Asked by Filip Horá?ek on Jun 24, 2024
Verified
Every controlling account must have its own:
A) primary ledger.
B) general ledger.
C) subsidiary ledger.
D) general journal.
General Ledger
A comprehensive set of accounts that records all the financial transactions of a business, showing the complete financial status and results of operations.
Primary Ledger
The main accounting record of a company that uses double-entry bookkeeping, which contains all the financial transactions.
- Differentiate among the assorted categories of ledgers and their dedicated uses in the field of accounting.
Verified Answer
SA
Sandra AndradeJun 29, 2024
Final Answer :
C
Explanation :
A controlling account is an account in the general ledger for which a corresponding subsidiary ledger has been created. The subsidiary ledger contains the details needed to support the summary amounts recorded in the controlling account.
Learning Objectives
- Differentiate among the assorted categories of ledgers and their dedicated uses in the field of accounting.