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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CASH COWS are products that produce a large amount of revenue or margin because they have a large share of an existing market which is only expanding slowly.

NATURAL ACCOUNTS in the Chart of Accounts are user defined accounts for the activities associated with the accounting entity that capture data at the transaction level. Natural accounts exist for a range of Assets, Liabilities, Equity accounts, Revenues, and Expenses.

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