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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-Actual cash value (ACV) is calculated by subtracting depreciation from the [purchase price | replacement cost] of an item.
Subsidiary Accounts
Detailed accounts linked to a general ledger account that record individual transactions related to that ledger's balance.
General Ledger Control Accounts
Accounts used to summarize the total balances of several subsidiary accounts, facilitating the reconciliation and reporting process.
Subsidiary Ledgers
Detailed ledgers that contain information supporting accounts listed in the general ledger, such as details on accounts receivable, accounts payable, etc.
Subsidiary Ledgers
Detailed records that contain information about specific accounts, which together support and reconcile with summary amounts in the general ledger.
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