Which of the Following Would Start with a 1 in the Chart

question 80

Multiple Choice

Which of the following would start with a 1 in the chart of accounts?

• A)Land and Buildings
• B)Depreciation Expense and Marketing Expense
• C)Merchandise Sales and Rent Revenue
• D)Common Stock and Dividends

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Definitions:

Corporate Groups

A collection of parent and subsidiary companies that function as a single economic entity through a common source of control.

Indirect Ownership Interests

Ownership in a company that is not held directly by the owner but through a chain of intermediary entities.

Sequential Consolidation Method

A process in accounting where the financial results of subsidiary companies are consolidated with the parent company's financial statements one after another, usually in the order of acquisition.