Multiple Choice
Company A's chart of accounts contains the following: Cash (101) , Accounts receivable (102) , inventory (103) , equipment (201) , accounts payable (301) . Company B's chart of accounts shows: Wages payable (112) , Taxes payable (113) , Retained earnings (114) . Which of the following is true?
A) Company A uses block coding; Company B uses sequential coding.
B) Company A uses sequential coding; Company B uses hierarchical coding.
C) Both Company A and Company B use block coding.
D) Both Company A and Company B use sequential coding.
Correct Answer:
Verified
Correct Answer:
Verified
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