Which of the Following Is True of a Control Account

question 41

Multiple Choice

Which of the following is true of a control account?

• A)It is a valuation account from which balances are added to another account.
• B)Its balance equals the sum of the balances in a group of related accounts in a subsidiary ledger.
• C)It is equivalent to a contra account and represents the offsetting nature of debits and credits on a firm's financial statements.
• D)It holds individual accounts that support a general ledger account.

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Definitions:

Middle-Income Countries

Nations with a gross national income (GNI) per capita that falls between low-income and high-income thresholds defined by international financial institutions.

Infant Mortality Rate

A statistical measure representing the number of infant deaths per 1,000 live births in a given year.

The Congo

A country located in Central Africa, formally known as the Democratic Republic of the Congo, known for its rich natural resources but also its political instability.

Farm Productivity

The measure of output (such as crops or livestock) produced per unit of input (like labor or land) in agricultural activities.