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What is the purpose of a General Ledger Adjustment (Control) Account in Cost Accounting?
  • a)
    To maintain personal accounts
  • b)
    To simplify financial transactions
  • c)
    To make the Cost Ledger self-balancing
  • d)
    To calculate interest on savings accounts
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
What is the purpose of a General Ledger Adjustment (Control) Account i...
The purpose of a General Ledger Adjustment (Control) Account in Cost Accounting is to make the Cost Ledger self-balancing. It helps in reconciling Cost and Financial Accounts and ensures that the Cost Ledger remains in agreement with the Financial Accounts.
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What is the purpose of a General Ledger Adjustment (Control) Account in Cost Accounting?a)To maintain personal accountsb)To simplify financial transactionsc)To make the Cost Ledger self-balancingd)To calculate interest on savings accountsCorrect answer is option 'C'. Can you explain this answer?
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