4. Which of the following statements is false?
Select one:
The balance in the control account must always equal the total of the subsidiary ledger.
When a subsidiary ledger and a control account are used, each journal entry that affects accounts receivable must be posted twice.
A subsidiary ledger is a group of accounts that provides details about a control account in the general ledger.
A subsidiary ledger includes supporting detail to the general ledger.
5. Trade receivables
Select one:
include employee advances.
can be accounts receivable or notes receivable.
do not result from the operations of the business.
occur when two companies trade or exchange notes receivables.
Part 4)OPTION B------ When a subsidiary ledger and control account are used , each journal entry that affects accounts receivable must be posted twice.
Above statement is False. Subsidiary ledger is a group of accounts of same nature, for eg- all accounts receivable of company is maintained in subsidiary ledger.
Part 5)OPTION B ---- can be accounts receivable or notes receivable
Trade receivable occurs when company renders services or sells good to customers. Hence it includes accounts receivable or notes receivable
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