Control Account - SS1 Accounting Past Questions and Answers - page 1

A financial account that summarizes and represents the activity and balances of a group of related accounts

An account used to purchase inventory

An account used to record employee salaries

An account used to track advertising expenses

Office supplies expense account

Rent expense account

Customer accounts receivable account

Utilities expense account

To track the balances of multiple accounts within an organization's financial records

To purchase inventory

To record employee salaries

To track advertising expenses

It helps organizations stay organized and efficient in their record-keeping

It increases the number of accounts in an organization

It decreases the accuracy of financial records

It causes confusion in financial reporting