A Record That Contains the Details by Customer or Vendor

question 115

Multiple Choice

A record that contains the details by customer or vendor of the individual account balances would be called a:

• A)control account.
• B)subsidiary ledger.
• C)journal.
• D)liability account.

---

Definitions:

Materially Alter

To make significant changes to a document or object that could affect its value, function, or meaning.

Acceptance Of Terms

The agreement to abide by the conditions of an offer or contract.

Business Assets

Resources owned by a business that have economic value and can contribute to the company's future income, including both tangible and intangible items.

Payable In Installments

An agreement or obligation that allows payment to be made in parts or increments over a specified period, instead of a lump sum.