Individual Customer Accounts of Accounts Receivable Are Known as Subsidiary

question 74

True/False

Individual customer accounts of accounts receivable are known as subsidiary accounts.

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Definitions:

Capital Account Balance

The net result of public and private international investments flowing in and out of a country, representing changes in national ownership of assets.

Net Income

The total earnings of a company after subtracting all expenses, taxes, and losses from the total revenue.

Withdrawals

Funds or resources withdrawn from a business by its owners for individual purposes.

Salaries

Payments made to employees for their services over a specified period.