Chart of Accounts

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If you have difficulty answering the following questions, learn more about this topic by reading our Chart of Accounts Explanation.

1.	The chart of accounts is a listing of the accounts presently having balances in the general ledger.	True	False
2.	Some accounting software classify some accounts as "income" accounts, while accountants might refer to these accounts as "revenue" accounts.	True	False
3.	The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a "1" might signify that the account is an asset account, a "6" might signify an operating expense, etc.	True	False

4.	The accounts shown in the chart of accounts can be broadly classified into two categories: balance sheet accounts and ______________  ______________ accounts.

5.	Every transaction will affect how many accounts?
only one              only two              two or more

6.	In addition to the standard chart of accounts for a specific industry, you will likely want to expand and/or modify the chart of accounts to fit your business. One tool that would be helpful in determining the accounts for your company would be your company's _______________ chart.