Which of the Following Guidelines Should Be Applied When Choosing

question 71

Multiple Choice

Which of the following guidelines should be applied when choosing an account name to be included in the chart of accounts?

• A)Account names should identify the nature and content of each account.
• B)Account names should be used consistently.
• C)Account names should use titles and not explanations.
• D)All of the above are correct.

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Definitions:

Important

Significance or value attributed to a person, object, or idea based on its impact, role, or contribution to a larger context or purpose.

Elite Status

A position at the top of a social hierarchy that is held by individuals or groups who have access to wealth, power, and prestige.

Inherited Wealth

Wealth or assets passed down from one generation to another, often contributing to persisting economic inequality.

Political Power

The ability or authority to influence and control the behavior of people or the course of events in the political arena.