When Using a Subsidiary Ledger, the Accounts Payable Account in the General

question 101

Multiple Choice

When using a subsidiary ledger, the Accounts Payable account in the general ledger is called the

• A) master account.
• B) subsidiary account.
• C) receivable account.
• D) controlling account.

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Definitions:

Efficient

Refers to achieving maximum productivity with minimum wasted effort or expense.

Unbiased

A term used in statistics to describe an estimate or model that is accurate and not skewed by any factors.

Point Estimate

A single value given as an estimate of a population parameter that is of interest, usually derived from sample data.

Sampling Distribution

A statistical probability distribution derived from a high volume of samples taken from a particular population.