BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The first digit in the account number 120 means that the account is in the
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expense division of the general ledger
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revenue division of the general ledger
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liability division of the general ledger
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asset division of the general ledger
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Explanation:
Detailed explanation-1: -The first number on the left is the nine-digit bank routing number. The middle number is your account number. The third number is the number of the check.
Detailed explanation-2: -General Ledger Accounts (GLs) are account numbers used to categorize types of financial transactions. Most commonly used GLs are revenues, expenses and transfers. A “chart of accounts” is a complete listing of every account in an accounting system.
Detailed explanation-3: -The Cash account is the first asset account and is numbered 100.
There is 1 question to complete.