Business
Engineering
Math
Science
Social Science
A revenue account will begin with the number ________ in the chart of accounts. (a) 1 (b) 2 (c) 3 (d) 4
College Accounting, Chapters 1-27 ...
Solutions
College Accounting, Chapters 1-27 ...
A revenue account will begin with the number ________ in the chart of accounts.
(a) 1
(b) 2
(c) 3
(d) 4
Indicate the number the revenue account will start with in the chart of accounts.
Explanation of Solution
Chart of accounts:
Chart of accounts refers to the list of all accounts used in a business. The chart of accounts contains account titles in numeric order for all assets, liabilities, stockholder’s equity, revenues and expenses. In “Mitchell ‘s Campus Delivery chart of accounts” the assets account will begin with number “1”, liabilities with “2”, stockholder’s equity with “3”, revenues with “4” and expenses with “5”. “Mitchell‘s Campus Delivery” uses three digit number for all accounts.
Justification for incorrect answer:
Option a:
In “Mitchell ‘s Campus Delivery chart of accounts” the assets account will begin with number “1”, liabilities with “2”, stockholder’s equity with “3”, revenues with “4” and expenses with “5”. “Mitchell‘s Campus Delivery” uses three digit number for all accounts. Therefore, Option a. (1) is an incorrect answer because asset account will begin with number 1 in chart of accounts.
Option b:
In “Mitchell ‘s Campus Delivery chart of accounts” the assets account will begin with number “1”, liabilities with “2”, stockholder’s equity with “3”, revenues with “4” and expenses with “5”...
Chapter 4 Solutions
Additional Business Textbook Solutions
Financial & Managerial Accounting
Accounting Information Systems
Financial And Managerial Accounting
Corporate Financial Accounting
Financial Accounting
Management, Loose-Leaf Version
Foundations of Business (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Principles of Economics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Contemporary Marketing
Essentials of Economics (MindTap Course List)
College Accounting (Book Only): A Career Approach
Intermediate Accounting: Reporting And Analysis
Managerial Accounting: The Cornerstone of Business Decision-Making
Financial Accounting
Accounting Information Systems
Financial & Managerial Accounting
MKTG 12:STUDENT ED.-TEXT
College Accounting (Book Only): A Career Approach
Accounting (Text Only)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
Exploring Economics
Principles of Macroeconomics (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
Corporate Financial Accounting
Survey of Accounting (Accounting I)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Cornerstones of Cost Management (Cornerstones Series)
Purchasing and Supply Chain Management
Economics For Today
Practical Management Science
Microeconomics
Macroeconomics
Economics (MindTap Course List)
