchase inventory
C
To record employee salaries
D
To track advertising expenses
4
How does a control account help in financial management?
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A
It helps organizations stay organized and efficient in their record-keeping
B
It increases the number of accounts in an organization
C
It decreases the accuracy of financial records
D
It causes confusion in financial reporting
6
What is the main purpose of using a control account?
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