answersLogoWhite

0

The principal advantage of using control accounts is to reduce the need to deal with many sales, or purchase ledger balances to a single sales, or purchase ledger balance. This way interim and final accounts can be drawn up more quickly. A second advantage is that the control account balances can be used as a check on the accuracy of individual ledger account postings, especially if the control accounts are posted by a different book-keeper to the one who posts the individual sales and purchase ledger accounts. This is usually the case in large companies. It is unlikely that the same posting errors will be made by both clerks. Thirdly, subdividing a ledger means errors are easier to find because each division is self-contained in double entry terms. Fourthly, fraud is made more difficult. Illegal transfers of money are more likely to be noticed if a different clerk deals with each side of the dual postings.

User Avatar

Wiki User

16y ago

What else can I help you with?

Related Questions

List seven distinct advantages that plcs offer over the conventional relay control system?

ambut...


Can I rollover my monthly pension payments to an IRA?

Yes, you can rollover your monthly pension payments to an Individual Retirement Account (IRA) if your pension plan allows for it. This can provide you with more control over your retirement savings and potentially offer tax advantages.


What are the types of Control Account?

sales control account purchases control account


What disadvantages do control account offer?

danger of computer fraud if proper level of security and control whether internal and external are not properly being instituted.


What are the different type of control account?

sales control account purchases control account


There are two types of control account what are they?

sales ledger control account and purnchase ledger control account


What are the advantages of using drop bars on a gravel bike?

Drop bars on a gravel bike offer multiple advantages. They provide different hand positions for comfort on long rides, improve aerodynamics for faster speeds, and offer better control and stability on rough terrain.


Disadvantage of forward vertical?

advantages: more control, cost control and competitive advantages


Is Windows Vista better than XP What are its advantages?

Windows Vista has numerous security improvements over XP, such as User Account Control (UAC).


What are the advantages for online banking for account folders?

what are the advantages of online banking


How do you sign up in WIKI ANSWER.com without having a facebook account?

change your language to spanish or french. there u can sign up without haveing a facebook account.


What are the advantages of using a bicycle grip shifter over other types of shifters?

Bicycle grip shifters offer advantages such as easy and quick shifting, convenient hand placement, and better control while riding.