WendyEller2-WebFieldTrip-Unit3

WendyEller2-WebFieldTrip-Unit3 - of accounts in our...

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Class, The professor has asked us to answer the following questions: 1) Why do I agree or disagree with the ABA’s explanation of why a standard chart of  accounts is helpful? I agree that the ABA’s explanation of why a standard chart of accounts is helpful is  accurate. I feel businesses do need this standard information to compare themselves to  other businesses. I think managers need this information to make sound decisions about  their company. 2) What differences, if any, did I see in the ABA”s standard chart of accounts and the chart 
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Unformatted text preview: of accounts in our textbook, exhibit 2? The ABAs standard chart of accounts has a lot more accounts listed. It also is not numbered representing assets, liabilities, owners equity, revenue, and expenses, etc. It is also not numbered to show its location of the account within its class. The chart within our book is much more simplified, compared to the ABAs standard chart of accounts. Wendy Eller...
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This note was uploaded on 12/08/2009 for the course AC114 AC114 taught by Professor Duchac during the Fall '09 term at Kaplan University.

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