Asked by Chantal Taylor on Jul 08, 2024
Verified
A chart of accounts is
A) the same as a balance sheet
B) usually a listing of accounts in alphabetical order
C) usually a listing of accounts in financial statement order
D) used in place of a ledger
Chart Of Accounts
A list of the accounts in the ledger.
Balance Sheet
An accounting summary that captures a firm's financial status at a particular instant, outlining the company's resources, obligations, and equity held by shareholders.
Ledger
A book or collection of financial accounts where financial transactions are recorded.
- Grasp the purpose and content of a chart of accounts.
Verified Answer
IK
Isabella Kim-SivelsJul 13, 2024
Final Answer :
C
Explanation :
A chart of accounts is usually a listing of accounts in financial statement order, which means the accounts are grouped in a logical and meaningful manner to help with financial reporting and analysis. It is not the same as a balance sheet, is not listed in alphabetical order, and is not used in place of a ledger.
Learning Objectives
- Grasp the purpose and content of a chart of accounts.