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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The chart of accounts lists capital accounts first, followed by liabilities, assets, expenses, and revenue.

To determine

Identify whether the given statement is true or false.

Explanation

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”,...

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