Accounts

A Chart Of Accounts is a listing of all the Accounts contained in the General Ledger.
1. True
2. False
An Account is a separate record for each type of asset, liability, equity, revenue, and expense used to show the beginning balance and to record the increases and decreases using debits and credits for a period of time and the resulting ending balance at the end of the period.
1. True
2. False
The Chart of Accounts is usually presented using two Major Account Groups or Categories - Balance Sheet Accounts and Income Statement Accounts.
1. True
2. False
An Account records increases and decreases for a period of time.
1. True
2. False
Which of the following is not a Balance Sheet Account ?
1. Cash
2. Inventory
3. Accounts Receivable
4. Sales
Which of the following is an Income Statement Account ?
1. Cash
2. Sales
3. Accounts Receivable
4. Inventory