A chart of accounts is a detailed record of the changes in a particular asset,liability,or stockholders' equity.

Name: A chart of accounts is a detailed record of the changes in a particular asset,liability,or stockholders' equity.
Brand: Quizplus
Rating: 4.9 (52 reviews)

Question

Quizplus · Accepted Answer

A chart of accounts is actually a list of all the accounts that a company uses to record transactions in its general ledger, including assets, liabilities, equity, revenue, and expenses. It does not track detailed changes in specific accounts.

A Chart of Accounts Is a Detailed Record of the Changes