Definitions from the Web
Control Account
A control account refers to an account used in accounting that summarizes and represents a group of subsidiary accounts. It is used to maintain control and monitor the balances of the related accounts.
Examples:
- John reviewed the control account to ensure all subsidiary accounts were accurately recorded.
- The control account displayed the total balance of the customer accounts.
- She audited the control account to track any discrepancies in the financial statements.
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