A Control Account ________

question 73

Multiple Choice

A control account ________.

• A) does not appear on the balance sheet
• B) has a balance that equals the sum of the balances in a group of related accounts in a subsidiary ledger
• C) is equivalent to a contra account and represents the offsetting nature of debits and credits on a firm's financial statements
• D) holds individual accounts that support a general ledger account

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Definitions:

Sherman Act

An important United States antitrust law enacted in 1890 to prohibit monopolies and practices that restrain trade or commerce among states.

Congress

The national legislative body of the United States, made up of the House of Representatives and the Senate.

Conglomerate Business

A large corporation formed by the merging of separate and diverse firms, involved in unrelated business activities.

Japan

A country located in East Asia, known for its rich culture, advanced technology, and historical significance.