The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, the purchase and sales ledgers are called subsidiary ledgers ...
A general ledger contains all balance sheet and income statement accounts. A general ledger controlling account represents a summary of transactions recorded in a subsidiary ledger. In turn, a ...
A control account is used in bookkeeping and accounting to efficiently consolidate balances for summary and reporting purposes. They are a core accounting tool that aids ledger integrity and financial ...
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