Question : What is chart of accounts?
Option 1: provides an index of every account in an accounting system
Option 2: provides a way of every account in non-accounting system
Option 3: Both 1 and 2
Option 4: None of these

Question

Question : What is chart of accounts?

Option 1: provides an index of every account in an accounting system

Option 2: provides a way of every account in non-accounting system

Option 3: Both 1 and 2

Option 4: None of these

Team Careers360 · Accepted Answer

Correct Answer: provides an index of every account in an accounting system

Solution : An index of all the accounts in an accounting system is provided by a chart of accounts (COA), a financial and organisational tool. Hence, the correct option is 1.

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Question : What is chart of accounts?Option 1: provides an index of every account in an accounting systemOption 2: provides a way of every account in non-accounting systemOption 3: Both 1 and 2Option 4: None of these

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Question : What is chart of accounts?
Option 1: provides an index of every account in an accounting system
Option 2: provides a way of every account in non-accounting system
Option 3: Both 1 and 2
Option 4: None of these

Question : Statement 1: In management accounting, data from cost accounting and financial accounting are both used.
Statement 2: Therefore, a suitable system is required to combine cost accounts and financial accounts.