Chart of Accounts a. What is a chart of accounts b. Why are the accounts numbered

Problem 1

Chart of Accounts

a. What is a chart of accounts? b. Why are the accounts numbered?

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Step 1 of 3

Account is described as a record in which only those transactions are recorded and posted which affect that account. Different accounts are prepared for each item of asset, liability, equity, expense or revenue pertaining to the business.