What are subsidiary ledgers and control accounts, and why are they used? Describe how they work.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 44% (9 reviews)
A subsidiary ledger is a group of accounts all of which relate to one specific company activity s...View the full answer
Answered By
Chiranjib Thakur
I have no tutoring experience yet, but I can share my skills and knowledge gained from my education and work experiences. I have been a CPA since 2012 with 6 years of work experience in internal auditing and 4 years of work experience in accounting at the supervisory level.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Question Posted:
Students also viewed these Cost Accounting questions
-
In what way are subsidiary ledgers and special journals replicated in accounting software?
-
A friend is confused about entries to computerized accounting systems. She says, I understand that there are both subsidiary accounts and control accounts, but why are the effects of individual...
-
You will need the working papers that accompany this textbook in order to work this mini practice set. Bluma Co. uses a perpetual inventory system and both an accounts receivable and an accounts...
-
Consider a long cylindrical solenoid with diameter R, number of current loops N and length L through which a current I runs. Now (a) Use Ampre's law to calculate the magnetic field inside the...
-
Complete the following table by indicating for (a) through (g) whether the proper answer is debit orcredit. Normal Balance Account Increase Decrease Purchases Purchases Discounts Purchases Returns...
-
On January 1, 20x1, Lala Bus Co. received a 4-year, noninterest bearing note of P1,000,000 in exchange for land with carrying amount of P500,000. The note is due on December 31, 20x4. The effective...
-
Samples of unidirectional Kevlar 49/epoxy and S-glass/epoxy composites are subjected to elevated temperatures in an oven and the resulting thermal strains are measured by using strain gages oriented...
-
1. Does Steve need additional information from Iverstine and Walker? 2. What would you recommend? In 1979, Steve Blake founded Blake Electronics in Long Beach, California, to manufacture resistors,...
-
Elwood Services has a Bonds Payable balance of $10,000 and Premium on Bonds Payable balance of $5,100. The company decided to retire the bonds early paying $25,300 for the bonds. What is the journal...
-
Your task is write the following functions: 1. create file o takes filename as a parameter. The function creates an empty file. An example is shown below: o create_file("myfile.txt") File myfile....
-
Describe the general journal and the general ledger and how they differ.
-
What are special journals and why are they used? What are the major special journals? Give an example of transactions that would be recorded in each journal.
-
Which of the following properly describes a difference between a partnership and an LLC? a. Partnerships pass income and losses through to the partners while LLCs generally pay an entity level tax...
-
You own Verizon (VZ) stock which is trading at $35 and want to adjust your upside potential and downside risk. You decide to open a collar with a put strike of $30 and a call strike of $40. The put...
-
B Manufacturing Corporation uses a predetermined overhead rate based on direct labor - hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 5 9 , 7 5 0 actual direct labor...
-
1. Sawyer buys Stock XYZ for $50 and a 6-month floor with a strike price of $50 for a $3.42 premium. Jack buys a call option on Stock XYZ with a strike price of $50. The risk-free rate is 6%...
-
Two slabs with thermal conductivities k and kg meet at x=0. Both slabs have uniform heat generation gen. The slabs are cooled by convection (as h,T shown in Figure) with heat transfer coefficients...
-
1. Distinguish between power and authority. Do you believe the foundation of criminal justice organizations is power or authority? Why? Give examples in everyday criminal justice life that reflect...
-
This diagram shows a square coil about to enter a region of uniform magnetic field of magnetic flux density 0.30 T. The magnetic field is at right angles to the plane of the coil. The coil has 150...
-
What is beacon marketing? What are digital wallets?
-
Although U.S. GAAP is now organized in the FASB Accounting Standards Codification, GAAP was initially created by many different types of pronouncements. The following is a list of seven types of...
-
At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase in conformity with generally accepted accounting principles that appears in your audit report...
-
Considerable political and social influence is wielded by financial statement preparers and usersthose parties who are most interested in or affected by accounting standards. A premise of the FASBs...
-
A 2kg mass is moving at 10m/s along a frictionless surface towards a spring (at rest) with spring constant 50N/m. When the mass hits the spring, it will begin to compress it. What is the maximum...
-
Refer to the following data: Direct material used $150 000 Selling costs $5 000 Indirect labour $7 000 Administrative costs $10 000 Depreciation on factory equipment $70 000 Direct labour $40 000...
-
The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance Account Title Cash December 31 Prepaid insurance Notes receivable (due in 5 years) Buildings...
Study smarter with the SolutionInn App