Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 21 - No. 14)
What is the purpose of a chart of accounts?
To record all financial transactions.
To provide a list and organizational structure of all accounts.
To summarize the financial statements.
To calculate net income.
Explanation
A chart of accounts organizes the accounting records by providing a list and structure of all the accounts.
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