NECO Accounting 2007 Objective — Question 3

Question 3 of 60 from the National Examinations Council (NECO) Accounting 2007 Objective paper, with the correct answer and a full explanation.

A control account is used for the following reasons except

A. for fraud prevention
B. for profit maximisationCorrect
C. to aid management control

Explanation

Control accounts are used for fraud prevention, management control, error detection and error location - not for profit maximisation, which is a business objective, not an accounting control function.

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