The Numbering Scheme of a Chart of Accounts Should Contain

question 148

True/False

The numbering scheme of a chart of accounts should contain no gaps.

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Definitions:

Share Capital

The money that a company raises through the issue of shares, representing the capital invested by shareholders.

Dividends

Payments made by a corporation to its shareholder members, usually derived from the company's earnings.

Balance Date

The specific date at which the financial position of a company is measured and reported, often the end of the fiscal year.

AASB 137

A standard issued by the Australian Accounting Standards Board that deals with the accounting for provisions, contingent liabilities, and contingent assets.