Question

(True) or (False)? A chart of accounts is a list of all accounts with the detail of every transaction, as well as the running balances.

Answer 1

True

Step-by-step explanation:

• A chart of accounts is a list of all accounts with the detail of every transaction, as well as the running balances.

A chart of accounts (COA) is a financing tool that provided a list of every account in a system. Connected to those accounts is every detail of transactions made and running balances.