Control accounts are always located in the general ledger.

General Ledger

A comprehensive record of all financial transactions occurring within a company, organized by account, used to compile financial statements.

Control Accounts

General ledger accounts that summarize the details of a subsidiary ledger, facilitating the consolidation and reporting process.

Understand the role and importance of control accounts in maintaining the integrity of the general ledger.

Verified Answer

Kelli Burton6 days ago

Final Answer :

True

Explanation :

Control accounts, such as accounts receivable and accounts payable, are maintained in the general ledger to summarize the transactions of subsidiary ledgers or individual accounts.

Learning Objectives

Understand the role and importance of control accounts in maintaining the integrity of the general ledger.

Control accounts are always located in the general ledger.

Definitions

Learning Objectives

Learning Objectives

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