College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 7DQ: Define chart of accounts and identify the categories of accounts.
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Question
Define Chart of accounts
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Step 1Eq
A company has identified the list of names of accounts which is made available for recording transactions in its ledger. It bifurcates the financial assets, liabilities and transactions. All companies accounts are included in chart of accounts
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