Diversified Dual Bookends Ltd uses a subsidiary ledger and a control account system for its accounts receivable. At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger. The purpose of this listing is to:a.Check the amount that should be posted to the accounts receivable control accountb.Determine whether the debits equal the credits in the subsidiary ledgerc.Prove that the subsidiary ledger agrees with the control accountd.Provide information necessary for trial balance preparatione.all of the aboveselect an answer

LO 7.3 The sum of all the accounts in the accounts receivable subsidiary ledger should ________.Choose one answer from the options below.A. equal the accounts receivable account balance in the general ledger before posting any amountsB. equal the accounts payable account balance in the general ledger before posting any amountsC. equal the accounts receivable account balance in the general ledger after posting all amountsD. equal the cash account balance in the general ledger after posting all amounts

A subsidiary account ______.Multiple choice question.netted against Accounts Receivable on the balance sheetis a contra-asset account that is used to report the amount not expected to be collected from customersreports the ownership percentage that the parent company owns of its subsidiariesis kept for each customer's accounts receivable and the total of all customers' accounts receivable is reported on the balance sheet

Which of the following might explain a debit balance on the payables’ ledger account of anindividual credit supplier?A The business took a settlement discount to which it was not entitled and paid less thanthe amount dueB The business mistakenly paid an invoice twiceC The book-keeper failed to enter a contra with the receivables ledgerD The book-keeper failed to post a cheque paid to the account

What is Dual aspect convention?Question 2Answera.underlying basis for double entry accounting systemb.assumption that the company will continue its operationsc.both assets and liabilities are reported on a company’s balance sheet at their original costd.ensures that financial statements are not overly optimistice.Income should be properly "matched" with the expenses of a given accounting period

Which of the following statements about the trial balance is incorrect?a.It is a list of balances from the ledger accountsb.It provides a useful check on the accuracy of the ledger accountsc.It calculates the profit or loss achieved by the businessd.The total value of debits must equal the total value of credits