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JAMB Principles of Accounts 2008 Question 23

Question 23

Control Accounts

The main purpose of control account is to

  1. A.detect errors and irregularities
  2. B.assist purchases
  3. C.assist sales
  4. D.check management incompetence
Show the answer and explanation

Answer: A (detect errors and irregularities)

Explanation

Control accounts check the accuracy of the ledgers and help to find errors and fraud.