Accountıng I Deneme Sınavı Sorusu #1313641
Which of the following is not true for "chart of accounts"?
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A chart of accounts is a created list of the account names used by an organization to define each class of items. |
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A chart of accounts is used to organize a company’s accounts |
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Chart of accounts is simply a list of account names that a company uses in its general ledger for recording various business transactions |
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It provides guidance to accountants or other relevant persons in using specific account names |
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A chart of accounts does not record transactions within a firm |
A chart of accounts is a created list of the account names used by an organization to define each class of items. A chart of accounts is used to organize a company’s accounts. Chart of accounts is simply a list of account names that a company uses in its general ledger for recording various business transactions. It provides guidance to accountants or other relevant persons in using specific account names while recording transactions.
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