Chart of Accounts (COA) Quiz

They are combined with other accounts to simplify the chart of accounts

They would not generally be removed (correct)

They are automatically closed at the end of the accounting period

They are reclassified into different categories

To calculate the organization's total assets and liabilities

To list financial accounts for an organization and record transactions in the general ledger (correct)

To determine the organization's equity and capital structure

To provide a summary of the organization's revenue and expenses

Randomly for flexibility in recording transactions

Into categories such as assets, liabilities, equity, revenue, and expenses (correct)

Based on the date of opening the account

Into alphabetical order for easy reference

<p>Only numerical identifiers</p> Signup and view all the answers

<p>An identifier (account number) and a caption or header</p> Signup and view all the answers