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

A summary account in a company's general ledger

A detailed account in a company's general ledger

An account used for personal expenses

An account used for tax purposes

To list the balances of all the accounts in the general ledger

To ensure that the total debits equal the total credits

To track specific transactions and balances

To reconcile the balances in the control account

Debits increase assets and expenses, while credits increase liabilities, equity, and revenue

Debits increase liabilities, equity, and revenue, while credits increase assets and expenses

Debits and credits have the same effect on the general ledger

Debits and credits are used for tax purposes only

Trial balance

Reconciliation

General ledger

Sub-accounting

To provide a high-level overview of the company's financial position

To track specific transactions and balances

To reconcile the balances in the general ledger

To list the balances of all the accounts in the sub-ledger