CREDITORS CONTROL ACCOUNT Definition

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CREDITORS CONTROL ACCOUNT reflects the total amount owed to all the individual creditors. The balance of the creditors control account must equal the total of the creditors list, which represents the amounts owed by the individual creditors obtained from the individual balances in the various subsidiary ledger accounts for each creditor. This subsidiary ledger is known as the creditors ledger.

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AAA-CPA is American Association of Attorney-Certified Public Accountants.

FLOWCHART, in accounting, is a schematic representation of a sequence of operations in an accounting system or computer program. Also called a flow diagram or flow sheet.

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