Multiple choice

Books of account for a proprietary concern

  1. may have subsidiary ledgers

  2. may not have subsidiary ledgers

  3. both (1) and (2)

  4. neither (1) and (2)

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Proprietary concerns can maintain subsidiary ledgers to track specific details like accounts payable or receivable. Since both options are valid possibilities for accounting systems, the combined choice is correct.