Author Question: A single summarizing account in the general ledger, representing all the accounts in a particular ... (Read 63 times)

Sportsfan2111 · **on:** Jul 6, 2018

A single summarizing account in the general ledger, representing all the accounts in a particular subsidiary ledger, is referred to as a
a. response account.
b. summary account.
c. special account.
d. pass-through account.
e. controlling account.

Question 2

A county anticipated that 6,500 of discounts would be taken on its property tax levy. Which of the following statements is true if discounts were less than anticipated?

a. There is no effect on revenues.
b. Revenues would be increased.
c. Revenues would be decreased.
d. Expenditures would be decreased.
e. Expenditures would be increased.