Apart from the common control accounts, a control account can also be opened for?
Answer Details
Apart from the common control accounts such as accounts receivable and accounts payable, a control account can also be opened for cash account. A cash control account is used to reconcile the cash book and bank statement. This is done by comparing the balance in the cash control account with the balance in the bank statement to identify any discrepancies. The cash control account can help a business to identify any errors in the cash book or bank statement, and ensure that the balance of cash is accurate.