5 Questions
What happens to accounts in the chart of accounts if any transaction has been posted to them or if there is a non-zero balance?
They would not generally be removed
What is the purpose of a chart of accounts (COA)?
To list financial accounts for an organization and record transactions in the general ledger
How are accounts usually grouped in a chart of accounts?
Into categories such as assets, liabilities, equity, revenue, and expenses
In many computerized environments, what type of identifiers are allowed for account numbers in the chart of accounts?
Only numerical identifiers
What can account numbers in a chart of accounts be associated with?
An identifier (account number) and a caption or header
Test your knowledge of accounting with this quiz on Chart of Accounts (COA). Explore the purpose and structure of COA, and learn about adding and removing accounts. Ideal for accountants, bookkeepers, and anyone interested in financial management.
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