A chart of accounts for a business firm
A) is a graph.
B) indicates the amount of profit or loss for the period.
C) lists the accounts and account numbers that identify their location in the ledger.
D) shows the balance of each account in the general ledger.

Question

Quizplus · Accepted Answer

A chart of accounts is a list of all accounts used by a business firm, along with their account numbers. It helps to organize and categorize financial transactions in the general ledger. It does not indicate profit or loss, nor does it show the balance of each account. It is not a graph.

A Chart of Accounts for a Business Firm