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Chart of Accounts
(Practice Quiz)
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If you have difficulty answering the following

questions, learn more about this topic by
reading our Chart of Accounts (Explanation).

1. The chart of accounts is a listing of the accounts

presently having balances in the general ledger.

True
False

2. Some accounting software will classify some accounts

as "income" accounts, while accountants might refer to
these accounts as "revenue" accounts.

True
False

3. The digits of the account numbers assigned to general

ledger accounts often have significance. For example,
an account number beginning with a "1" might signify
that the account is an asset account, a "6" might signify
an operating expense, etc.

True
False

4. The accounts shown in the chart of accounts can be

broadly classified into two categories: balance sheet
accounts and __________ accounts.

5. Every transaction will affect how many accounts?

Only One
Only Two
Two Or More

6. In addition to the standard chart of accounts for a

specific industry, you will likely want to expand and/or
modify the chart of accounts to fit your business. One
tool that would be helpful in determining the accounts
for your company would be your company's
__________ chart.

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Harold Averkamp (CPA, MBA) has worked as a
university accounting instructor, accountant, and
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