Which Account Is the Controlling Account for the Amounts Owed

question 32

Multiple Choice

Which account is the controlling account for the amounts owed to individual creditors?

• A) Accounts Payable in the general ledger
• B) Purchases in the general ledger
• C) Accounts Receivable in the subsidiary ledger
• D) Accounts Payable in the subsidiary ledger

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Definitions:

Unitary Elasticity

A situation in economics where a change in the price of a good or service results in a proportional change in the quantity demanded or supplied.

Sandwich Shop

A food establishment that specializes in selling sandwiches and often other types of lunch food and beverages.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Chain Saws

Mechanical tools equipped with a rotating chain with teeth that are used for cutting through wood or other materials.