Uses of Control Account - SS1 Accounting Past Questions and Answers - page 1
What is one use of a control account?
To increase financial discrepancies
To reduce financial reporting
To monitor financial activity
To decrease financial planning
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How can control accounts help with financial analysis?
By summarizing data from multiple accounts
By increasing financial discrepancies
By reducing financial reporting
By decreasing financial planning
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What is the benefit of using control accounts for financial reporting?
They provide a clear and concise summary of financial activity
They increase financial discrepancies
They reduce financial analysis
They decrease financial planning
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What is one use of a control account in financial planning?
To increase spending
To reduce spending
To decrease financial projections
To make more accurate financial projections
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How do control accounts help with financial organization?
By increasing financial discrepancies
By reducing financial reporting
By summarizing the activity and balances of related accounts
By decreasing financial analysis
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What is the purpose of using a control account for financial monitoring?
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How can control accounts be useful for financial planning and budgeting?
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