The Chart of Accounts Classify the Accounts to Make Identification

question 31

Multiple Choice

The chart of accounts classify the accounts to make identification of the accounts easier. This is done by way of assigning a number to each account. The first number identifies the classification of the type of account. Which of the following indicates the use of this classification?

• 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:

Nonshared Environment

The unique aspects of the environment that individuals experience differently, even within the same family, contributing to differences in their development and personality.

Individualist Cultures

Cultures that emphasize personal achievements and rights, prioritizing individual goals over group objectives.

Personality Traits

Enduring characteristics or behaviors that define an individual's patterns of thought, feeling, and behavior.

Humanist Psychology

A psychological approach that emphasizes personal growth, resilience, and the achievement of human potential.