A Chart of Accounts Uses Number Ranges for Accounts

question 36

True/False

A chart of accounts uses number ranges for accounts.

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Definitions:

Non-current Note

a long-term financial obligation or loan that is not due for repayment within the next year or operating cycle of the business.

Instalment Payments

Payments made towards the cost of a purchase over a period, allowing the buyer to pay off the total amount owed in smaller, periodic amounts.

Principal Portion

The part of a loan payment that goes toward reducing the original loan amount, as opposed to the interest portion.

Interest Portion

The part of a payment that covers the interest on borrowed money.