A Chart of Accounts Usually Starts with

question 77

Multiple Choice

A chart of accounts usually starts with

• A) asset accounts.
• B) expense accounts.
• C) liability accounts.
• D) revenue accounts.

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Definitions:

Common Stockholders

Individuals or entities that own shares of common stock in a corporation, granting them rights to dividends and votes on company matters.

Dividend

A portion of a company's earnings distributed to shareholders, usually in the form of cash or additional shares.

Sole Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.

Drawing Account

An account used by sole proprietors or partners to record the money withdrawn from the business for personal use.