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The total of the subledger would match the line item amount on the general ledger. [1] This corresponding line item in the general ledger is referred to as the controlling account. The subsidiary ledger balance is compared with its controlling account balance as part of the process of preparing a trial balance. [2]
Advance Publications purchased Street & Smith Publications, Inc. in August 1959. [1] [2] The Street & Smith trademark was resurrected in 2017, by Advance Publications' subsidiary American City Business Journals, for a series of sports annuals, and transferred later to a newly formed Leaders Group subsidiary of Advance Publications, creating a standalone sports focused division within Advance.
A business entity is an entity that is formed and administered as per corporate law [Note 1] in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entities defined in the legal systems of various countries.
A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices.
Municipally owned corporations may also differ from local bureaucracies in funding, transaction costs, financial scrutiny, labour rights, permission to operate outside their jurisdiction, and, under some circumstances, in rights to make profits and risk of bankruptcy.
Divisions are distinct parts of a business. If these divisions are all part of the same company, then that company is legally responsible for all of the obligations and debts of the divisions. [1] [2] [3] In the banking industry, an example would be East West Bancorp and its primary subsidiary, East West Bank. [4]
A corporate group is composed of companies. The general rule is that a company is a separate legal entity from its shareholders, that is the shareholder's liability for the subsidiary's debts is limited to the value of the shares, [3] and the shareholders cannot be required to perform the company's obligations.
Public Service Logo Logo for Public Service Electric and Gas Company (PSE&G) subsidiary, displayed on some pages on the PSEG website as of 2012. The Public Service Electric and Gas Company, commonly referred to as PSE&G, is the primary subsidiary of the Public Service Enterprise Group (PSEG) and was established in 1928.