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

---

Definitions:

Absolute Promises

Unconditional commitments made by one party to another, requiring full performance without contingencies or reliance on future events.

Implied-in-Law Condition

A legally imposed condition in a contractual agreement, not explicitly stated, created to ensure fairness and justice, often derived from the nature of the agreement or parties' intentions.

Substantially Performed

A term indicating that the major and necessary tasks of a contract have been completed, even if minor details may have been omitted.

Commercial Impracticability

A legal defense that excuses the performance of a contract due to unforeseen and uncontrollable circumstances that make fulfillment excessively burdensome or impossible.