A chart of accounts is
A) is only necessary for manual systems.
B) used only in companies with a complex business structure.
C) the first step in designing an accounting system.
D) a relatively simplistic way of classifying accounts.

Question

Quizplus · Accepted Answer

The chart of accounts is fundamental in setting up an accounting system as it provides a structured framework for recording and reporting transactions, making it the first step in designing an accounting system.

A Chart of Accounts Is