The ________ is helpful in preventing classification errors if it accurately describes which type of transaction should be in each account.
A) general ledger
B) general journal
C) trial balance
D) chart of accounts

Question

Quizplus · Accepted Answer

The chart of accounts is a list of all the accounts used in a company's accounting system. It provides a framework for organizing financial transactions and helps prevent classification errors by accurately describing which type of transaction should be in each account. The other options - general ledger, general journal, and trial balance - are important accounting tools but do not specifically address the issue of preventing classification errors.

The ________ Is Helpful in Preventing Classification Errors If It