When Debits Equal Credits for a Transaction,the Accounting Equation Is

question 63

True/False

When debits equal credits for a transaction,the accounting equation is in balance.

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Definitions:

Control Accounts

General ledger accounts that consolidate and summarize the detailed information from subsidiary ledgers.

Subsidiary Accounts

Detailed accounts linked to a general ledger account that record individual transactions related to that ledger's balance.

General Ledger Control Accounts

Accounts used to summarize the total balances of several subsidiary accounts, facilitating the reconciliation and reporting process.

Subsidiary Ledgers

Detailed ledgers that contain information supporting accounts listed in the general ledger, such as details on accounts receivable, accounts payable, etc.