Identify the Statement Below That Is Not True with Regards

question 97

Multiple Choice

Identify the statement below that is not true with regards to the accounts receivable subsidiary ledger.

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

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Definitions:

Market Mechanism

The process by which supply and demand interact to determine the prices and quantities of goods and services in a market economy.

Allocate Goods

The process of distributing resources or products to where they are needed or can be used most effectively.

Nonconsenting Third Parties

Individuals or groups affected by a transaction between other parties without their explicit agreement or participation.

Nonexcludable

A characteristic of a good or service that prevents the owner from effectively excluding others from using it, often associated with public goods.