Question on: WAEC Accounting - 2012
Which of the following is not the purpose of a control account?
A
check on errors of addition
B
locate errors
C
locate missing figures
D
monitor the cash book
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Correct Option: D
In accounting, the controlling account (also known as an adjustment or control account) is an account in the general ledger for which a corresponding subsidiary ledger has been created.Â
The details for each control account will be found in a related (but separate) subsidiary ledger. The control account keeps the general ledger free of details, but still has the correct balance for preparing the company's financial statements.
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