When a Business Uses a Subsidiary Accounts Receivable Ledger, There

question 29

True/False

When a business uses a subsidiary accounts receivable ledger, there is no need to keep a summary accounts receivable account in the general ledger.

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Definitions:

Landlord

An individual or entity that owns a property and rents it out to tenants in exchange for a periodic payment.

Exculpatory Clause

A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault.

Covenant Not to Compete

A legal agreement where one party agrees not to enter into or start a similar profession or trade in competition against another party.

Enforce

The act of compelling obedience or compliance with a law, rule, or obligation through legal or authoritative means.