A Subsidiary Ledger Is ________

question 42

Multiple Choice

A subsidiary ledger is ________.

• A) an accounting journal designed to record a specific type of transaction
• B) a created list of accounts used by a business entity to define each class of items for which cash is spent or received
• C) a complete record of business transactions recorded in a ledger over the life of a company
• D) a record of accounts that provide supporting details on individual balances, the total of which appears in a general ledger account

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Definitions:

Pure Monopolist

A market structure wherein a single company exclusively controls the entire market for a particular good or service, facing no competition.

Socially Optimal Output

The level of production of goods and services that results in the most efficient allocation of resources, typically considered at the point where marginal social cost equals marginal social benefit.

Ceiling Price

A legally imposed maximum price that can be charged for a good or service, intended to prevent prices from becoming too high.

Allocative Efficiency

A condition of distributing resources where improving the situation of one person results in the detriment of another.