When the Sum of All Entries in the Subsidiary Ledger

question 87

Multiple Choice

When the sum of all entries in the subsidiary ledger equals the amount in the corresponding general ledger account,it is assumed that (select all that apply)

• A)the recording and posting processes are accurate.
• B)all of the transaction cycles have been completed.
• C)since the ledgers are in balance,adjusting entries are not required.
• D)no errors exist in the subsidiary ledger and corresponding general ledger account.

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Definitions:

Income Effect

How a shift in income, whether for an individual or an economy, influences the amount of a good or service that is requested.

Leisure

Free time when one is not working or occupied, offering the opportunity for rest, recreation, or other personal activities.

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, reflecting how individuals respond to changes in income or working conditions.

Indifference Curve

A set of points, each point representing a combination of goods X and Y, all of which yield the same total utility.