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WAEC Financial Accounting 2003 Question 20

Question 20

Control Accounts

A control account is

  1. A.an imprest system
  2. B.a statement of affairs
  3. C.a bank reconciliation statement
  4. D.a self balancing ledger system
Show the answer and explanation

Answer: D (a self balancing ledger system)

Explanation

Control accounts make each ledger self-balancing.