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JAMB Principles of Accounts 1997 Question 22

Question 22

Control Accounts

The principal use of control accounts is to

  1. A.localize errors within the ledgers
  2. B.prevent fraud
  3. C.increase sales
  4. D.record assets and liabilities.
Show the answer and explanation

Answer: A (localize errors within the ledgers)

Explanation

Control accounts show which ledger contains an error, so errors are localised.