Which of the following is not the purpose of a control account?
A. check on errors of addition B. locate errors C. locate missing figures D. monitor the cash book
Correct Answer: D
Explanation
In accounting, the controlling account (also known as an adjustment or control account) is an account in the general ledger for which a corresponding subsidiary ledger has been created. The details for each control account will be found in a related (but separate) subsidiary ledger. The control account keeps the general ledger free of details, but still has the correct balance for preparing the company's financial statements.