In General, Subsidiary Ledgers Are Not Needed in Perpetual Systems

question 48

True/False

In general, subsidiary ledgers are not needed in perpetual systems because the accounting system captures sufficient details to support analyses that decision makers need.

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Definitions:

State Traditions

The historical and cultural practices, norms, and values that are recognized and followed within a specific state.

National Government

The political authority that governs an entire nation, as opposed to local or state government.

Gibbons v. Ogden

A landmark Supreme Court case in 1824 that held Congress has the power to regulate interstate commerce under the Commerce Clause of the Constitution.

Interstate Commerce

Economic activity, trade, or the movement of goods and services that crosses state borders, falling under the regulatory power of the federal government according to the U.S. Constitution.