When There Are a Large Number of Individual Accounts with a Common

question 84

Multiple Choice

When there are a large number of individual accounts with a common characteristic, it is common to place them in a separate ledger called a(n)

• A) General ledger
• B) Income Statement Ledger
• C) Group Ledger
• D) Subsidiary Ledger

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Definitions:

Dishonor

Refers to the refusal by a bank to pay a check or draft presented for payment, usually due to insufficient funds.

Ratification

The approval or formal sanctioning of an agreement or act, often making it officially valid.

Unauthorized

Actions or access that have not been approved or given consent by the proper authority.

Promissory Note

A written promise to pay a specified amount of money, either on demand or at a future date.