26. Which of the following statements about subsidiary ledgers is most accurate?

1. The subsidiary ledger accounts will never equal the control account in the general ledger.
2. The accounts receivable subsidiary ledger is a book of accounts that provides supporting detail for Accounts Receivable.
3. The subsidiary ledger accounts will equal the amount in the Sales account.
4. All of these answers are correct.

27. A form used in business to place an order for the buying of goods from a seller is

1. purchase requisition.
2. purchase order.
3. purchase discount.
4. purchases returns.

28. The side that increases the account balance, by the rules of debit and credit, is said to be the

1. debit side.
2. credit side.
3. normal balance.
4. None of these answers are correct.

29. The twelve-month period a business chooses for its accounting period is a(n)

1. calendar year.
2. accounting period.
3. fiscal year.
4. accounting cycle.

30. A chart of accounts

1. is set up in alphabetical order.
2. includes account balances.
3. is a listing of all the accounts used by a company.
4. All of the above are correct.