Question : What is the purpose of a chart of accounts?
Option 1: it acts as a framework for a business's financial record-keeping procedure
Option 2: it acts as a framework for a business's non-financial record-keeping procedure
Option 3: it acts as a framework for a non-business's record-keeping procedure
Option 4: None of these
Correct Answer: it acts as a framework for a business's financial record-keeping procedure
Solution : The COA acts as the framework for a business's financial record-keeping procedure. It offers a logical framework that makes it easier to add new accounts and remove old ones. Hence, the correct option is 1.
Question : How did British accounts of the Revolt of 1857 differ from Indian accounts?
Question : What is a significant difference between British and Indian accounts of the Revolt of 1857 in terms of their focus?
Question : On firm dissolution, which one of the following accounts should be prepared at the last?
Question : Comptroller and Auditor General of India acts as friend , philosopher ,and Guide for
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