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Hello sir, hope u are well.
does sales ledger control account mean Receivable control account.
does receivable control account mean general ledger Receivable
i know its basics in F3 but i always mess with theses terminology.
In general, “account” means an account in a general (old-fashioned word nominal) ledger.
So ….
Receivables a/c
Trade receivables a/c
Receivables control a/c
Trade receivables control a/c
….
are all the same thing.got it sir.
below is an extract of deficiency from DEC 2014 exam
The company only reconciles the sales ledger control account at the end of September in order to verify the year-end balance.
if the sales ledger is only reconciled annually, there is a risk that errors may not be spotted promptly.I have not head sales control reconciliation before, do they man receivables control account.
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