Questions and answers

Who does Account Control Technology collect For?

Who does Account Control Technology collect For?

Also known as ACT, they are licensed in all 50 states and have five offices and over 800 employees nationwide. They are a government contractor and collects on behalf of many government agencies, such as the US Department of Education.

Can Account Control Technology garnish my wages?

Can Account Control Technology Sue Me or Garnish My Wages? It is illegal for a debt collector to make empty threats to sue you or garnish your wages. It is also unlikely ACT would sue you for a debt you may not owe or they cannot validate.

Is Accountcontrol legit?

Account Control Technology, Inc, Inc is a real, legitimate company. Originally founded in 1993 in California, currently headquartered in Woodland Hills, CA, they are a medium sized collection agency in the US.

What is meant by control account?

A control account is a summary account in the general ledger. It can also be referred to as an adjustment account or controlling account. The control account keeps the general ledger clean of details, but contains the correct balances used for preparing a company’s financial statements.

What is control account example?

In accounting, the controlling account (also known as an adjustment or control account) is an account in the general ledger for which a corresponding subsidiary ledger has been created. For example, “accounts receivable” is the controlling account for the accounts receivable subsidiary ledger.

What are the types of control account?

Types of Control Accounts

  • Bank account balances.
  • Total purchases.

What are the four advantages of control account?

Advantages of Control Accounts

  • Provides a checking mechanism to detect errors and fraud at an early stage;
  • Removes bulky details from the general ledger;
  • Larger companies can set up accounting departments for specific areas;
  • Trial balance figures provide a summary of totals, rather than individual accounts;

What are examples of controls?

Control is defined as to command, restrain, or manage. An example of control is telling your dog to sit. An example of control is keeping your dog on a leash. An example of control is managing all the coordination of a party.

What are the disadvantages of control account?

Limitations of Control Accounts:

  • These accounts can not detect all types of errors.
  • These accounts can not guarantee the arithmetical accuracy of the ledger.
  • These accounts cannot act as a deterrent against fraud unless internal checks can be carried out.

What are the features of control account?

An Example of a Control Account When used as a control account, it only contains summary amounts. Typically, this includes total credit sales for a day, total collections from customers for a day, total returns and allowances for a day, and the total amount owed by all customers.

What are the 3 example of control?

What are the 3 types of controls?

There are three main types of internal controls: detective, preventative, and corrective. Controls are typically policies and procedures or technical safeguards that are implemented to prevent problems and protect the assets of an organization.