Raw materials inventory is a general ledger account. It is also referred to as a control account because it summarizes the detailed data regarding specific inventory accounts in the subsidiary ledger. The subsidiary ledger consists of individual records for each item of raw materials. The records may take the form of accounts (or cards) that are manually or mechanically prepared. Generally the records are kept as computer data files. The records are referred to as materials inventory records (or stores ledger cards).
Definition