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What is a subsidiary account?
A subsidiary account is an account that is found in the subsidiary ledger. It is used to summarize the control account.
Example of foreign subsidiary?
IBM and Walmart..... biggest example of foreign subsidiary
Is Creditors an asset or liability?
Current Liability
How is a liability increased by a credit or debit?
Liability has credit balance as normal balance so credit increases the liability which means addition to current liability will increase the overall liability and reduction in liability will reduce overall liability.
What are subsidiary ledgers used for?
Subsidiary ledgers contain the detail that support the general ledger accounts. For example, the general ledger account, "Accounts Receivable" might have a balance of $230. This is the total of all the subsidiary accounts receivable ledgers. So, there would be a subsidiary ledger for John Smith (balance $100), Sam Jones (balance $80) and a subsidiary ledger for George Washington (balance $50). When George pays us the $50 he owes us, we would record it in his subsidiary ledger. That brings George's balance down to $0 and the general ledger account would now be $180 (the total of the two subsidiary ledgers with balances in them). Reasons for subsidiary ledgers: You have to record George's payment as a reduction in what George owe us. If you posted his $50 payment in the general ledger, very quickly you would forget who paid it to you. Also, by looking at the entries in George's subsidiary ledger, you can see what he has charged, what he has paid, and when he has paid. The general ledger is nothing more than the total of the balances in the subsidiary ledgers. The subsidiary ledgers have all the detail.
What are the Journal entries for a sale of subsidiary?
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.
What is meant by the term civil liability?
The term "civil liability" means that another person or a business can sue you and end up being awarded damages by the courts. Civil liability is distinguished from Criminal liability.
What type of liability refers to public laws?
civil liability
How can civil liability be reduced?
Civil liability may be reduced by obtaining a liability claim sheet from your local attorney at law, filling it out, and submitting it to the local director of the courthouse or even a judge that is currently presiding.
What are the laws in the Philippines about product liability?
The laws in the Philippines about product liability is strict and has liabilities that can be both criminal and civil.
Is a prosecutor immune from civil liability when giving advice to the police?
no
What branch of law does professional liability cover?
Civil law
What is the difference between civil liability and penal liability?
A civil wrong is when one person is accused of wronging another person. For example, breaking a contract or crashing into your car. Penal liability refers to criminal wrongs, where a person is accused of wronging society.
What is tortious Libality?
A tort is a civil wrong. Tortious liability would be liability for a civil wrong. For example, if a person caused an automobile accident, the person would would be liable in "tort," or would have "tortious liability," for the harm proximately resulting from the wrongful act. Bozarts
How can civil liability reduced?
Civil liability may be reduced by obtaining a liability claim sheet from your local attorney at law, filling it out, and submitting it to the local director of the courthouse or even a judge that is currently presiding.
Is a prosecutor absolutely immune from civil liability when giving advice to the police?
no
What type of civil law deals with professional liability?
the law of torts
