What is the primary purpose of a chart of accounts?

Chart of Accounts Quiz

Quiz
•
Mathematics
•
11th Grade
•
Hard
Ildelyn Domingo
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To record daily transactions
To organize account titles and facilitate recording
To prepare financial statements
To calculate business profits
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT typically a major division in a chart of accounts?
Assets
Liabilities
Inventory
Expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a numerical coding system, which number range is commonly used for expense accounts?
100s
200s
400s
500s
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "account name" refer to in a chart of accounts?
The numerical code assigned to an account
The description of the account's purpose
The category used to track specific financial items
The balance of the account at a given time
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a key benefit of using a standardized chart of accounts?
It eliminates the need for bookkeeping
It guarantees profit for the business
It ensures uniform recording across the organization
It replaces the need for financial statements
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a typical chart of accounts, where would you find "Accounts Receivable"?
Liabilities section
Assets section
Income section
Expense section
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of using account numbers in a chart of accounts?
To calculate the account balance
To quickly identify the account classification
To determine the account's importance
To set a limit on the number of accounts
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