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Which of the following is true of a control account? Its balance equals the sum of the balances in a group of related accounts in
Which of the following is true of a control account?
Its balance equals the sum of the balances in a group of related accounts in a subsidiary ledger. |
It is a valuation account from which balances are added to another account. |
It is equivalent to a contra account and represents the offsetting nature of debits and credits on a firm's financial statements. |
It holds individual accounts that support a general ledger account. |
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