kelbear9440 kelbear9440

27-01-2020
Business

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The chart of accounts is designed to

a.alphabetize the accounts to make reading easier for financial statement users
b.meet the information needs of a company's managers and other users of its financial statements
c.organize accounts in order of dollar amount to simplify the accounting information for users
d.summarize the transactions and determine ending account balances

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adeosawaru adeosawaru

28-01-2020

Answer: The correct answer is b).meet the information needs of a company's managers and other users of its financial statements

Explanation: Chart of accounts refers to list of accounts of an organization. It shows at a spot how an organisation receives money and spends money.

Chart of accounts contains Assets, Liabilities, Income, Expenses and Equity.

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