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JAMB Principles of Accounts 2007 Question 32

Question 32

Control Accounts

I. Facilitating the preparation of final accounts
II. Making the existence of error easy to detect
III. Checking the accuracy of postings periodically
From the above, which of the following are among the uses of control accounts?

  1. A.I, II and III
  2. B.I and III
  3. C.II and III
  4. D.I and II.
Show the answer and explanation

Answer: A (I, II and III)

Explanation

Control accounts give totals of debtors and creditors quickly for the final accounts, check that postings to the sales and purchases ledgers are accurate, and help find where an error lies.