LC, LT, and LN Are Types of ____

question 104

Multiple Choice

LC, LT, and LN are types of ____.

• A) locational fits
• B) clearance fits
• C) sliding fits
• D) force fits
• E) none of the above

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Definitions:

Accounts Receivable

Accounts receivable represents money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Subsidiary Accounts

Subsidiary accounts are detailed records that support or explain the balances in one or more general ledger accounts.

Control Account

A general ledger account that summarizes the total amounts recorded in subsidiary ledgers for individual components, like accounts receivable or payable.

Special Journals

Accounting journals designed for recording a specific type of transaction in a detailed manner, such as sales or purchases.