Chapter 9 Key words Flashcards
1
Q
Discounts Allowed Account
A
The account in the general ledger used to record prompt payment discounts taken by credit customers
2
Q
Posting
A
Transferring data from the books of prime entry (day books) into the ledgers
3
Q
Sales Ledger Control Account
A
A general ledger account for trade receivables
4
Q
Sales Returns Account
A
The account in the general ledger used to record customer returns
5
Q
Subsidiary Ledgers
A
Sales and purchase ledgers that are not part of the general ledger and which contain ledger account for each individual trade receivable or trade payable.
6
Q
Are the subsidiary ledges part of the double entry system?
A
No
