Question 13 of 40 Score: 2.5 (of possible 2.5 points)
Some of the more common subsidiary ledgers are:
Accounts Payable, Accounts Receivable, and Owner’s Equity subsidiary ledgers.
Accounts Receivable and Accounts Payable subsidiary ledgers.
Accounts Receivable, Accounts Payable, Cash, Checking, Petty Cash, and Owner’s Equity
Subsidiary ledgers are not utilized in computerized accounting systems as they are internal control
elements for manual accounting processes.
Answer Key: B
Question 14 of 40 Score: 2.5 (of possible 2.5 points)
Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
Question 15 of 40 Score: 0 (of possible 2.5 points)
Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal