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WAEC Financial Accounting 1992 Question 30

Question 30

Control Accounts

One of the advantages of Control Account is that

  1. A.all errors are localised thus reducing delays in balancing accounts
  2. B.all errors are generalised thus reducing delays in balancing accounts
  3. C.book keepers cannot make mistakes
  4. D.all errors are posted into the accounts
  5. E.all cash transactions are posted into the accounts.
Show the answer and explanation

Answer: A (all errors are localised thus reducing delays in balancing accounts)

Explanation

Control accounts show which ledger contains an error, so mistakes are found faster.