Chart of Accounts
NOTE: For multiple-choice and true/false questions, simply place your cursor over what
you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your
cursor over the _________.
If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Chart of Accounts.
| 1. |
The chart of accounts is a listing of the accounts presently having balances in the general ledger. |
True |
False |
| 2. |
Some accounting software classify some accounts as "income" accounts, while accountants might refer to these accounts as "revenue" accounts. |
True |
False |
| 3. |
The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a "1" might signify that the account is an asset account, a "6" might signify an operating expense, etc. |
True |
False |
| 4. |
The accounts shown in the chart of accounts can be broadly classified into two categories:
balance sheet accounts and
_______________ accounts.
|
| 6. |
In addition to the standard chart of accounts for a specific industry, you will likely want to expand and/or modify the chart of accounts to fit your business. One tool that would be helpful in determining the accounts for your company would be your company's _______________ chart.
|
If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Chart of Accounts.
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