Asked by
Viridiana Fernandez
on Nov 15, 2024Verified
The controlling account is found in the subsidiary ledger for all accounts payable.
Controlling Account
A general ledger account that summarizes and controls the balance of all subsidiary accounts related to it, typically used for accounts receivable and accounts payable.
Subsidiary Ledger
A detailed ledger containing individual accounts that support figures on the general ledger, often used for accounts receivable, accounts payable, etc.
- Outline the process and significance of maintaining a Schedule of Accounts Payable.
Verified Answer
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Learning Objectives
- Outline the process and significance of maintaining a Schedule of Accounts Payable.