On the chart of accounts, the balance sheet accounts are normally listed in the following order
A) liabilities, assets, owner's equity
B) assets, liabilities, owner's equity
C) owner's equity, assets, liabilities
D) assets, owner's equity, liabilities

Question

Quizplus · Accepted Answer

The typical order for the balance sheet accounts is assets first, followed by liabilities, and then owner's equity. This order reflects the basic accounting equation, which states that assets must equal liabilities plus owner's equity. By listing the accounts in this order, the balance sheet provides a snapshot of a company's financial position at a specific point in time, showing what the company owns, what it owes, and what would be left over for the owners if the company were to be sold and all its debts paid off.

On the Chart of Accounts, the Balance Sheet Accounts Are