Asked by Marcell Randall on Jul 17, 2024
Verified
The chart of accounts should be the same for each business.
Chart of Accounts
An organized list of all the accounts in a company’s general ledger, used for classifying and summarizing financial transactions.
Business
An organization or enterprising entity engaged in commercial, industrial, or professional activities.
- Understand the concept and purpose of a chart of accounts.
Verified Answer
NH
Nhân Hu?nhJul 20, 2024
Final Answer :
False
Explanation :
The chart of accounts should be tailored to the specific needs and operations of each business. While there may be some similarities among charts of accounts across businesses or industries, they should ultimately be customized to meet the unique needs of the company.
Learning Objectives
- Understand the concept and purpose of a chart of accounts.