Which term is a general ledger account that consolidates data from a group of related sub-ledger accounts?
A)Subsidiary ledger
B)Sub-ledger
C)Reconciliation account
D)Line item display
E)None of the above

Question

Quizplus · Accepted Answer

A reconciliation account, also known as a control account, is a general ledger account that consolidates data from a group of related sub-ledger accounts. It is used to ensure that the information in the sub-ledgers is accurate and matches the information in the general ledger. The reconciliation account is also used to reconcile the balances of the sub-ledger accounts with the general ledger.

Which Term Is a General Ledger Account That Consolidates Data