With Regard to Accounts Receivable,a Separate Account for Each Customer

question 63

Multiple Choice

With regard to Accounts Receivable,a separate account for each customer is kept in a(n) :

• A)control account.
• B)subsidiary ledger.
• C)general ledger.
• D)control ledger.

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Definitions:

Policy's Coverage

Refers to the range of protection provided by an insurance policy against various risks or losses.

Defense Against Payment

A legal strategy employed to withhold payment until specific conditions are met or discrepancies are resolved.

Insurance Company

A financial institution that provides coverage by compensating for losses in exchange for premium payments.

Ordinary Action

A common or standard legal action or lawsuit pursued through the regular judicial process to address a grievance or dispute.