The Department Within a Company That Records, Measures, and Reports

question 124

Multiple Choice

The department within a company that records, measures, and reports monetary transactions is called _____________.

• A)accounting
• B)marketing
• C)human resources
• D)operations management

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Definitions:

Subsidiary Accounts

Detailed accounts linked to a general ledger account that record individual transactions related to that ledger's balance.

General Ledger Control Accounts

Accounts used to summarize the total balances of several subsidiary accounts, facilitating the reconciliation and reporting process.

Subsidiary Ledgers

Detailed ledgers that contain information supporting accounts listed in the general ledger, such as details on accounts receivable, accounts payable, etc.

Subsidiary Ledgers

Detailed records that contain information about specific accounts, which together support and reconcile with summary amounts in the general ledger.