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Control Accounts and Subsidiary Ledgers

A control account is a type of general ledger which provides a summary of the balances within a subsidiary ledger. This account simplifies the financial information contained in the general ledger, yet ensures that the information is accurate for financial statements. So, only the most vital or applicable information is presented, while the details are instead submitted to associated […]

Chart of Accounts

The chart of accounts lists all accounts which record financial transactions, in more detail than the general ledger. Included is the name and number of the account and any descriptions which will designate the account. This is intended to improve the recording and reporting of financial transactions. For a chart of accounts to be helpful to a business, […]

Income Statement Accounts

As previously mentioned, income statement accounts form part of the general ledger accounts of a business. These accounts are composed of operating revenues, operating expenses, non-operating revenues and gains, and non-operating expenses and losses. Note that the balances on these accounts are closed at the end of an accounting year. If a corporation, the balances will be transferred […]

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