Answer the following statements true (T) or false (F)
1. A subsidiary ledger is a record of accounts that provides supporting details on individual balances, the total of which appears in a general ledger account.
2. The accounts payable subsidiary ledger lists each vendor along with amounts paid to the vendors and the remaining amounts owed to them.
3. The Accounts Receivable balance in the general ledger may or may not equal the sum of the accounts in the accounts receivable subsidiary ledger.
4. Sales on account are recorded in a cash receipts journal.
1. TRUE
2. TRUE
3. FALSE
4. FALSE
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The value added tax (VAT) has not had wide acceptance in the international community.
Answer the following statement true (T) or false (F)
The amount extended to the Retained Earnings line in the Balance Sheet column of the work sheet is the amount to be reflected for Retained Earnings on the balance sheet
Indicate whether the statement is true or false
A type of temporary storage is
A. ROM. B. RAM. C. EROM. D. PROM.
Employees will participate in the management of their own performance
a. If the supervisor forces them to b. If they know the supervisor expects them to c. If they are an exceptional performer d. None of the above