A Chart of Accounts Is Organized in Order of the Accounting

question 3

True/False

A chart of accounts is organized in order of the accounting equation, with assets first, followed by liabilities and owner's equity.

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Definitions:

Convergence

In financial contexts, it can refer to the efforts to harmonize international accounting standards and practices, reducing differences between region-specific frameworks.

FASB

The Financial Accounting Standards Board, an organization responsible for establishing and improving accounting standards within the United States.

Auditing Experience

The professional knowledge and skill gained through performing audits, typically used by accountants and auditors to ensure financial statements are accurate and comply with laws and regulations.

Independence

The state of being free from external control or influence, often related to auditor's neutrality.