Assume That You Are Creating a Chart of Accounts for a Company

question 113

Multiple Choice

Assume that you are creating a chart of accounts for a company. Each account number will have two digits. The first digit indicates the major account group to which the account belongs. Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?

• A) 1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Expenses, 5-Revenues
• B) 1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Revenues, 5-Expenses
• C) 1-Assets, 2-Owner's Equity, 3-Revenues, 4-Expenses, 5-Drawing
• D) 1-Owner's Equity, 2-Drawing, 3-Revenues, 4-Expenses

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Definitions:

Family-friendly Benefits

Benefits offered by employers that support the balance between work and family life, such as flexible working hours, parental leave, and childcare support.

Off-shoring

The relocation of business processes or services to a foreign country, often for reasons of cost reduction or access to specialized skills.

Global Sourcing

The business practice of searching for and utilizing goods sources from around the world.

Employee Productivity

The measure of an employee's output and efficiency in their work tasks and responsibilities.