The Accounts Receivable Ledger

question 148

Multiple Choice

The accounts receivable ledger:

• A) Is for storing transaction data for customers.
• B) Is for storing transaction data for individual customers.
• C) Is for storing transaction data for individual creditors.
• D) Is for storing transaction date for creditors.
• E) Is also the controlling account.

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Definitions:

Establishing Control Procedures

The process of implementing policies and procedures to ensure that an organization's objectives are achieved efficiently and effectively, reducing the risk of fraud or error.

Cash

Money in the form of physical currency, such as banknotes and coins, which can be used immediately for transactions.

Post Dated Cheques

Cheques written with a future date, not valid or actionable until that date, often used to ensure future payments.