Instructions: Identify the Following Terms

question 79

Short Answer

Instructions: Identify the following terms.
Massachusetts Bay Company

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Definitions:

Average Collection Period

The average number of days it takes for a company to receive payments owed by its customers.

Collection Policies

Guidelines established by a business to manage the collection of accounts receivable or debts owed to it.

Subsidiary Ledger

a detailed ledger that contains the financial transactions of a specific subsidiary account, summarizing its details, and supporting the general ledger.

Control Account

A general ledger account that summarizes the balances of a set of detailed subsidiary ledger accounts.