Control account
A control account summarises a class of transactions while detailed accounts hold the individual items. A receivables control account, for example, summarises customer balances, credit sales, receipts and adjustments. Its balance can be compared with the total of individual customer balances. Investigating differences helps identify omissions and errors, although modern systems may integrate both records automatically.
Worked example
The receivables control balance is $35,000 but the customer list totals $34,700; the $300 difference requires investigation.
Common mistake
Agreement is a useful check, not proof that both records are correct: an error may have affected both in the same way.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Supporting | July 2027–August 2028 |
| ACCA | F2 | Supporting | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Direct | July 2027–August 2028 |
| CIMA | BA3 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |