An Account in the General Ledger That Summarizes the Balances

question 71

Multiple Choice

An account in the general ledger that summarizes the balances found in the subsidiary ledger(s) is:

• A) General Account
• B) Controlling Account
• C) Ledger Account
• D) Journal Account

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Definitions:

Affirms

To declare something to be true, confirm, or ratify, especially in a legal context.

Scope of Authority

The range or extent of power given to an individual or entity to act on behalf of another or make decisions.

Unsafe Situations

Conditions or scenarios that pose a risk of injury or harm to people, property, or the environment.

Breach

The violation of a law, duty, or other form of obligation, including breaking a contract or agreement.