Chart of Accounts Quiz
3 multiple-choice questions with answers and explanations · 1 easy, 2 medium
How a chart of accounts is organised and numbered, and how to identify an account from its code.
- 1What Is a Chart of Accounts?A chart of accounts is:easy
- 2Chart of Accounts Numbering: Identifying an Account from Its CodeA chart of accounts uses 1000–1999 for assets, 2000–2999 for liabilities, 3000–3999 for equity, 4000–4999 for revenue and 5000–5999 for expenses. Account 2100 is most likely:medium
- 3Chart of Accounts: In What Order Are Accounts Listed?Accounts in a chart of accounts are normally listed in which order?medium