Which Statement Is NOT True About the Chart of Accounts

question 29

Multiple Choice

Which statement is NOT true about the Chart of Accounts?

• A) The order of the chart of accounts is important.
• B) The first digit in the account number helps identify and organize the accounts in the chart.
• C) Income statement accounts are listed before balance sheet accounts.
• D) None of the above are true.

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Definitions:

Data Aggregation

The process of collecting and summarizing data from various sources to provide a comprehensive view.

Data Gathering

The process of collecting information from various sources to achieve a specific objective or to answer specific questions.

Sequential Stages

A series of steps or phases that follow a specific order, designed to achieve a particular goal or process.

Initiating

The act of beginning or starting something, often related to actions or strategies in various contexts including project management and personal development.