Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 19 - No. 28)
Which of the following statements is true about a chart of accounts?
It is a list of all transactions.
It provides the details of individual transactions.
It organizes accounts for the business.
It is a standardized list for businesses.
Explanation
A chart of accounts is a list of all the accounts used by a company to record financial transactions.
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