Which of the following best describes a chart of accounts? group of answer choices a chart of accounts is the list of accounts allowed by the financial accounting standards board. a chart of accounts is the list of a firm’s accounts that have zero balances at a particular point in time. a chart of accounts is the list of accounts deemed suitable for firms belonging to a particular industry. a chart of accounts is the list of the accounts in a given firm’s ledger. a chart of accounts is the list of a firm’s accounts that have non-zero balances at a particular point in time.

A chart of accounts is the list of the accounts in a given firm’s ledger.

Explanation:

Chart of accounts: It is a chart which shows different types of accounts in a firm ledger. The accounts like - Assets, liabilities, revenue, expense, and shareholder equity.. Mainly these are the accounts types or we can say chart of accounts which is shown in the firm ledger

In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:  

Total assets = Total liabilities + stockholder equity  

The debit and credit side of the balance sheet should always be equal and balanced.  Moreover, it always is prepared on the specified date.

In the income statement, the total revenues and the total expenses are recorded.  If the total revenues are more than the total expenditure then the company earns net income . And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know