Which of the Following Statements Regarding Revenue Subsidiary Ledgers Is

question 33

Multiple Choice

Which of the following statements regarding revenue subsidiary ledgers is false?

• A) The number of revenue subsidiary ledger accounts necessary is at the discretion of management.
• B) The number of revenue subsidiary ledger accounts used is limited by the number of broad revenue categories (e.g., taxes, licenses and permits, intergovernmental) that a governmental entity reports.
• C) Entries to revenue subsidiary ledger accounts may be made at any time during a fiscal period.
• D) Revenue subsidiary ledgers are never required.

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Definitions:

Resource Sufficiency

The adequate availability of resources necessary to conduct operations and achieve organizational objectives.

Milton Friedman

An American economist and Nobel laureate known for his extensive work on consumption analysis, monetary history and theory, and the complexity of stabilization policy.

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A business strategy aimed at generating the greatest possible profit, focusing on revenue enhancement and cost minimization.

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Individuals or entities that own one or more shares of a company's stock, making them partial owners of the company.