In which order are the accounts listed in the chart of accounts?
A) assets, expenses, liabilities, owner's equity, revenues
B) owner's equity, assets, liabilities, revenues, expenses
C) assets, liabilities, owner's equity, revenues, expenses
D) assets, liabilities, revenues, expenses, owner's equity

Question

Quizplus · Accepted Answer

The typical order of accounts in a chart of accounts is assets, liabilities, owner's equity, revenues, and expenses. This order allows for an organized and logical presentation of the company's financial information. Option A and B have incorrect orders and Option D has revenues and expenses in the wrong order compared to the typical presentation.

In Which Order Are the Accounts Listed in the Chart