Chart of Accounts

Question 1

chart of accounts provides a framework for you to

Answer 1

classify financial transactions into pre-defined descriptive categories or accounts.

Question 2

The chart of accounts is a list of

Answer 2

account codes for different types or categories of income or expenditure. it provides a consistent reference to record and classify different financial transactions.

Question 3

chart of accounts

Account code

Answer 3

A reference number that can be numerical or alphanumerical, and is applied in a logical sequence.

Question 4

chart of accounts

Account name

Answer 4

A short descriptive term for the category. This should describe a resource item (something you can point to) rather than an activity.

Question 5

chart of accounts

Notes

Answer 5

These notes provide extra guidance on what to use the account for. This ensures consistency and helps to avoid coding errors in the accounting records

Question 6

chart of accounts

Group heading

Answer 6

Organizing account codes by family groups that bring together linked categories can be useful for organizing the schedule of categories and for presenting summarized information in reports.

Question 7

chart of accounts

4120

Answer 7

This is an example of an account code. This one is for donations and fundraising.

Question 8

What document provides a framework to classify financial transactions into pre-defined descriptive categories or accounts?

Answer 8

Chart of Accounts