Chapter 2 Homework

Chapter 2 Homework - 2.2. A six-digit code that is...

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Unformatted text preview: 2.2. A six-digit code that is represented by letters ABCDEF should be sufficient to meet companys needs: A digit identify the division (4 only) plus the corporate office B digit represent the major account type (asset, liability, equity, revenue, and expense). C digit represent the major classification within an account type: (1) in the balance sheet accounts, it represent specific sub-categories (six categories are needed) and (2) in an expense and revenue accounts, it represent the product group (five products plus general costs. D digit represent specific accounts or cost center: (1) in the balance sheet accounts, it is consider a control account (one digit is used because the problem states no more than 10 categories) and (2) in the expense accounts, it is consider the cost center (one digit is used because...
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Chapter 2 Homework - 2.2. A six-digit code that is...

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