The File or Record That Is Essentially a Subsidiary Ledger

question 38

Multiple Choice

The file or record that is essentially a subsidiary ledger for tangible assets,such as land,buildings,machinery,and equipment,is the

• A) fixed assets register.
• B) fixed assets control ledger.
• C) property master ledger.
• D) property control ledger.

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Definitions:

Unadjusted Trial Balance

A trial balance prepared at the end of an accounting period before adjusting entries are made.

Account Title

The name given to an account that reflects the type of transaction it represents, used in accounting to classify and record financial transactions.

Retained Earnings Statement

A financial statement that summarizes the amounts retained or reinvested in the company from net income (or profit) after dividends are paid.

Stockholders' Investments

Funds or resources that shareholders commit to a company in exchange for equity ownership, contributing to the firm's capital base.