JAMB Accounting 2014 Objective — Question 25

Question 25 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

The control account is used in facilitating the

A. location of errors in the various accounts in the firm's ledgerCorrect
B. up to date bank transactions
C. payment of debts and liabilities of the firm
D. assets distribution with respect to income

Explanation

Control account helps to detect fraud and minimize errors in the ledger accounts.

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