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:

Continuous Care

Ongoing support and medical attention provided to patients, especially during recovery or for chronic conditions.

Constructive Play

Play involving the creation or construction of something, typically allowing children to experiment with objects and materials.

Outside Of Marriage

Refers to relationships, behaviors, or activities that occur outside the bounds of a legally or culturally recognized marriage.

Fixed Income

A type of investment that returns a regular, predetermined rate of interest or dividends, often associated with bonds or similar financial instruments.