A "Uniform Chart of Accounts" Means

question 10

Multiple Choice

A "uniform chart of accounts" means:

• A) All accounts have the same number.
• B) The chart of accounts was developed without human intervention.
• C) A company and its subsidiaries use the same chart of accounts.
• D) The chart of accounts uses block coding.

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Definitions:

Existing

Currently present or in existence.

Interest

The cost of borrowing money, typically expressed as a percentage of the amount borrowed, paid over a specified period.

Entrusts

To give someone the responsibility to take care of something or act on one's behalf.

Merchant

An individual or business entity engaged in the trade of goods, services, or both to consumers, primarily for earning a profit.