Preston Ltd Uses a Subsidiary Ledger and Control Account System

question 40

Multiple Choice

Preston Ltd uses a subsidiary ledger and control account system for its accounts receivable. At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger. The purpose of this listing is to:

• A) furnish the amount that should be posted to the accounts receivable control account.
• B) determine whether the debits equal the credits in the subsidiary ledger.
• C) prove that the subsidiary ledger agrees with the control account.
• D) provide information necessary for trial balance preparation.

Understand the dynamics and consequences of child abuse and neglect.

Differentiate between disciplinary actions and child abuse, recognizing the legal and ethical boundaries.

Understand the basic arguments for and against protectionism in international trade.

Comprehend the role and functions of the World Trade Organization (WTO).

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Definitions:

Supply Chain

A network of organizations, people, activities, information, and resources involved in producing and delivering a product or service from suppliers to customers.

Physical Distribution System

The process and logistics involved in moving goods from the point of production to the point of consumption.

Direct Selling

A retail channel for the distribution of goods and services directly to consumers, typically in a non-retail setting.

Direct-Response Retailing

A retail strategy that promotes immediate customer action through direct communication, such as online advertisements or infomercials.