Examlex

Solved

Match Each Description with the Item Below

question 62

Multiple Choice

Match each description with the item below.
-Matthew Ridgway


Definitions:

Normal Balance

The usual balance side (debit or credit) on which an account increases.

Account Category

A classification within the financial statements that helps in organizing accounts, such as assets, liabilities, equity, revenues, and expenses.

Controlling Account

An account in the general ledger that summarizes the total amounts recorded in all subsidiary ledger accounts.

Subsidiary Ledger

A ledger containing the details of transactions for a specific account, which then summarizes into a single amount in the general ledger.

Related Questions