What is the purpose of the chart of accounts?
Chart of Accounts Quiz

Passage
•
Mathematics
•
11th Grade
•
Hard
SHIELA CAAB
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To identify where the money is coming from and where it is going
To organize office supplies
To schedule company meetings
To plan employee vacations
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How are the accounts listed and numbered in the chart of accounts?
Owner's equity first, followed by assets, expenses, revenue, and liabilities
Liabilities first, followed by assets, expenses, revenue, and owner's equity
Expenses first, followed by revenue, owner's equity, liabilities, and assets
Asset first, followed by liabilities, owner's equity, revenue, and expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the number 185 indicate in the chart of accounts?
It is a revenue account
It is a contra liability account of furniture
It is an expense account
It is a contra asset account of furniture
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How should a business formulate a chart of accounts?
Based on random numbers
Based on its needs
Based on alphabetical order
Based on employee birthdays
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should businesses use to promote comparability in their chart of accounts?
Account titles that are randomly generated
Account titles that are in a foreign language
Account titles that conform to the Philippine financial reporting standards and Industry practices
Account titles that are based on employee names
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