Asked by Salli Braswell on Jun 13, 2024
Verified
Which of the following is the controlling account in the general ledger when using a voucher system?
A) Common Stock
B) Accounts Payable
C) Accounts Receivable
D) Vouchers Payable
Controlling Account
The account in the general ledger that summarizes or controls a subsidiary ledger. Example: The Accounts Payable account in the general ledger is the controlling account for the accounts payable subsidiary ledger. After postings are complete, it shows the total amount owed from purchases made on account.
General Ledger
A comprehensive record of all financial transactions made over the life of a company.
Vouchers Payable
Liabilities representing invoices that have been received but not yet paid.
- Gain an insight into how a voucher system influences a company’s balance sheet and general ledger.
Verified Answer
DS
denish segarJun 13, 2024
Final Answer :
D
Explanation :
In a voucher system, the controlling account in the general ledger that summarizes the total amount owed to various vendors or suppliers at any point in time is "Vouchers Payable." This account is used to track the amounts to be paid based on the vouchers issued.
Learning Objectives
- Gain an insight into how a voucher system influences a company’s balance sheet and general ledger.