Chapter 39 - Control Accounts Flashcards
1
Q
Debtors
A
People who owe a firm money
2
Q
Creditors
A
People to whom a firm owes money
3
Q
Control accounts
A
Used in business to check that the debtors and creditors accounts are correct
4
Q
What is the other name control accounts can sometimes be called?
A
Total debtors and total creditors accounts
5
Q
In what two formats can control accounts be prepared?
A
T account format or continuous balance format
