Account titles are commonly grouped into what five categories in the chart of accounts?
A) Current assets, Current liabilities, Noncurrent assets, Noncurrent liabilities, Stockholders' equity
B) Assets, Liabilities, Equity, Revenue, Expenses
C) Common stock, Additional paid-in capital, Treasury stock, Retained earnings, Accumulated other comprehensive income or loss
D) Cash, Marketable securities, Accounts payable, Long-term debt, Common stock

Question

Quizplus · Accepted Answer

Assets, Liabilities, Equity, Revenue, and Expenses are the five main categories used in the chart of accounts to organize account titles, reflecting the basic elements of financial statements.

Account Titles Are Commonly Grouped into What Five Categories in the Chart