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Raven Stroman
on Nov 12, 2024

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Every controlling account must have its own

A) revenue ledger
B) general ledger
C) subsidiary ledger
D) journal

Subsidiary Ledger

A detailed ledger that contains all the transaction details of a specific account, which rolls up into the general ledger.

Controlling Account

A controlling account is a summary account in the general ledger that consolidates and reflects the total balance of all subsidiary accounts related to it.

General Ledger

The primary accounting record used to track all of a company's financial transactions, summarized from subsidiary ledgers.

  • Understand the concept of control accounts and their relevance to subsidiary ledgers.
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MR
Michael RobertNov 16, 2024
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