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Subsidiary ledger

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Definition of Subsidiary ledger

Subsidiary Ledger Image 1

Subsidiary ledger

An accounting record giving the detailed transactions in an account; the subtotals of the debits and credits are posted to the control account maintained in the general ledger. It helps to keep the general ledger free of clutter.



Related Terms:

Control account

An account maintained in the general ledger that holds the balance without the detail. The detail is maintained in a subsidiary ledger.


job order cost sheet

a source document that provides virtually
all the financial information about a particular job;
the set of all job order cost sheets for uncompleted jobs
composes the Work in Process Inventory subsidiary ledger


Subsidiary account

An account that is kept within a subsidiary ledger, which in turn
summarizes into the general ledger.


General ledger

A book that contains all the accounts of the company and the balances of those accounts.


General ledger

The master set of accounts that summarizes all transactions occurring
within a company. There may be a subsidiary set of ledgers that summarizes into the
general ledger.



International finance subsidiary

A subsidiary incorporated in the U.S., usually in Delaware, whose sole
purpose was to issue debentures overseas and invest the proceeds in foreign operations, with the interest paid
to foreign bondholders not subject to U.S. withholding tax. The elimination of the corporate withholding tax
has ended the need for this type of subsidiary.


Ledger

A collection of all the different accounts of the business that summarize the transactions of the
business.


Subsidiary Ledger Image 2

Ledger

A book or database in which accounting transactions are stored and summarized.


Ledger cash

A firm's cash balance as reported in its financial statements. Also called book cash.


Limitation on subsidiary borrowing

A bond covenant that restricts in some way a firm's ability to borrow at
the subsidiary level.


Offshore finance subsidiary

A wholly owned affiliate incorporated overseas, usually in a tax haven country,
whose function is to issue securities abroad for use in either the parent's domestic or its foreign business.


Subsidiary

A foreign-based affiliate that is a separately incorporated entity under the host country's law.


Subsidiary company

A company that is controlled by another company through ownership
of the majority of its voting stock.



 

 

 

 

 

 

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