Only Authorized Personnel Should Have Access to File Areas, and the File

question 79

True/False

Only authorized personnel should have access to file areas, and the file area should be secured when a file staff member is not in the file area.

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Definitions:

Collection Policies

Guidelines established by a business to manage the collection of accounts receivable or debts owed to it.

Subsidiary Ledger

a detailed ledger that contains the financial transactions of a specific subsidiary account, summarizing its details, and supporting the general ledger.

Control Account

A general ledger account that summarizes the balances of a set of detailed subsidiary ledger accounts.

General Ledger

A complete record of all financial transactions over the life of a company, serving as the primary source of information used to create financial statements.