A General Ledger Account That Summarises the Detail Maintained in a Subsidiary

question 19

Multiple Choice

A general ledger account that summarises the detail maintained in a subsidiary ledger is called a:

• A) key account.
• B) summary account.
• C) control account.
• D) master account.

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Definitions:

Ending Work

Refers to the final processes or activities completed on a project or product before it is considered to be finished.

Assembly Department

A division within a manufacturing plant where components are put together to create a final product.

Cost Reconciliation Report

A financial report that reconciles estimated costs with actual costs incurred, often used in manufacturing to track material, labor, and overhead costs against budgeted or standard costs.

Work in Process Inventory

Represents the cost of unfinished goods in the production process, including labor, materials, and overhead.