INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 179

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-A HO-2 policy will protect your property from losses due to [all | listed] perils.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Normal Balance

The side (debit or credit) where the balance of an account usually increases.

Account Category

A classification within accounting used to group similar types of accounts, such as assets, liabilities, equity, revenue, and expenses.

Accounts Receivable Subsidiary Ledger

is a detailed ledger showing individual transactions and balances for customers who owe money to the business, supplementing the general ledger.

Control Account

A general ledger account that summarizes and controls the total amounts recorded in subsidiary ledgers.