Asked by
Liezl Aubrey Baldomero
on Oct 28, 2024Verified
The Thomas Company has an accounts receivable account in its general ledger, and it also maintains a subsidiary ledger that contains an individual account for each of its customers who buys merchandise on credit.Which of the following statements about the general ledger account is not true?
A) The general ledger account is also called a contra account.
B) The balance of the general ledger account should agree with the total of all of the accounts in the subsidiary ledger.
C) The general ledger account is called a real or permanent account.
D) The general ledger account is properly referred to as a control account.
Control Account
An account used in accounting to summarize the total balances of multiple individual accounts, facilitating internal checks and balances.
- Become familiar with how control accounts and subsidiary ledgers function.
Verified Answer
CR
Learning Objectives
- Become familiar with how control accounts and subsidiary ledgers function.
Related questions
The Total of the Individual Customer Account Balances Should Equal ...
On a Worksheet, Which Account Will Not Be Extended to ...
Which of the Following General Ledger Accounts Normally Has a ...
Every Controlling Account Must Have Its Own ...
If the Individual Subsidiary Ledger Accounts Contained the Following Data:Cadence ...