Multiple choice

An alternative name for control account is ____________.

  1. total accounts

  2. adjustment account

  3. holding account

  4. suspense account

  5. none of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

It is  a General ledger account whose balance reflects the total of balances of related subsidiary ledger accounts. Accounts receivable and accounts payable are the most commonly used control accounts, and their balances serve as a crosscheck (control) of the accuracy of the associated subsidiary records.

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