SAP Business One Certification Practice Exam

Which type of account reflects business partner transactions in the chart of accounts?

1. Control Account

2. Expense Account

3. Revenue Account

4. Asset Account

The correct answer is: Control Account

The correct answer is Control Account. In SAP Business One, a Control Account is specifically designed to reflect transactions related to business partners, such as customers and vendors. This type of account acts as a summary account that gathers the individual transactions from the sub-ledgers, providing an aggregated view of all financial interactions with a particular business partner. Control Accounts help maintain a clear and organized accounting system by ensuring that every transaction related to a business partner is accurately represented in the general ledger while supporting detailed tracking in the corresponding sub-ledgers. This structure allows for efficient reconciliation and reporting, ensuring data integrity within the financial records. Other types of accounts, such as Expense, Revenue, and Asset accounts, serve different purposes within the accounting framework. Expense accounts track incurred costs, Revenue accounts monitor income generation, and Asset accounts manage the value of owned resources. While all these accounts play a vital role in the accounting process, they do not have the specific function of summarizing business partner transactions like Control Accounts do.