The chart of accounts of a corporate retail bookstore would probably include
A) work-in-process inventory.
B) a drawing account.
C) retained earnings.
D) both A and C

Question

Quizplus · Accepted Answer

A corporate retail bookstore would not have work-in-process inventory, as they are reselling finished products. A drawing account is typically used for sole proprietorships or partnerships, and not applicable to a corporation. However, retained earnings would be part of the chart of accounts, as it is a crucial financial statement for corporations.

The Chart of Accounts of a Corporate Retail Bookstore Would