In which order are the accounts listed in the chart of accounts? a. assets, liabilities, revenues, expenses, stockholders' equity b. assets, expenses, liabilities, stockholders' equity, revenues c. assets, liabilities, stockholders' equity, revenues, expenses d. stockholders' equity, assets, liabilities, revenues, expenses

Question

Kyson Houston

Business

2 September, 09:13

In which order are the accounts listed in the chart of accounts? a. assets, liabilities, revenues, expenses, stockholders' equity b. assets, expenses, liabilities, stockholders' equity, revenues c. assets, liabilities, stockholders' equity, revenues, expenses d. stockholders' equity, assets, liabilities, revenues, expenses

+4

Answers (1)

Know the Answer?

Lea Kirk · Answer 1

c. assets, liabilities, stockholders' equity, revenues, expenses

Explanation:

In the general chart of accounts, the accounts of the balance sheet are listed first, in the following order: assets (first current assets, then non-current assets suchas plant, property, and equipment), then liabilities (first current liabilities, then non-current liabilities), and finally stockholders' equity.

After listing the balance sheet accounts, the financial statements account are listed, first revenues, and then expenses, because in a financial statements, expenses are deducted from revenues.