Asked by Kaylee Rabon on Apr 29, 2024
Verified
The controlling account is found in the subsidiary ledger and it summarizes or controls the general ledger account.
Controlling Account
A general ledger account that summarizes and controls the totals from various subsidiary accounts.
Subsidiary Ledger
A grouping of individual accounts that provide details to support a general ledger account.
- Ascertain the function and operations of subsidiary ledgers and controlling accounts.
Verified Answer
JP
Jacob PimentelApr 30, 2024
Final Answer :
False
Explanation :
The controlling account is found in the general ledger and it summarizes the balances of accounts found in the subsidiary ledger.
Learning Objectives
- Ascertain the function and operations of subsidiary ledgers and controlling accounts.
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