Chart Of Accounts-3

Which of the following is not a Balance Sheet Account ?
1. Revenue
2. Asset
3. Liability
4. Owner's Equity
Which of the following is not an Income Statement Account ?
1. Owner's Equity
2. Revenue
3. Cost of Goods Sold
4. Expense
A General Ledger contains the following type of account -
1. All of the listed answers are correct
2. Asset
3. Liability
4. Revenue
A common group or category used for identifying accounts is -
1. All of the listed answers are correct
2. Major Types of Accounts
3. Balance Sheet Categories
4. Income Statement Categories
The Coding System that resembles an upside down tree is -
1. Hierarchial Coding System
2. Block Coding System
3. Sequential Coding System
4. Mnemonic Coding System
The Coding System that uses letter and/or numbers as an aid for identifying and remembering accounts is -
1. Mnemonic Coding System
2. Faceted Coding System
3. Hierarchial Coding System
4. Block Coding System
The foundation of a financial record keeping system is -
1. Chart Of Accounts
2. General Ledger
3. Journals
4. None of the listed answers is correct
The following factor should be considered when setting up a Chart of Accounts -
1. All of the listed answers are correct
2. Manual or Computer System
3. Size & Complexity of the business
4. Financial Reports & Information needed to manage the business
The Chart of Accounts is normally arranged or grouped by -
1. Major Types of Accounts
2. Dollar Value of Accounts
3. Management Preferences
4. None of the listed answers is correct
Current Assets include -
1. All of the listed answers are correct
2. Cash
3. Accounts Receivable
4. Inventory
Which of the following is not a Current Asset ?
1. Property, Plant, & Equipment
2. Cash
3. Inventory
4. Accounts Receivable
Which of the following is not a Current Liability ?
1. Long Term Liabilities
2. Accounts Payable
3. Sales Tax Payable
4. Payroll Liabilities
The Income Statement Section of the Chart of accounts begins by -
1. Listing revenue accounts followed by expenses
2. Listing expense accounts followed by revenue accounts
3. Listing balance sheet accounts followed by income statement accounts
4. None of the listed answers is correct
An example of a Non-Operating Revenue Account is -
1. Interest Income
2. Product Sales
3. Service Sales
4. Sales Returns & Allowances
The Chart of Accounts includes -
1. All of the listed answers are correct
2. Account's Name
3. Account's Description
4. Codes & Identifiers
Normally, the first task performed when setting up an accounting system is -
1. Setting Up the Chart of Accounts
2. Setting Up & Designing the Journals
3. Setting Up & Designing the General Ledger
4. Setting Up & Designing the Financial Statements

Chart Of Accounts-3

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