Postings Are Made Daily to Subsidiary Ledgers So That

question 59

Multiple Choice

Postings are made daily to subsidiary ledgers so that

• A) employees are kept busy.
• B) debits equal credits.
• C) individual account information is kept current.
• D) the control account will balance to the subsidiary ledger.

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Definitions:

Statutory Ratification

The process by which a legislative body formally approves an action, treaty, or agreement previously enacted or signed.

Overissued Shares

Stock shares that have been erroneously or unlawfully issued beyond the number authorized by the company's charter.

Debt

Money owed by one party (the debtor) to another (the creditor), typically arising from a transaction of financial borrowing.

Equity Securities

Financial instruments representing ownership interest in a company, such as stocks.