Control account
A summary ledger account used to check individual ledger balances.
A ledger account that summarises the transactions of a ledger (such as receivables or payables), reconciled to the total of the individual account balances to detect errors.
Passende Übungsfragen
The trial balance
The sales day book
The receivables ledger control account
The statement of financial position
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☝️ Single
The receivables ledger control account shows a balance of £48,200, but the total of the individual customer balances is £47,900. Which of the following could explain the difference?
Closing inventory has been undervalued
Depreciation has been charged twice
The business's bank balance has been overstated
A sales invoice of £300 was posted to the control account but omitted from the individual customer's account
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