Control Accounts: Test Pool (ML-Generated)

  1. What is a control account? Select all correct responses.
    • A general ledger account that aggregates the balances of entities in a subledger for reconciliation purposes
    • A type of account used for analytical purposes in the general ledger
    • A subledger account that tracks the balances of individual transaction
    • A subledger account that is used to monitor the financial performance of a specific department
  2. On which form can you configure the AR control account?
    • Chart of Accounts
    • Customers
    • General Ledger Preferences
    • Accounts Payable Preferences
    • Accounts Receivable Preferences
  3. Select all statements that correctly describe control accounts.
    • Users cannot post transactions directly to a control account unless the Allow Manual Entry check box is selected on the Chart of Accounts form.
    • A control account cannot be selected as a cash account, and a cash account cannot be selected as a control account.
    • Users can post transactions directly to a control account without selecting the Allow Manual Entry check box on the Chart of Accounts form.
  4. What does the system do if a user selects a non-control account in a box where a control account should be selected?
    • Displays a warning that the account is not configured as a control account
    • Displays an error and prevents the selection of the non-control account
    • Automatically converts the non-control account into a control account