A numbering system for a chart of accounts
A) is prescribed by IFRS.
B) is uniform for all businesses.
C) usually starts with income statement accounts.
D) usually starts with statement of financial position accounts.

Question

Quizplus · Accepted Answer

The numbering system for a chart of accounts usually starts with statement of financial position accounts, such as assets, liabilities, and equity, and then goes on to income statement accounts such as revenue and expenses. This numbering system is not prescribed by IFRS and may differ between businesses based on their specific needs and operations. Therefore, choice D is the best answer.

A Numbering System for a Chart of Accounts