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

Summarizes unrelated accounts

Provides multiple points of reference

Decreases accuracy of financial records

Facilitates confusion in financial reporting

By summarizing data from multiple sources into one account

By making manual calculations easier

By reducing the number of accounts in an organization

By increasing the risk of errors and inconsistencies

It increases the need for manual calculations

It reduces the efficiency of financial record-keeping

It makes it easier to analyze and interpret financial data

It facilitates errors and inconsistencies in financial reporting

By increasing the need for manual calculations

By reducing the accuracy of financial records

By summarizing data from multiple sources into one account

By increasing the number of accounts in an organization

To summarize and represent the activity and balances of a group of related accounts

To track advertising expenses

To record employee salaries

To purchase inventory