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:

Valuation Rate

A rate used to estimate the current value of cash flows or assets, often used in the appraisal of businesses.

Market Value

Market value is the price at which an asset would trade in a competitive auction setting, reflecting its worth in the current market.

Gross Income

The total income earned before any deductions or taxes are applied.

Standard Deduction

The fixed amount the IRS allows taxpayers to subtract from their taxable income if they do not itemize deductions, differing by filing status.