The chart of accounts should be the same for each business.

Name: The chart of accounts should be the same for each business.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The chart of accounts should be specific to each individual business and the accounts they require to accurately track their financial transactions. While there may be common accounts that are used across many businesses, the specific accounts and their organization within the chart of accounts will vary depending on the needs of each business.

The Chart of Accounts Should Be the Same for Each