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Summation Accounts

Unlike control accounts, summation accounts are merely the value of several similar nature accounts. Good examples include fixed assets and cost of sales.

Control Accounts in Accounting

06/08/2015

Accounting uses accounts to sum up activity related to a particular function of business.  As an example the bank account has a register which identifies the activity in a ledger format of what transpires at the bank for this particular account.  [...]