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Siddhartha Gautama, founder of Buddhism, discovered four noble truths, all of which emphasize self-denial and compassion. These truths include the following:
Owner's Capital
The amount of money and other assets contributed by the owner(s) to a business, plus the retained earnings minus any withdrawals.
Accounts Receivable
Amounts owed to a business by its customers for goods or services sold on credit.
Subsidiary Ledger
A detailed ledger that contains the individual accounts needed to support a major ledger account, such as accounts receivable, where individual customer accounts are detailed.
Control Account
An account used in the general ledger to summarize and keep track of transactions relating to a specific aspect of a company's finances, such as accounts receivable or payable.
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