Which statement is NOT true about the Chart of Accounts?
A) The order of the chart of accounts is important.
B) The first digit in the account number helps identify and organize the accounts in the chart.
C) Income statement accounts are listed before balance sheet accounts.
D) None of the above are true.

Question

Quizplus · Accepted Answer

Income statement accounts are typically listed after balance sheet accounts in the chart of accounts. The balance sheet accounts (assets, liabilities, and equity) usually come first, followed by the income statement accounts (revenues and expenses).

Which Statement Is NOT True About the Chart of Accounts