Asked by Demario Green on May 03, 2024
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Subsidiary ledgers
A) are used only for Accounts Payable and Accounts Receivable
B) may be used for various general ledger accounts
C) may be used only for the cash account
D) are never used for more than four accounts
Subsidiary Ledgers
Detailed records that contain information about transactions supporting the amounts reported in one or more general ledger accounts, helping to maintain financial accuracy and provide detailed transactional reports.
General Ledger Accounts
General ledger accounts encompass the complete set of financial accounts and records used by a company to keep track of its financial transactions and prepare financial statements.
Accounts Receivable
Financial obligations of customers towards a business for delivered but unsettled goods or services.
- Understand the role and preservation of subsidiary ledgers.
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Learning Objectives
- Understand the role and preservation of subsidiary ledgers.
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