Asked by
Lauren Livia
on Nov 14, 2024Verified
The chart of accounts is a
A) list of accounts and their balances at a given time.
B) device used to prove the mathematical accuracy of the ledger.
C) listing of the accounts and the account numbers which identify their location in the ledger.
D) required step in the recording process.
Chart of Accounts
An organized list of all accounts in a business entity's financial records, each account accompanied by a reference number.
Account Numbers
Unique identifiers assigned to individual accounts within a company's accounting system, facilitating organization and tracking of financial transactions.
Ledger
A book or other collection of financial accounts of a particular type, often the final record where data from journals is compiled.
- Understand the function and organization of a chart of accounts in managing financial data.
Verified Answer
EJ
Learning Objectives
- Understand the function and organization of a chart of accounts in managing financial data.