Asked by
Katie Lyons
on Nov 12, 2024
Verified
A chart of accounts is a listing of accounts that make up the journal.
Chart of Accounts
An organized list of all the accounts in a company's general ledger, used for recording and reporting financial transactions.
Journal
A detailed record where all financial transactions of a business are initially recorded before being transferred to accounts in the ledger.
- Distinguish the elements and functions of accounts listed in the chart of accounts.
Verified Answer
MR
Learning Objectives
- Distinguish the elements and functions of accounts listed in the chart of accounts.
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