A subsidiary ledger: (A) used in place of the general ledger if the general ledger is destroyed or stolen. (B) a group of accounts used by branches and subsidiaries of a corporate business. (C) a group of accounts with a common characteristic that provides detailed information about a control account in the general ledger. (D) used to post excess transactions if a general ledger account becomes full during an accounting period.

Question

Bram

Business

25 August, 15:55

A subsidiary ledger: (A) used in place of the general ledger if the general ledger is destroyed or stolen. (B) a group of accounts used by branches and subsidiaries of a corporate business. (C) a group of accounts with a common characteristic that provides detailed information about a control account in the general ledger. (D) used to post excess transactions if a general ledger account becomes full during an accounting period.

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Stella Valencia · Answer 1

The correct option is C

Explanation:

Subsidiary ledger are those kind of the ledger which is stated as the group of the similar or common accounts, whose combined balances are equal to the balance in the particular account of general ledger.

The general ledger is the account that summarizes or provide detailed information of the account balances of the subsidiary ledger is recognized as the control account or the master account.

The subsidiary ledger are those group of accounts which have a similar characteristic and provide summarized information regarding the control account.