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WAEC Financial Accounting 2014 Question 20

Question 20

Control Accounts

An example of a self balancing account is the

  1. A.suspense account.
  2. B.creditor's account.
  3. C.control account.
  4. D.debtor's account.
Show the answer and explanation

Answer: C (control account.)

Explanation

Control (total) accounts make each ledger self-balancing, so they are called self-balancing accounts.