Multiple Choice
Which of the following is true of a control account?
A) It is a valuation account from which balances are added to another account.
B) Its balance equals the sum of the balances in a group of related accounts in a subsidiary ledger.
C) It is equivalent to a contra account and represents the offsetting nature of debits and credits on a firm's financial statements.
D) It holds individual accounts that support a general ledger account.
Correct Answer:
Verified
Correct Answer:
Verified
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