In the chart of accounts,each account number has two digits.The first digit indicates the major account group to which the account belongs.Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?
A)1-Assets,2-Liabilities,3-Stockholders' Equity,4-Expenses,5-Revenues
B)1-Assets,2-Liabilities,3-Stockholders' Equity,4-Revenues,5-Expenses
C)1-Assets,2-Stockholders' Equity,3-Revenues,4-Expenses,5-Dividends
D)1-Stockholders' Equity,2-Dividends,3-Revenues,4-Expenses

Question

Quizplus · Accepted Answer

The major account groups typically represented by the numbers 1 through 5 are 1-Assets, 2-Liabilities, 3-Stockholders' Equity, 4-Revenues, and 5-Expenses. This means that B is the best choice as it accurately identifies these groups in the correct order.

In the Chart of Accounts,each Account Number Has Two Digits