Control Accounts & Subsidiary Ledgers (Ch 5) Flashcards
What is a General Ledger?
A ledger which contains all the ledger accounts for recording transactions occuring within an entity.
What is a Receivables Ledger?
The receivables ledger control acount shows the total amount due to us fromour credit customers. It contains all the invoices and credit notes issued to and cash receipts from credit customers for a given period. The receivables ledger control accoount may sometimes be referred to as teh sales ledger control account.
What is the Payables ledger?
The Payables ledger control account contains the total value of all the invoices and credit notes received from and cash payments made to credit suppliers for a given period. The payables ledger may sometimes be referred to as the purchase ledger control account.
What is the Subsidiary ledger?
A subsidaiary ledger provides details behind the entires in the general ledger. Subsidiary ledgers are maintained for individual receivables and payables.
What is a Subsidiary receivables ledger?
A subsidiary receivables ledger is more commonly referred to as the ‘receivables’ ledgger. It is a set of accounts for individual receivables.
