Which of the following is not true regarding the chart of accounts?
A) It lists the account names that are in the ledger.
B) It lists the account numbers that identify where the accounts are in the ledger.
C) It is a standard listing of accounts that are in the ledger.
D) It is the framework for the accounting information system.
Correct Answer:
Verified
Q102: A $50,000 machine is purchased by paying
Q103: The purpose of the ledger is to
A)record
Q104: The name given to entering transaction data
Q105: The chart of accounts begins with
A)asset accounts.
B)liability
Q106: After transaction information has been recorded in
Q108: All transactions
A)are entered in the general ledger
Q109: The basic format of a journal would
Q110: When a service has been performed, but
Q111: When a company receives a utility bill
Q112: Transactions recorded in a journal are done
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