Asked by Blair Harrell on Jun 14, 2024
Verified
The general ledger and the accounts receivable subsidiary ledger are the same book.
General Ledger
The comprehensive set of accounts that summarizes all transactions occurring within an organization, serving as the foundation for financial reporting.
Subsidiary Ledger
A detailed ledger that contains the individual accounts supporting a specific general ledger summary account.
- Determine the function and processes of subsidiary ledgers and controlling accounts.
Verified Answer
RI
Ryley InmanJun 16, 2024
Final Answer :
False
Explanation :
The general ledger contains summary-level information for every account, including accounts receivable, while the accounts receivable subsidiary ledger contains detailed information about transactions with individual customers.
Learning Objectives
- Determine the function and processes of subsidiary ledgers and controlling accounts.
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