The Coding Scheme Most Appropriate for a Chart of Accounts

question 78

Multiple Choice

The coding scheme most appropriate for a chart of accounts is

• A)sequential code
• B)block code
• C)group code
• D)mnemonic code

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Definitions:

Relevant Information

Data or facts that are applicable to a situation or problem, and can influence decision-making processes.

Depreciable Asset

A long-term asset for which the decline in value over time due to use and wear can be allocated over its useful life in a systematic manner.

Retrospectively

A method of application where the rules or standards are applied to actions, transactions, or situations that have occurred in the past.