Understanding a control account is a key part of CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course.
You are part way through the CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course and you should have read the pages listed below before reading this page:
Welcome to Control Account.
An Accounting Trainee or Bookkeeper should have a good understanding of the nature and purpose of a control account and how it is used to master the memorandum accounts. You should be aware of the double entry bookkeeping involved in control (or Total) accounts, ensuring that the balance on the control account agrees with the sum of the individual balances of the memorandum accounts.
The Accounting examiner will expect you to have an excellent knowledge of using control accounts, in particular the:
-sales ledger control account
-purchase ledger control account
-VAT control account
You may be required to write a short report on the purpose of control accounts and how they work. You will almost certainly be required to produce a reconciliation between the control account balance and the total of balances in the memorandum accounts.
The Accounting examiner will expect you to have a thorough knowledge of using control accounts.
The link to Amazon for the recommended reading on Using Control Accounts is:
Now lets test your knowledge of a using control accounts – go to the test below.
QUIZ: Control Account.
Leaderboard for using contol accounts1. Sana-30 Points
2. Sana-30 Points
3. Ben Graham-30 Points
4. -30 Points
5. RENATA-27 Points