Macca Brenna Ltd uses a subsidiary ledger and control account system for its accounts receivable. At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger. The purpose of this listing is to: 3. Check the amount that should be posted to the accounts receivable control account b. Determine whether the debits equal the credits in the subsidiary ledger OC. Prove that the subsidiary ledger agrees with the control account d. Provide information necessary for trial balance preparation e. All of the above Which of the following is not an advantage of a Perpetual inventory system when compared to a Periodic inventory system? 3. Provides a current and continuous record of all inventory transactions b. Allows stock losses to be identified c. Provides reordering information Od. Allows cost of goods sold to be calculated at any time e. A stock-take does not have to be carried out The term to describe any event of an economic nature occurring between two entities in Accounting is: O a. Agreement b. Transaction c. Contract Od. Deal Oe. Account Assuming there are no Drawings made by the owner of the business and no contributions of Capital were made in either Cash or Inventory, a Net Profit could be earned in an accounting period, only if the following occurs: a. Total assets increase during the period b. Total assets exceed liabilities c. Net assets increase during the period Od. Total liabilities increase during the period e. Total liabilities decrease during the period