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To prevent fraud
To detect any error
To control specific ledgers
To provide the total debtors and creditors quickly whenever required
Wiki User
∙ 11y ago
Anonymous
It makes possible the division of accounting work among
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Do control accounts get in the trial balance?
Control accounts cannot get into a trial balance because that would be tantamount to double entering the figures though individual accounts and then throuhg the trial control accounts.
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
Why do businesses prepare control accounts?
don't know and what control of accounts do you need in a business
What are some advantages of checking accounts?
yes
What are the limitations of control accounts?
1- control accounts lack details as it's only a summary account. 2- six invisible errors that cannot be identified may be present in the control accounts. 3- control accounts may themselves contain errors. 4- some errors may be carried forward from the ledger accounts to the control accounts such as the compensating errors and complete reversal of entries,etc.
How do you get on the show parental control?
Parental control can be enabled or disabled in the User Accounts. The user accounts are present in the Control Panel of the windows.
Disadvantage of forward vertical?
advantages: more control, cost control and competitive advantages
What are the limitations of control?
1- control accounts lack details as it's only a summary account. 2- six invisible errors that cannot be identified may be present in the control accounts. 3- control accounts may themselves contain errors. 4- some errors may be carried forward from the ledger accounts to the control accounts such as the compensating errors and complete reversal of entries,etc.
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
How do you establish which cardholder accounts a specific amount validation control (avc) applies to?
How do you establish which cardholder accounts a specific accounting validation control (AVC) applies to
What are the advantages of an interlocking accounting system?
the financial accounts should be the same
What do you use to create user accounts using the control panel?
You need to go to user accounts and create a new user there from the control panel
