Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 16 - No. 49)
What is the purpose of a chart of accounts?
Provides a chronological record of all transactions.
Provides a complete list of every account the business uses.
Helps with the organization and summarization of transactions.
It assigns each account with a unique number.
Explanation
The chart of accounts has a purpose to list all accounts, helps to organize transactions, and provides each account with an identification number.
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