control account (Meaning)
Wordnet
control account (n)
an account that shows totals of amounts entered in a subsidiary ledger
Synonyms & Antonyms of control account
No Synonyms and anytonyms found
control account Sentence Examples
- In accounting, a control account summarizes the transactions recorded in subsidiary ledgers.
- The control account provides a summary of all transactions related to a specific category, such as accounts receivable or accounts payable.
- By reconciling the subsidiary ledger with the control account, accountants ensure accuracy in financial reporting.
- Auditors examine the control account to verify the accuracy and completeness of transactions recorded in subsidiary ledgers.
- The control account serves as a checkpoint for detecting errors or discrepancies in the subsidiary ledger.
- Accountants use control accounts to monitor the overall balance and activity within a specific accounting category.
- The control account helps management track and analyze financial data efficiently.
- Maintaining a control account enhances internal controls and strengthens financial management practices.
- Account reconciliations involve comparing the balances of the control account with corresponding subsidiary ledger balances.
- The control account facilitates the preparation of financial statements by providing a consolidated view of relevant transactions.
FAQs About the word control account
an account that shows totals of amounts entered in a subsidiary ledger
No synonyms found.
No antonyms found.
In accounting, a control account summarizes the transactions recorded in subsidiary ledgers.
The control account provides a summary of all transactions related to a specific category, such as accounts receivable or accounts payable.
By reconciling the subsidiary ledger with the control account, accountants ensure accuracy in financial reporting.
Auditors examine the control account to verify the accuracy and completeness of transactions recorded in subsidiary ledgers.
