Every Controlling Account Must Have Its Own

question 108

Multiple Choice

Every controlling account must have its own:

• A) primary ledger.
• B) general ledger.
• C) subsidiary ledger.
• D) general journal.

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Definitions:

Partnership Business

A type of business structure in which two or more individuals share ownership, profits, liabilities, and responsibilities.

Compete

To engage in an effort to win or achieve something, such as a market or a contest, often against others.

Consent

Agreement, approval, or permission as to some act or purpose, given voluntarily by a competent individual.

Capital Contribution

The act of providing financial assets, such as money or property, to a partnership or company by its owners or members.