Accounting Chapter 11

Front

A ledger that is summarized in a single general ledger account is called a

Back

Subsidiary ledger

Front

A subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account is called an accounts receivable ledger.

Back

False

Front

An account in a general ledger that summarizes all accounts in a subsidiary ledger is called a

Back

controlling account

Front

Although the balance of a vendor account in an accounts payable ledger is changed, the balance of the controlling account, Accounts Payable, remains unchanged.

Back

False

Front

The total of all vendor account balances in the accounts payable ledger equals the balance of the controlling account, Accounts Payable.

Back

True

Front

Each entry in the ____ journal affects the account of the vendor name in the account credited column.

Back

purchases

Front

Each entry in the Purchases Discount Credit column of a cash payments journal affects a vendor account.

Back

False

Front

A controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger.

Back

True

Front

A listing of vendor accounts, account balances, and total amount due all vendors is called a

Back

schedule of accounts payable

Front

A schedule of accounts payable is prepared before all entries in a journal are posted.

Back

False