Multiple choice

The first digit in the account number 240 means the account is in the _____ division.

  1. asset

  2. owner's equity

  3. liability

  4. revenue
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In standard accounting chart of accounts numbering, the 100s are assets, 200s are liabilities, 300s are owner's equity, 400s are revenue, and 500s are expenses.

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