Assume That You Are Creating a Chart of Accounts for a Company

question 113

Multiple Choice

Assume that you are creating a chart of accounts for a company. Each account number will have two digits. The first digit indicates the major account group to which the account belongs. Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?

• A) 1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Expenses, 5-Revenues
• B) 1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Revenues, 5-Expenses
• C) 1-Assets, 2-Owner's Equity, 3-Revenues, 4-Expenses, 5-Drawing
• D) 1-Owner's Equity, 2-Drawing, 3-Revenues, 4-Expenses

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Definitions:

Narrative Techniques

Methods used in writing or speaking to tell a story, including point of view, character development, and plot structure.

Professional Communication

The exchange of information and ideas in a clear, concise, and respectful manner within a workplace or business context.

Direct Approach

The direct approach in communication involves stating the main point or purpose at the beginning, followed by supporting details, often used in business and technical writing.

Business Communication

The sharing of information between people within an organization that is performed for the commercial benefit of the organization.