When a Company Uses an Accounts Receivable Subsidiary Ledger,it Cannot

question 18

True/False

When a company uses an accounts receivable subsidiary ledger,it cannot also maintain an Accounts Receivable account in the general ledger.

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Definitions:

Equity of Redemption

The right of a mortgagor to reclaim property on which a mortgage exists by repaying the debt before a foreclosure sale.

Legal Title

The legal entitlement to possess property, safeguarded and upheld by the legal system.

Acceleration Clause

A clause in a debt instrument (e.g., a mortgage) that requires the payment of the balance of the debt on the happening of a specific event, such as default on an installment payment.

Equitable Mortgage

A mortgage subsequent to the first or legal mortgage. A mortgage of the mortgagor’s equity.