Known by the Acronym ________, This Sophisticated Tool Provides Data

question 64

Short Answer

Known by the acronym ________, this sophisticated tool provides data for computer maps, pinpointing every street, road and subdivision in the United States.

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Definitions:

Subsidiary Ledgers

Detailed records that contain information about specific accounts, which together support and reconcile with summary amounts in the general ledger.

Daily Postings

The routine process of recording transactions in the books of accounts or ledgers on a daily basis to ensure financial records are up-to-date.

Control Account

An account in the general ledger used to simplify the recording of transactions and track the total amounts for financial statement purposes, often summarizing the details that are held in a subsidiary ledger.

Special Journals

Accounting books or ledgers used for recording and categorizing specific types of transactions such as sales, purchases, cash disbursements, and cash receipts in a more efficient manner.