I need to know the definition of a memorandum account?
Answers:
This series of accounts represent statistical data not otherise available within account balance. These accounts are not used for balance sheet presentation. The SGL Crosswalk expanded to include DOE Memorandum Accounts.
Memorandum accounts are not part of the double entry system. They include the subsidary sales and purchase ledger as these accounts are for reference only.
Memorandum accounts are not part of the double entry system. They include the subsidary sales and purchase ledger as these accounts are for reference only
usually the organizations prepare control acoounts as apart of double entry system and momerendum accounts are prepared for analysis purpose i.e for debtors age analysis
but it depends on the org. that whether it wants memoaccounts as a double entry system or control accounts .
these accounts contain the balances balances
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