A Separate Account for Each Customer Is Kept in A(n)

question 112

Multiple Choice

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:

Drawee

The party directed by a drafter (e.g., the issuer of a check) to pay a certain sum of money to the party named in the document.

Dishonored

In relation to financial transactions, it refers to the refusal of payment on a check, note, or bill when presented.

Bill of Exchange

A bill of exchange is a written order used primarily in international trade that binds one party to pay a fixed amount of money to another party at a predetermined date or on demand.