16. Control Accounts Flashcards
1
Q
What is the Receivables Ledger Control Account?
A
The receivables account in the Nominal Ledger.
This is to avoid confusion with Receivables Ledger.
2
Q
What are the three ‘special’ entry types to consider?
A
- Returns
- Discounts
- Contra entries
3
Q
What is a Contra entry?
A
If a supplier is also a customer, then you may agree to pay/receive the difference between what you owe them and they owe you.
4
Q
What is the Payables Ledger Control Account?
A
The payables account in the Nominal Ledger.
This is to avoid confusion with Payables Ledger.
