In a Basic Chart of Accounts, Each Account Number Has

question 182

Multiple Choice

In a basic chart of accounts, each account number has two digits. The first digit indicates the major account group to which the account belongs. Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?

• A) 1-Assets, 2-Liabilities, 3-Stockholders' Equity, 4-Expenses, 5-Revenues
• B) 1-Assets, 2-Liabilities, 3-Stockholders' Equity, 4-Revenues, 5-Expenses
• C) 1-Assets, 2-Stockholders' Equity, 3-Revenues, 4-Expenses, 5-Dividends
• D) 1-Stockholders' Equity, 2-Dividends, 3-Revenues, 4-Expenses, 5-Common Stock

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Definitions:

Grouping

Grouping refers to the organization or arrangement of individuals, objects, or ideas into categories or clusters based on shared characteristics or themes.

N-formyl-methionine

A modified amino acid that serves as the starting amino acid in protein synthesis in prokaryotic cells.

Amino Terminal

The end of a protein or polypeptide chain where the amino group is not involved in a peptide bond; often symbolized as the 'N-terminus'.

Bacteria

Single-celled microorganisms that can exist either as independent organisms or as parasites, often playing a vital role in recycling nutrients in ecosystems.