Accounting for IGCSE & O level - Accounting Procedures (Section 24 - No. 40)
In the context of control accounts, which statement is true?
Control accounts are used to record individual transactions with customers.
Control accounts are used to identify errors in the individual ledger.
Control accounts are not related to prime entry books.
Control accounts are used to check the arithmetical accuracy of the entries recorded in the sales and purchases ledgers.
Explanation
Control accounts are designed to verify the accuracy of ledger entries.
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