A Numbering System for a Chart of Accounts

question 83

Multiple Choice

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.

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Definitions:

Demonstrably Correct Solutions

Demonstrably Correct Solutions are solutions or answers to problems that can be proven to be right or effective through evidence or demonstration.

Sins of Commission

Errors or wrongdoings resulting from action taken, as opposed to inaction or omission.

Sins of Omission

Failures to act that result in negative outcomes or harm, often discussed in ethical or moral contexts.

Risky Shifts

A phenomenon observed in group decision-making processes, where groups tend to make riskier decisions than individuals would when alone.