Advantages & Disadvantages of Control Accounts As with any business practice, control accounts have pros and cons. Here is a brief overview: Advantages of control accounts Control accounts simplify the general ledger, reduce clutter, and highlight key information from subsidiary transactions. Managers can quickly review financial status via control account balances […]
What is your net worth? Your net worth is your total wealth. After considering all your assets and liabilities, how do you figure out your net worth? It’s a simple equation. Add up the value of all your assets, subtract your debts and liabilities, and the result is your net worth. Understanding […]