Which of the following statements about controlling accounts and subsidiary ledgers is incorrect?
A) A subsidiary ledger is a ledger separate from the general ledger.
B) A controlling account is an account in the subsidiary ledger.
C) A controlling account maintains the total of the individual account balances in a subsidiary ledger.
D) A subsidiary ledger contains a group of related accounts,such as a list of customers.
Correct Answer:
Verified
Q15: The cash receipts journal
A)must have several columns,it
Q16: All transactions involving receipts of cash are
Q17: When a single-column purchases journal is used,
A)only
Q18: Special purpose journals promote
A)economy and control.
B)faithful representation
Q19: The sales journal
A)is designed to handle all
Q20: The total of the balances in the
Q21: Describe at least 3 ways the sales
Q22: Which of the following accounts would be
Q23: Special-purpose journals can promote efficiency,economy,and control.Describe how
Q25: Special-purpose journals
A)can be an important part of
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