The Accounts Receivable Ledger

question 66

Multiple Choice

The accounts receivable ledger:

• A)Is a substitute for the sales journal.
• B)Stores transaction data for individual customers.
• C)Stores transaction data for individual creditors.
• D)Is a substitute for the cash receipts journal.
• E)Is also the controlling account.

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Definitions:

Necessary Information

Necessary information refers to data or facts that are essential to complete a task, solve a problem, or make an informed decision.

Certainty

A condition where there is complete absence of doubt or the total confidence in something.

Fully Informed

Indicates a state where all necessary information has been received and understood.

Major Decision Making

The process of choosing between significant options or paths, often having considerable impact on an individual's or organization's future.