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Brandon Willis
on Nov 14, 2024

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A numbering system for a chart of accounts

A) is prescribed by GAAP.
B) is uniform for all businesses.
C) usually starts with income statement accounts.
D) usually starts with balance sheet accounts.

Chart of Accounts

A systematic listing of all accounts used by an organization, categorized to facilitate financial reporting and bookkeeping.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting in the U.S.

Income Statement Accounts

The accounts that report the revenues, expenses, gains, and losses of a company, which are used to calculate the net income on the income statement.

  • Gain insight into the significance and arrangement of a chart of accounts in organizing financial details.
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Carla VogelNov 17, 2024
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