1. The chart of accounts is a listing of the accounts presently having general ledger. 2. Some accounting software will classify some accounts as "income" accounts, while accountants might refer to these accounts as "revenue" accounts. _3. The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a "1" might signily that the account is an asset account, a "6" might signify an operating expense, etc. 4. The accounts shown in the chart of accounts can be broadly classified into two categories: balance sheet accounts and accounts. 5. Every transaction will affect two Or more accounts? 6. Assets are resources owned by your business that can be converted into cash andi therefore have monetary value. 7. Liabilities are debts that your company owes to someone else. This would include your accounts payable and any taxes you owe the government. le arcots minus its debts.

1. The chart of accounts is a listing of the accounts presently having general ledger. 2. Some accounting software will classify some accounts as "income" accounts, while accountants might refer to these accounts as "revenue" accounts. _3. The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a "1" might signily that the account is an asset account, a "6" might signify an operating expense, etc. 4. The accounts shown in the chart of accounts can be broadly classified into two categories: balance sheet accounts and accounts. 5. Every transaction will affect two Or more accounts? 6. Assets are resources owned by your business that can be converted into cash andi therefore have monetary value. 7. Liabilities are debts that your company owes to someone else. This would include your accounts payable and any taxes you owe the government. le arcots minus its debts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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