Which One of the Following Is a Control Account

question 134

Multiple Choice

Which one of the following is a control account?

• A)Utilities Expense
• B)Factory Wages Payable
• C)Manufacturing Overhead
• D)Cost of Goods Sold

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Definitions:

Reserve Ratio

The fraction of depositors' balances that banks must have on hand as cash, a regulation set by central banks to ensure liquidity.

Vault Cash

The physical currency that a bank holds in its vault and automatic teller machines (ATMs) as a part of its reserves.

Required Reserve Ratio

The fraction of deposits that regulators require a bank to hold in reserve and not lend out.

Reserves

Funds or material set aside or saved for future use, often used in the context of central banking as currency holdings or commodities like gold.