Which of the Following Is Not True About the Accounts

question 46

Multiple Choice

Which of the following is not true about the accounts receivable subsidiary ledger?

• A) Debits and credits in the subsidiary ledger must always equal.
• B) Every credit sale is entered individually into the subsidiary ledger.
• C) The total of the subsidiary ledgers must equal the control account.
• D) The subsidiary ledgers play an important role in maintaining the accuracy of the data stored in the AIS.

Understand the mutual influence between media content, technology, and human interaction.

Understand the concept of simple interest and its computation.

Calculate future values and present values using compound interest, including for specific future cash needs.

Identify the difference between simple interest and compound interest.

---

Definitions:

Federal Insurance Contributions Act

A U.S. law that mandates the collection of Social Security and Medicare taxes from employees' paychecks and employers.

Employer Requirement

The obligations and duties that an employer must fulfill towards their employees, including wages, benefits, and working conditions.

Withholding Taxes

Taxes that employers deduct from employees' wages and pay directly to the government as a part of income tax obligations.

Net Pay

The amount of money an employee receives after all deductions, such as taxes and retirement contributions, have been subtracted from their gross pay.