Which of the Following Is a CORRECT Statement About a Chart

question 75

Multiple Choice

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

• A)It lists the income statement accounts first.
• 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 balance sheet accounts first.

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Definitions:

Mutual Benefit

A situation or transaction that is advantageous to all parties involved.

Cooperative

Association of businesses or people jointly owned and operated by members for mutual benefit.

Windfall Profit Tax

A windfall profit tax is a higher tax rate applied to unexpected or unusually large profits generated by companies, often imposed during periods of economic boom or due to geopolitical events affecting commodity prices.

Dividend

Dividend is a portion of a company's earnings that is paid to shareholders, usually on a regular basis.