Accounting Chapter 11

A ledger that is summarized in a single general ledger account is called a

• Subsidiary ledger

• Substandard ledger

• Summarized ledger

• Controlling ledger

A subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account is called an accounts receivable ledger.

• True

• False

An account in a general ledger that summarizes all accounts in a subsidiary ledger is called a

• subsidiary account

• substandard account

• summarized account

• controlling account

Although the balance of a vendor account in an accounts payable ledger is changed, the balance of the controlling account, Accounts Payable, remains unchanged.

• True

• False

The total of all vendor account balances in the accounts payable ledger equals the balance of the controlling account, Accounts Payable.

• True

• False

Each entry in the ____ journal affects the account of the vendor name in the account credited column.

• accounts receivable

• accounts payable

• purchases

• sales

Each entry in the Purchases Discount Credit column of a cash payments journal affects a vendor account.

• True

• False

A controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger.

• True

• False

A listing of vendor accounts, account balances, and total amount due all vendors is called a

• controlling account

• trial balance

• schedule of accounts apyable

• accounts payable ledger

A schedule of accounts payable is prepared before all entries in a journal are posted.

• True

• False