what is a 'control account'?

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  • 1 decade ago
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    Basically, (without going into a novel) a control account is a device that summarizes the detail records, and should be in place to confirm those records. For example, a company may purchase a hundred pieces of equipment - each of the pieces will have different costs, but the sum of the costs, should be reflected in the control account. Typically, auditors will verify that the control total agrees to the details records total.

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