Asked by
sumni limbu
on Nov 15, 2024
Verified
The chart of accounts is a special ledger used in accounting systems.
Chart of Accounts
An organized list of all accounts in a business's financial system, which helps in recording transactions in the correct accounts.
Special Ledger
A set of subsidiary accounts or a separate bookkeeping system that provides detailed information in addition to the general ledger.
Accounting Systems
Systems designed to record, process, and report financial transactions systematically and accurately for a business entity.
- Understand the function and composition of the chart of accounts in structuring financial data.
Verified Answer
DT
Learning Objectives
- Understand the function and composition of the chart of accounts in structuring financial data.