Asked by Prince Saini on May 25, 2024
Verified
When control and subsidiary accounts are involved there must be a dual posting.
Control Accounts
General ledger accounts that consolidate and summarize the detailed information from subsidiary ledgers.
Subsidiary Accounts
Detailed accounts linked to a general ledger account that record individual transactions related to that ledger's balance.
- Recognize the procedures and significance of posting transactions in accounting.
Verified Answer
MB
Maryam BoustanMay 28, 2024
Final Answer :
True
Explanation :
Dual posting is the recording of a transaction in two or more accounts with an equal and opposite effect. When control and subsidiary accounts are involved, dual posting is necessary to ensure accuracy and completeness of the accounting entries.
Learning Objectives
- Recognize the procedures and significance of posting transactions in accounting.