Asked by Clayton Kinzel on May 25, 2024
Verified
A subsidiary ledger provides up-to-date information on specific account balances.
Subsidiary Ledger
A detailed ledger that contains all the transaction information of a specific account, which then summarizes to a general ledger.
- Identify the function and necessity of subsidiary ledgers and special journals in accounting systems.
Verified Answer
SF
Steffi FernandesMay 29, 2024
Final Answer :
True
Explanation :
A subsidiary ledger contains detailed information on specific accounts, and is used to keep track of transactions related to those accounts. This allows for up-to-date information on account balances within the subsidiary ledger.
Learning Objectives
- Identify the function and necessity of subsidiary ledgers and special journals in accounting systems.