A chart of accounts for a company
A) is a graph of the financial position of the company.
B) indicates the amount of profit or loss for the period.
C) lists the accounts and account numbers that identify their location in the ledger.
D) shows the balance of each account in the general ledger.

Question

Quizplus · Accepted Answer

A chart of accounts is essentially a listing of all the accounts in the general ledger, each with a unique account number to facilitate location and organization. It does not graph financial positions, indicate profit or loss directly, or show account balances.

A Chart of Accounts for a Company