Question

which account is least likely to have a subsidiary ledger? a. sales b. accounts receivable c. fixed assets d. inventory

Answer 1

Sales account is least likely to have a subsidiary ledger, so the correct answer is (a).

All sales transactions are documented in a sales account. Both credit and cash sales are included in this. The net sales amount that appears at the forefront of the income statement is determined by adding the account total to the sales returns and allowances accounts. A current client could also be referred as a sales account. A customer becomes a marketing account once a sale has been made to them. In order to arrive at a number referred to as net sales, the achieve business is typically merged with the returns and allowances account.

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