Which of the Following Is a Correct Statement About a Chart

question 170

Multiple Choice

Which of the following is a correct statement about a chart of accounts?

• A) It is used only by service corporations.
• B) It can be used to determine the balance in an account.
• C) It is a tool used by accountants to help prepare the financial statements.
• D) It lists the asset accounts first.

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Definitions:

Formal Leaders

Individuals who hold recognized authority positions within an organization and are responsible for guiding and directing the efforts of others.

Identity-based Subgroups

Distinctive groups formed within organizations based on shared identity attributes or characteristics, such as ethnicity, gender, or professional background.

Unbalanced Perceptions

A cognitive bias where people might overvalue or undervalue certain aspects of a situation or individual due to lack of balance in perspective.

Centralization

The concentration of decision-making authority at the upper levels of an organization, with lower levels following the directives from above.