Question

Which of the following statements best describes a chart of accounts?
a. It can contain only 39 accounts.
b. It assures the equality of debits and credits.
c. It contains the beginning balance for each account in the ledger.
d. It s a list of account titles in the order in which they can be found in the ledger.

Answer 1

The right answer for the question that is being asked and shown above is that: "d. It s a list of account titles in the order in which they can be found in the ledger." The statement that best describes a chart of accounts is that d. It s a list of account titles in the order in which they can be found in the ledger.