Describe the Relationship Between the General and Subsidiary Ledgers

question 89

Essay

Describe the relationship between the general and subsidiary ledgers.

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Definitions:

Insurance Settlement

The payment made by an insurance company to a policyholder or claimant as compensation for a covered loss.

Discount Rate

in finance, refers to the interest rate used in discounted cash flow (DCF) analysis to determine the present value of future cash flows.

Lump Sum

A single payment made at a particular time, as opposed to multiple payments over time.

Sub-Contracting

The process of outsourcing specific portions of a project or job to specialized third parties while retaining overall responsibility for completion.