Question

A chart of accounts is a list of account titles used to record financial transactions. is...

A chart of accounts is a list of account titles used to record financial transactions. is this true or false

Homework Answers

Answer #1

True

Reason:-

It is the official list of account titles to be used to record the transactions of a business.

__________________________________________END_____________________________________________________
Hi mate,
I would be grateful to you if you can provide a thumbs up and write one beautiful comment. It will improve my rating and let me continue my journey here.
In case of doubt, please comment. I will consider myself fortunate if I can help you.
All the best for your bright future.
Be safe from the corona. Wear a mask before going out and wash hands frequently especially before touching the face
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for...
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. B. Paid $40,670 to the state sales tax department for taxes collected. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store...
   Which of the following choices is not used to modify the chart of accounts? a.       Deleting accounts...
   Which of the following choices is not used to modify the chart of accounts? a.       Deleting accounts with balances b.      Adding new accounts c.       Editing accounts d.      Deleting unused accounts 2.      All of the following task may be completed in the banking section of the Home page except: a.       Receive Items b.      Write Checks c.       Reconcile Accounts d.      Make Deposit The one-step approach should not be used to pay the following: Sales Taxes Expenses, such as rent, utilities and insurance Bills for non-inventory items such as office supplies Bills...
A company’s chart of accounts includes, in part, the following account numbers and corresponding account titles:...
A company’s chart of accounts includes, in part, the following account numbers and corresponding account titles: Account No. Account Title (1) Cash (2) Merchandise inventory (3) Cost of goods sold (4) Transportation-out (5) Dividends (6) Common stock (7) Selling expense (8) Loss on the sale of land (9) Sales 1. Which accounts would affect operating income? 2. Which accounts would affect gross margin? 3. Which accounts would appear on the balance sheet?
Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is...
Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Wildhorse Co. retires its delivery equipment, which cost $52,420. Accumulated depreciation is also $52,420 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is...
Exercise 3.8 preparing a chart of accounts the account that will be used by dad &...
Exercise 3.8 preparing a chart of accounts the account that will be used by dad & sons moving company follow prepare a chart of accounts for the firm classify the accounts by type arrange them in an appropriate order and assign suitable accounts number
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the...
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Receivable is $4,700 The starting balance of Cash is $8,400 The starting balance of Inventory is $4,200 1. Sell product for $30 in cash with historical cost of $30 2. Receive payment of $9 owed by a customer 3. Buy $15 worth of manufacturing supplies for cash What is the...
ournalize the 2022 transactions: (Credit account titles are automatically indented when amount is entered. Do not...
ournalize the 2022 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1.   March 1, a $600 customer balance originating in 2021 is judged uncollectible. 2.   May 1, a check for $600 is received from the customer whose account was written off as uncollectible on March 1. No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date                                             ...
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the...
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Payable is $1,500 The starting balance of Cash is $9,700 The starting balance of Debt is $2,900 The starting balance of Inventory is $3,800 1. Buy $15 worth of manufacturing supplies on credit 2. Borrow $60 from a bank 3. Pay $7 owed to a supplier What is the final...
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the...
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Receivable is $4,100 The starting balance of Cash is $14,300 The starting balance of Inventory is $5,800 1. Buy $17 worth of manufacturing supplies for cash 2. Sell product for $30 in cash with historical cost of $30 3. Receive payment of $11 owed by a customer What is the...
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the...
Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Cash is $8,400 The starting balance of Inventory is $4,200 The starting balance of Retained Earnings is $23,500 1. Consume good or service and pay expense of $2 2. Sell product for $40 in cash with historical cost of $32 3. Sell, deliver, and receive payment of $25 for service What...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT