Session 7: Financial Reporting and Analysis: An Introduction
Reading 30: Financial Reporting Mechanics
LOS a: Explain the relationship of financial statement elements and accounts, and classify accounts into the financial statement elements.
A company’s chart of accounts is:
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A) |
used for entries that offset other accounts. | |
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B) |
the set of journal entries that makes up the components of owners’ equity. | |
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C) |
a detailed list of the accounts that make up the five financial statement elements. | |
A company’s chart of accounts is a detailed list of the accounts that make up the five financial statement elements and the line items presented in the financial statements. Contra accounts are used for entries that offset other accounts. The categories that make up owners’ equity are capital, additional paid-in capital, retained earnings and other comprehensive income. | 
发表于 2010-4-17 20:14
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