The Accounts Payable Ledger Has a Controlling Account in the General

question 162

True/False

The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.

---

Definitions:

Virtual Representation

The idea that the American colonies, although they had no actual representative in Parliament, were “virtually” represented by all members of Parliament.

House of Commons

The lower house of the Parliament of the United Kingdom, consisting of Members of Parliament elected to represent constituencies.

Seven Years' War

A global conflict fought between 1756 and 1763, involving most of the great powers of the time and affecting Europe, North America, Central America, the West African coast, India, and the Philippines.

Declaration of Independence

A historic document adopted on July 4, 1776, by the Second Continental Congress, announcing the thirteen American colonies' separation from Great Britain.