GOING TO THE NET ANSWERS – Chapter 9
Students access information about the chart of accounts. The website is
http://en.wikipedia.org/wiki/Chart_of_accounts. They read the information on
Wikipedia’s chart of accounts website.
Answers will vary. There are some inconsistencies on the Wikipedia site. Some
accounts are incorrectly identified.
1. What is the chart of accounts?
A chart of accounts is a created list of the accounts used by an organization to
define each class of items for which money or the equivalent is spent or received.
It is used to organize the finances of the entity and to segregate expenditures,
revenue, assets and liabilities in order to give interested parties a better
understanding of the financial health of the entity.
2. List four asset accounts, two liability accounts, two equity accounts, one revenue
account, and three expense accounts.
Asset accounts: Cash, Accounts Receivable, Prepaid Expenses, Supplies,
Inventory, Land, Buildings, Vehicles & Equipment, Accumulated Depreciation and
Other Assets
3. What is the Trial Balance?
