The Largest One-Day Drop in the Stock Market Occurred in 1987-A

question 389

True/False

The largest one-day drop in the stock market occurred in 1987-a 22% drop.

---

Definitions:

Subsidiary Ledger

A detailed ledger that contains supporting information for a main accounting ledger, often used for accounts receivable or accounts payable.

Cash Receipts Journal

An accounting ledger in which all cash inflows or receipts are recorded.

Accounts Payable Subsidiary

A detailed ledger containing all individual creditor accounts, supporting the summary-level accounts payable figure in the general ledger.

Control Account

An account in the general ledger that summarizes and checks the accuracy of individual records in subsidiary ledgers.