Bookkeeping
CONTROL ACCOUNTS
Bookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process.
CONTROL ACCOUNTS
Purchases Ledger Control Account
Prepare a Purchase Ledger Control account from account balances
Construct a Purchases Ledger Control account from subsidiary records
Describe a Purchases Ledger Control account
Sales Ledger Control Account
Prepare a Sales Ledger Control account from account balance
Construct a Sales Ledger Control Account from subsidiary records
Describe a Sales Ledger Control Account
Concept of Control Accounts
Adapt the rules of posting to Control accounts
Describe the importance of control accounts
Define Control Accounts
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