Apart from the common control accounts, a control account can also be opened for?

Assessment: JAMB UTME - Principles of Accounts - 2009 Subject: Financial Accounting

Question 1 Report

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.
Read lesson note on Accounts Of Not-for-profit Making Organizations (WAEC)
Read lesson note on Control Accounts And Self-balancing Ledgers (JAMB)
View Answer

Related Questions

1

Which of the following branches of accounting was first developed?
2

Use the information to answer the question. ..........................30/9/06.......30/9/07..... ............................N.............N......... Accrued...
3

Given: Capital...............................₦2375 000 Debtors...............................₦495 000 Motor vehicle.........................₦870 000 Creditor...
4

The process of bookkeeping includes records produced from?
5

Musa, a prepaid customer of XYZ and KLM, bought ₦1500 recharge card from XYZ, and ₦2000 recharge recharge card from KLM, for business calls. The entry to rec...
6

Adodo Enterprises and Loss Account (Extract) ₦ ₦ Opening stock 5,000 Sales 100,000 Purchases ? ? Less closing stock 5,600 Cost of goods sold ? Gross profit ?...
7

Adodo Enterprises and Loss Account (Extract) ₦ ₦ Opening stock 5,000 Sales 100,000 Purchases ? ? Less closing stock 5,600 Cost of goods sold ? Gross profit ?...
8

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning