Which of the following is $\bold{not}$ true.Account names in the chart of accounts have to be:
A)sufficiently descriptive to enable users to quickly understand items.
B)consistent throughout the financial statements and records.
C)linked to account numbers.
D)general purpose and do not have to indicate the nature of the account.

Question

Quizplus · Accepted Answer

The statement "general purpose and do not have to indicate the nature of the account" is false. Account names should accurately reflect the nature of the account and provide relevant information about the transactions that will be recorded in it.

Which of the Following Is not\bold{not}not TrueAccount Names in the Chart of Accounts Have to Be

Which of the Following Is $\bold{not}$ TrueAccount Names in the Chart of Accounts Have to Be