Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Difference between General Ledger and Control Account
- This topic has 3 replies, 2 voices, and was last updated 3 years ago by John Moffat.
- AuthorPosts
- September 1, 2021 at 11:18 pm #633887
Sir,
I know the difference between subsidiary ledger and general ledger but have the following confusion.
According to my search, I’ve found
General ledger is a master account. Let’s say as an example, instead of keeping the individual balance of each customers we use the total balance of our receivables (and do the same for other accounts too like payables, assets etc.)But, in control account we also don’t keep the record of individual item / customer / payable etc. In the control account we use the total of each head like we do in general ledger.
Then what is the difference between control account and general ledger ? And why we need control account if using general ledger we can also make our trail balance and if it’s fulfilling the same purpose of control account ?
I’ve searched but didn’t find any satisfactory answer. I’ll be greatful for your help with thanks
September 2, 2021 at 7:46 am #633922The general (or nominal) ledger is not an account.
The word ‘ledger’ means book, and the ledger is a book containing all the accounts (including containing the control accounts).
All of this is explained in our free lectures. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
September 2, 2021 at 9:20 am #633943Thanks sir.
Can you please tell me the specific lecture in which i can get it’s more details?
September 2, 2021 at 3:35 pm #633996Mainly in the lectures on the Books of Prime Entry. However the lectures are really meant to be watched in chapter order because they for a complete course.
- AuthorPosts
- The topic ‘Difference between General Ledger and Control Account’ is closed to new replies.