To Be Effective,the Chart of Accounts Must

question 65

Multiple Choice

To be effective,the chart of accounts must

• A) be as concise as possible.
• B) begin with account 001.
• C) utilize only one coding technique.
• D) contain sufficient detail to meet the information needs of the organization.

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Definitions:

Improvise Fixes

The ability to quickly come up with solutions or workarounds in unexpected situations or when facing problems.

Marketplace Trends

Observations of general directions in which markets move, influenced by consumer behavior, technological advancements, and economic factors.

Prediscussion Polling

The practice of gauging opinions or attitudes of individuals before a discussion or meeting takes place.

Common Information Effect

The tendency for group members to focus on information that all members share, often at the expense of unique information held by individual members.