Which of the Following Is the Proper Order of Accounts

question 31

Multiple Choice

Which of the following is the proper order of accounts in the chart of accounts?

• A)Assets, equity, liabilities, revenues
• B)Equity, assets, revenues, liabilities
• C)Liabilities, equity, revenues, assets
• D)Assets, liabilities, equity, revenues

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Definitions:

Earnings Per Share

A financial metric that measures the net income earned per share of a company's outstanding stock.

Adjusting Entries

Journal entries made in accounting to update the records for expenses and revenues that have been incurred but not previously recorded.

Unadjusted Trial Balance

A listing of all the accounts and their balances from the general ledger before any adjusting entries are made, used to ensure credits and debits match.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's accounts for the next period.