control account


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control account

n
(Accounting & Book-keeping) accounting an account to which are posted the debit and credit totals of other accounts, usually in preparation of financial statements
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Noun1.control account - an account that shows totals of amounts entered in a subsidiary ledger
general ledger - the ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts)
accounting system, method of accounting, accounting - a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
References in periodicals archive ?
Control Account customers pay PS5 a month to ensure that they do not face further charges when payments are returned unpaid for direct debits and standing orders.

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