In the chart of accounts, the balance sheet accounts are normally listed in which order?
A) liabilities, assets, owner's equity
B) assets, liabilities, owner's equity
C) owner's equity, assets, liabilities
D) assets, owner's equity, liabilities

Question

Quizplus · Accepted Answer

The balance sheet accounts are listed in the order of Assets, Liabilities, and Owner's Equity. This order is important because it reflects the way in which assets are financed, which is through either liabilities or owner's equity. Therefore, it makes sense to have the assets listed first, followed by the liabilities, and finally the remaining portion of owner's equity.

In the Chart of Accounts, the Balance Sheet Accounts Are