A chart of accounts is:
A)prepared as the first step in analyzing transactions.
B)a source document.
C)a list of all of the accounts of the organization.
D)a list of all of the accounts of the organization and their related account numbers.

Question

Quizplus · Accepted Answer

A chart of accounts is a complete list of all the accounts used by an organization to track financial transactions. It typically includes account names and numbers to clearly identify each account. It is an essential tool for accurate financial reporting and analysis, and it allows businesses to organize their financial information in a systematic and orderly manner. Choosing option D is the best answer as it accurately describes a chart of accounts.

A Chart of Accounts Is