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
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
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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
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
The key features carriers are using to enhance the perceived value of IUL products are interest bonuses, spread death benefit options, alternative crediting approaches, and volatility control accounts.
The company said that the revenue decreased due to the implementation of the ever-changing Healthcare Reform policies, the associated pricing adjustment and reduction in sales-on-credit in order to control accounts receivables.

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