AccountingCode 9706
Control accounts
What this topic asks you to be able to do
- entries in control accounts
- control accounts kept for the sales ledger and for the purchases ledger
- statements that reconcile control account balances with ledger balances
- the impact on financial statements of putting right errors
- where control accounts help and where they fall short
- draw on what you understand about reconciliation and verification to evaluate relevant information and reach well-informed business decisions