Asked by Marcos Colon on Jun 10, 2024
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When a large number of individual accounts with a common characteristic are grouped together in a separate ledger, the summarizing account in the general ledger is called a control account.
Control Account
A summary account that consolidates detailed information held in subsidiary ledgers, simplifying the general ledger.
Subsidiary Accounts
Individual accounts contained within a general ledger, used to provide detailed information about a specific aspect of the business.
General Ledger
A comprehensive record of a company's financial transactions over the duration of its life, organized by accounts.
- Acquire knowledge about the purpose of subsidiary ledgers and control accounts in accounting operations.
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Learning Objectives
- Acquire knowledge about the purpose of subsidiary ledgers and control accounts in accounting operations.
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