Question

4. Which of the following statements is false? Select one: The balance in the control account...

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.

Business   Accounting   
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Answer #1

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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