Purchasers ledger control account can also be referred to as

Assessment: JAMB UTME - Principles of Accounts - 2012 Subject: Financial Accounting

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Purchasers ledger control account can also be referred to as
Answer Details
The Purchasers Ledger Control Account can also be referred to as the Creditors Ledger. This account is used to keep track of the amounts owed to the business by its suppliers or creditors. The Purchasers Ledger Control Account or Creditors Ledger is an important accounting tool that allows a business to monitor its outstanding debts and ensure that it is paying its suppliers on time. This ledger contains details of all the transactions related to purchases made by the business on credit and is used to record payments made to suppliers. In summary, the Purchasers Ledger Control Account is also known as the Creditors Ledger and is used to keep track of the amounts owed to the business by its suppliers or creditors.
Read lesson note on Ethics In Accounting (JAMB)
Read lesson note on Control Accounts And Self-balancing Ledgers (JAMB)
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