Which Term Is a General Ledger Account That Consolidates Data

question 13

Multiple Choice

Which term is a general ledger account that consolidates data from a group of related sub-ledger accounts?

• A)Subsidiary ledger
• B)Sub-ledger
• C)Reconciliation account
• D)Line item display
• E)None of the above

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Definitions:

Purely Competitive Market

A market structure characterized by many buyers and sellers, freedom of entry and exit, and a product that is homogeneous across producers.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded; the market price where no surplus or shortage exists.

Marginal Revenue

The additional income earned from selling one more unit of a good or service; it's a crucial concept for understanding how firms decide on output levels.

Purely Competitive Industry

An industry characterized by a large number of small firms producing identical products with no single firm able to influence the market price.