Fundamental Accounting Principles Study Set 5
Quiz 7: Accounting Information Systems
The Accounts Payable Ledger Is Used for Storing Transactions Data
The accounts payable ledger is used for storing transactions data regarding individual customers.
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The accounts payable ledger has a controlling account in the general ledger and a separate subsidiary account for each creditor in the accounts payable ledger.
Equipment, inventory, and investments are other accounts that can include detailed information in a subsidiary ledger.
Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need.
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