Final answer:
The Work-in-Process Control account does not track all direct material purchases but rather the costs associated with production that are currently in process. Option (A) is the incorrect statement about the WIP Control account.
Step-by-step explanation:
The student has asked about the characteristics of the Work-in-Process (WIP) Control account in accounting, which is relevant to the field of business.
Among the provided options, B) the balance equals the sum of amounts from all in-process individual job-cost records, and C) it is an asset account are true of the Work-in-Process Control account. Option D) it tracks job costs from beginning through completion is also correct. However, the option that does not apply is A) it tracks all direct material purchases. This is because direct material purchases are first recorded in the Raw Materials Inventory account and then transferred to the Work-in-Process Control account as they are used in production.
The WIP Control account specifically tracks the costs associated with production that are currently in process and hence is an asset on the balance sheet. Its balance corresponds to the total recorded in the individual job-cost records for jobs that have not yet been completed.