The chart of accounts is a listing of the accounts presently having balances in the general ledger. TRUE OR FALSE?

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FALSE....because A chart of accounts is the listing of the accounts in the general ledger, either with balances or not

Thanks for your contribution co-learner.The answer is actually FALSE! The chart of accounts will include accounts that are available for amounts and even if the accounts have had no amounts recorded in them.Some accounts listed in the chart of accounts will NOT have amounts recorded in them, especially if it is early in the accounting year. Thus, A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. A company has the flexibility to tailor its chart of accounts to best suit its needs, including adding accounts as needed.

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