The General Ledger Account That Corresponds to a Subsidiary Ledger

question 62

Multiple Choice

The general ledger account that corresponds to a subsidiary ledger account is known as a(n)

• A)dependent account.
• B)control account.
• C)credit account.
• D)attribute account.

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Definitions:

Mortgagor

A mortgagor is an individual or entity who borrows money to purchase property and pledges that property as security for the loan.

Mortgagee's Interest

The financial interest a lender has in the property serving as collateral for a loan until the mortgage is fully repaid.

Mortgagee's Claim

A claim made by the lender or mortgage holder for payment of the outstanding loan balance from the proceeds of a foreclosure sale.

Due On Sale Clause

A provision in a mortgage allowing the lender to demand full repayment if the property is sold.