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In a chart of accounts, in what order are the account categories conventionally presented?
ARevenue, expenses, assets, liabilities, equity
BAssets, liabilities, equity, revenue, expenses
CExpenses, revenue, equity, liabilities, assets
DLiabilities, assets, revenue, expenses, equity
Answer & Solution
Correct answer: B. Assets, liabilities, equity, revenue, expenses
1. A chart of accounts is a list of all accounts used by a business.
2. The standard presentation order is assets first, then liabilities, then equity.
3. Income statement categories follow: revenue, then expenses.
4. Options A, C, and D scramble this fixed sequence.
5. Therefore the order is assets, liabilities, equity, revenue, expenses.
_Source: Jonick, Principles of Financial Accounting (CC BY-SA 4.0), §1.1 "Introducing Accounts and Balances", p.12_