The Accounts Receivable Ledger Is

question 60

Multiple Choice

The Accounts Receivable ledger is:

• A) used for recording credit sales.
• B) used for storing transaction data for individual customers.
• C) used for storing transaction data for individual creditors.
• D) used for recording cash receipts from customers.
• E) also the controlling account.

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Definitions:

Cost Expiration

A concept in accounting indicating the point at which a cost becomes an expense, typically when a cost directly contributes to generating revenue.

Intangibles

Assets that lack physical substance, such as patents, trademarks, and goodwill, which can still provide economic benefit to the business.

Straight-Line Depreciation

A practice of dividing up the cost of a tangible asset into regular annual segments during its period of use.

Depreciable Cost

The total amount that an asset can be depreciated over its useful life, subtracting any salvage value from the asset's initial cost.