Proponents of Using National Standardized Charts of Accounts Argue That

question 9

Multiple Choice

Proponents of using national standardized charts of accounts argue that:

• A) It facilitates the mobility of qualified accountants since all firms use the same basic structure.
• B) It facilitates inter-company comparability of published accounts.
• C) It reduces the cost of designing accounting software packages.
• D) All of these.

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Definitions:

Customer's Account

An account held by a brokerage or financial institution on behalf of a client, for the purpose of trading or managing securities and other financial assets.

Wire Transfer

An electronic method of transferring funds from one individual or institution to another without the exchange of physical money.

Across The Country

A phrase describing something that occurs or is present in various parts of a country.

Check 21

A federal law designed to enable banks to handle more checks electronically, which makes check processing faster and more efficient.