Asked by Daniel Romero on Jul 18, 2024
Verified
The chart of accounts is a special ledger used in accounting systems.
Chart Of Accounts
A list of accounts and the account numbers that identify their location in the ledger.
Special Ledger
A ledger used to record and track transactions of a specific nature, separate from the general ledger.
Accounting Systems
Frameworks used to collect, monitor, and interpret financial information of an organization or individual.
- Understand the chart of accounts and its role in organizing financial information systematically.
Verified Answer
KS
Kirsten SchwenkJul 24, 2024
Final Answer :
False
Explanation :
The chart of accounts is a listing of all accounts used in the general ledger of an organization, not a special ledger. It categorizes all the accounts that are used to record transactions in a company's books.
Learning Objectives
- Understand the chart of accounts and its role in organizing financial information systematically.