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JAMB Principles of Accounts 2014 Question 25

Question 25

Control Accounts

The control account is used in facilitating

  1. A.the location of errors in the various accounts.
  2. B.up to date bank transactions.
  3. C.the payment of debts and liabilities of the firm.
  4. D.assets distribution with respect to income.
Show the answer and explanation

Answer: A (the location of errors in the various accounts.)

Explanation

A control account checks the ledger's accuracy, so errors can be traced to a particular ledger.