The Accounts Receivable Account in the General Ledger Serves as a Control

question 107

True/False

The accounts receivable account in the general ledger serves as a control account because it summarizes the total of the receivables from all customers.

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Definitions:

Corpus

The principal amount of a trust or estate, as distinguished from income or interest generated by it.

Property Held

Assets owned by an individual or entity, including real estate, investments, personal property, and intellectual property.

Trust

A fiduciary arrangement wherein one party, known as the trustee, holds assets for the benefit of another party, known as the beneficiary.

Intestate Succession

The legal process by which property is distributed to heirs according to state laws when someone dies without a valid will.