PRC-1 · Chapter 3 · Question 62 of 100
Which of the following correctly describes a 'Chart of Accounts'?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) A systematic list of all ledger accounts used by a business, typically containing unique codes and headings.
Explanation
A chart of accounts provides a structured, coded list of every account in the general ledger. It ensures that transactions are posted consistently to the correct categories.
More Ledgers and Trial Balance MCQs
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