The chart of accounts is a
A) list of accounts and their balances at a given time.
B) device used to prove the mathematical accuracy of the ledger.
C) listing of the accounts and the account numbers which identify their location in the ledger.
D) required step in the recording process.

Question

Quizplus · Accepted Answer

The chart of accounts is a listing of the accounts and their corresponding account numbers which identify their location in the ledger. It serves as a roadmap to navigate through the different accounts in the accounting system. Option A describes a trial balance, Option B describes a proving tool, and Option D is not accurate as the chart of accounts is not a required step in the recording process.

The Chart of Accounts Is a