Question

Review the statements below and choose the one that correctly describes a controlling account. Multiple choice question. A control account is updated at the end of an accounting period to reflect the net change in all equity accounts. A control account appears in the general ledger and is supported by a subsidiary ledger. A controlling account is a separate account that is a detailed record of a general ledger account. A control account appears in a subsidiary ledger and is supported by a general ledger account.

Answer 1

A control account appears in the general ledger and is supported by a subsidiary ledger.

What is a control account in accounting?

A control account is known to be a summary-level account that is found the general ledger.

This account is made up of aggregated totals for transactions that are personally stored in subsidiary-level ledger accounts.

Note that;

• The control account in the general ledger is known as Accounts Payable account.
• When postings are complete, the subsidiary ledger are said to be equal the balance of the Accounts Payable account in the general ledger.
• The subsidiary ledger is accurate by preparing a schedule of accounts payable and linking it against the balance in the control account.

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