Types of Accounts — OpenTuition Forums

Ttahmed15y ago

Dear All,

I'm alittle bit confused in the fundamental of accounting which is ( GL account , Subledger account , Control account , Nominal account , master account , ......)

I need your help to master these things since they are critical in the F8 exam.

I need easy examples of all of them and they should be linked together.

What can we call all the accounts in trial balance?

What can we call the accounts in FS?

Does GL account = Control account ?

Does GL means all accounts in the FS?

Forexample:-
Total figure of trade receivable account ,appears in the BS , is GL & control account

And the individual customer account is Sub ledger account

Ahmed = 1000
David = 2000 This is sub leger
Total =3000 This figure is GL which appears in the FS

Please i need your help As soon as possible

Best Regard
Talal

kengarrettTutor15y ago#1

Total figure of trade receivable account ,appears in the BS , is GL & control account - yes the control account is a GL account.

And the individual customer account is Sub ledger account (here the receivables ledger)

Ahmed = 1000 This is sub ledger - receivables ledger
David = 2000 This is sub ledger - receivables ledger
Total =3000 This figure is GL which appears in the FS: Yes

Ttahmed15y ago#2

Dear Mr. Gromit,

I really appreciate your Fast reply.

I contacted account manager in an international company and a senior manager in one of the big fours in Audit , no one knows.

So can we have a detailed answer for Future not for the exam?

Best Regards
Talal

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