Which of the following is incorrect regarding subsidiary ledger? a. The accounts receivable ledger is a common subsidiary ledger b. An advantage of the subsidiary ledger is that it permits a division of labor in posting c. The purchases ledger is a common subsidiary ledger for creditor accounts d. A subsidiary ledger is a group of accounts with common characteristics
Which of the following is incorrect regarding subsidiary ledger? a. The accounts receivable ledger is a common subsidiary ledger b. An advantage of the subsidiary ledger is that it permits a division of labor in posting c. The purchases ledger is a common subsidiary ledger for creditor accounts d. A subsidiary ledger is a group of accounts with common characteristics
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 2TP: Why would a company use a subsidiary ledger for its Accounts Receivable?
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Which of the following is incorrect regarding subsidiary ledger?
a. The accounts receivable ledger is a common subsidiary ledger
b. An advantage of the subsidiary ledger is that it permits a division of labor in posting
c. The purchases ledger is a common subsidiary ledger for creditor accounts
d. A subsidiary ledger is a group of accounts with common characteristics
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