The chart of accounts is a list of all the accounts used by a company and includes an identification number assigned to each account.
Correct Answer:
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Q1: Debit means the right side of an
Q6: Items such as sales tickets, bank statements,
Q9: In a double-entry accounting system, the total
Q10: Preparation of a trial balance is the
Q11: An account is a record of increases
Q14: Withdrawals by the owner are a business
Q23: Increases in liability accounts are recorded as
Q25: Debits increase asset and expense accounts.
Q32: A revenue account normally has a debit
Q39: Credits always increase account balances.
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