CONTROL ACCOUNT Definition

Bookmark and Share

CONTROL ACCOUNT is a summary account in the General Ledger that is supported by detailed individual accounts in a subsidiary ledger. See CREDITORS CONTROL ACCOUNT, DEBTORS CONTROL ACCOUNT, and STOCK CONTROL ACCOUNT.

Learn new Accounting Terms

IBA, among others, can mean: Individual Brokerage Account, Individually Billed Accounts, Institute of Business Appraisers, International Bar Association, or, International Business Advisors.

NET OF TAXES means the effect of applicable taxes (usually income taxes) has been considered in determining the overall effect of an item on the financial statements. The phrase is used when a company has items that must be disclosed in a separate section. Each such item should be reported net of the applicable taxes.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.