A Single Summarizing Account in the General Ledger, Representing All

question 26

Multiple Choice

A single summarizing account in the general ledger, representing all the accounts in a particular subsidiary ledger, is referred to as a

• A) response account.
• B) summary account.
• C) special account.
• D) pass-through account.
• E) controlling account.

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Definitions:

Non-Value-Added Activities

Activities that consume resources but do not add value for which customers are willing to pay.

Overhead Costs

General business costs not directly related to creating a product or service, such as rent, utilities, and insurance.

Management Cycle

A series of business activities and processes that managers use to plan, lead, organize, and control operations.

Implementation Phase

The stage in a project or a business plan where strategies are put into action and operational activities commence.