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
Answer (1)
19th Jan, 2024
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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