Question

Assume that you are creating a chart of accounts for a company. Each account number will have two digits. The first digit indicates the major account group to which the account belongs. Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?1-Assets,

2-Liabilities,
3-Owner's Equity,
4-Revenues,
5-Expenses

Answer 1

1-Assets,

2-Liabilities,

3-Owner's Equity,

4-Revenues,

Step-by-step explanation:

The first four accounts groups are right and the accounts are represented through that number, but number five it's not right because number 5 correspond to the cost of good and not to Expenses, the group of accounts for Expenses it's number 6.