A chart of accounts is
A) the same as a balance sheet
B) usually a listing of accounts in alphabetical order
C) usually a listing of accounts in financial statement order
D) used in place of a ledger

Question

Quizplus · Accepted Answer

A chart of accounts is a listing of accounts in financial statement order, which allows for easy categorization and organization of financial transactions. It is not the same as a balance sheet or a ledger. While it may include accounts in alphabetical order, a chart of accounts is typically organized according to the order of financial statements (e.g. assets, liabilities, equity, revenue, expenses).

A Chart of Accounts Is