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JAMB Principles of Accounts 1999 Question 19

Question 19

Control Accounts

The principal function of a sales ledger control account is to

  1. A.serve as internal check and provide quick information for the preparation of interim financial statements
  2. B.serve as external check and provide quick information for the preparation of interim financial statements
  3. C.provide quick information for the preparation of customers' statements
  4. D.provide information for the control of salesmen's activities.
Show the answer and explanation

Answer: A (serve as internal check and provide quick information for the preparation of interim financial statements)

Explanation

The control account checks the accuracy of the sales ledger internally and quickly gives total debtors for interim accounts.