Knowledge Check 01 Which Of The Following Statements Are True About The Chart Of Accounts You May Select More Than One 1 (37.85 KiB) Viewed 52 times
Knowledge Check 01 Which Of The Following Statements Are True About The Chart Of Accounts You May Select More Than One 2 (44.25 KiB) Viewed 52 times
Knowledge Check 01 Which of the following statements are true about the chart of accounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Different companies use different charts of accounts based on individual company need 2 The chart of accounts contains the balance of all of the accounts in a ledger The chart of accounts should be ordered in a logical sequence based on type of account ? The chart of accounts can be ordered in any sequence because they are not formal financial systems Score answer > 6 7 of 25 < Prev
zory Video Help Seve Required information Transactions and events are the starting points in the accounting process. Source documents identify and describe transactions and events and provide objective and reliable evidence. The effects of transactions and events are recorded in journals Posting along with a trial balance helps summarize and classify these effects. An account is a detailed record of increases and decreases in a specific asset. liability, equity, revenue, or expense Information from accounts is analyzed, summarized, and presented in reports and financial statements. The ledger for general ledger) is a record containing all accounts used by a company and their balances, it is referred 10 as the books. The chart of accounts is a list of all accounts and usually includes an identification number assigned to each account Chart of Accounts Acct. Account Name Account Name No. Acct. No. Account Name Act 622 raconsulting Salanes expense Insurance expense
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