Chapter 11: Subsidiary Ledgers and Reconciliations Flashcards
1
Q
What are some internal control procedures used to ensure the accuracy of financial information? (5)
A
- Bank Reconciliations
- Physical Counts
- Physical Controls
- Authorisation procedures
- control account reconciliations
2
Q
What is a control account?
A
An account in the general ledger in which a record is kept of the total value of a number of similar individual items.
3
Q
What are the receivables and payable control accounts?
A
accounts which hold the total amounts due or owed by the business.
