Match the terms with the definitions.
-A summary account maintained in the general ledger for a subsidiary ledger (for example, the accounts receivable ledger).

Question

Quizplus · Accepted Answer

A controlling account is a summary account maintained in the general ledger for a subsidiary ledger, such as the accounts receivable ledger.

Answer: B
 Cash discounts are discounts given to customers as an incentive to pay their bills quickly.

Answer: A
 The accounts receivable ledger is a subsidiary ledger that records all transactions related to accounts receivable.

Answer: D
 A credit memo is a document that records a reduction in the amount owed by a customer.

Answer: E
 A merchandising business is a company that buys and sells goods.

Answer: F
 A sale is a transaction in which goods or services are exchanged for money.

Answer: G
 Sales allowances are reductions in the selling price of merchandise.

Answer: H
 Sales discounts are reductions in the selling price of merchandise given to customers who pay their bills quickly.

Answer: I
 A sales invoice is a document that records the sale of goods or services, including the quantity, price, and terms of the sale.

Answer: J
 A sales return is a transaction in which a customer returns goods previously purchased, resulting in a refund or credit.

Answer: K
 A sales ticket is a document that records the details of a sale, including the items sold, price, and terms of the sale.

Answer: L
 A schedule of accounts receivable is a list of all the customer accounts that are owed money, along with the amounts owed.

Match the Terms with the Definitions