Chart Of Accounts-3

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

Chart Of Accounts-3

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