Question

Which 4 statements regarding the chart of accounts are true?.

Answer 1

The statements that are true regarding the charts of accounts are:

• They organize finances.
• Offer finances to investors/shareholders.
• They give clearer insight to financial health.
• Help financial statement by separating expenditures, revenues, assets and liabilities.

Charts of account

Charts of account is an index of all financial records in the general ledger of a company. It is a tool that provides a dissolvable breakdown of all financial transactions of a company during a specific period.

Account

An account is a report or description. It can be defined as keeping records of an financial transactions related to an individual or entity.

Please note that this question is incomplete, so the answer was given to help.

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