Account Titles in the Chart of Accounts Are

question 3

Multiple Choice

Account titles in the chart of accounts are:

• A)general purpose and do not indicate the nature of the account.
• B)consistent with those used by other companies.
• C)linked to account numbers.
• D)the names mandated for use by the FASB.

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Definitions:

General Ledger

A comprehensive accounting record of all financial transactions of a company, organized by account.

Accounting Information System

A system designed to collect, store, manage, process, retrieve, and report financial data for decision making.