Which of the Following Is the Controlling Account in the General

question 71

Multiple Choice

Which of the following is the controlling account in the general ledger when using a voucher system?

• A) Common Stock
• B) Accounts Payable
• C) Accounts Receivable
• D) Vouchers Payable

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Definitions:

Consolidated Net Income

The total net income of a parent company and its subsidiaries, after the elimination of inter-company transactions and balances.

Non-Controlling Interest

A minority stake in a company or subsidiary where the shareholder does not have control over company's policies or decisions.

Unrealized Profit

Profit earned on paper from an investment that has increased in value but has not yet been sold by the investor.

Consolidated SFP

The Consolidated Statement of Financial Position, which shows the financial position of a parent company and its subsidiaries as a single entity.