A Record That Contains Detailed Information on Specific Accounts with a Common

question 98

Multiple Choice

A record that contains detailed information on specific accounts with a common characteristic and is support for a controlling account is a(n) :

• A) All-purpose ledger.
• B) Subsidiary ledger.
• C) Special ledger.
• D) General ledger.
• E) Column balance ledger.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a given market.

Insolvent Buyer

An individual or entity that cannot meet financial obligations or pay debts as they become due.

Reclaim Goods

The process by which a seller or creditor regains possession of goods from a buyer due to nonpayment or breach of contract.

Consequential Damages

Refers to indirect damages that arise not from a breach of contract itself but as a foreseeable result of the breach.