In a Purchase or Acquisition Where Control Is Achieved,how Would

question 117

Multiple Choice

In a purchase or acquisition where control is achieved,how would the land accounts of the parent and the land accounts of the subsidiary be combined?

• A)Entry A.
• B)Entry B.
• C)Entry C.
• D)Entry D.
• E)Entry E.

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Definitions:

Other Accounts Column

A column in ledger books or accounting journals used to record transactions that do not fit into the standard categories provided, offering flexibility for miscellaneous entries.

Subsidiary Ledgers

Detailed ledgers that contain information about specific accounts, which are then summarized and included in a company's general ledger.

Accounts Payable

Liabilities owed by a business to its suppliers or creditors for goods and services received but not yet paid for.

Revenue Journal

A financial journal used to record specific types of revenue transactions, detailing the source and amount of income.