Chart Of Accounts-3

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

Chart Of Accounts-3

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