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21 special journals allow an efficient division of labor which is also an effective 4295710

 

21.Special journals allow an efficient division of labor, which is also an effective control procedure. 
 
 

22.When posting from special journals each individual debit and credit entry of similar transactions is entered in the general ledger. 
 
 

23.Most transactions for merchandising businesses fall into four groups: sales, purchases, cash receipts, and cash disbursements. 
 
 

24.Because special journals are designed to suit businesses, good systems design for a business could include collapsing the sales and cash disbursements journal into one journal. 
 
 

25.A subsidiary ledger is a listing of individual accounts that contains detailed information on specific accounts in the general ledger. 
 
 

26.Two common subsidiary ledgers are cash receipts and cash disbursements. 
 
 

27.The accounts receivable ledger is used for storing transactions data regarding individual customers. 
 
 

28.The controlling account Accounts Payable in the general ledger has a separate subsidiary account for each creditor in the accounts payable ledger. 
 
 

29.Equipment, inventory, and investments are other accounts that can include detailed information in a subsidiary ledger. 
 
 

30.Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need. 
 
 

 

 

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