Answer to Question #250535 in Management for Gada

Question

1. On March 1, 2020, Tahir Muktar, a famous businessman in Addis, opened a business named à ƒ ƒ ¢ € œUniversal Garageà ƒ ƒ ¢ €  which is organized as a sole proprietorship. The business is established to render car repair, maintenance and related services for fees. Below are chart of accounts for and selected transactions completed by Universal Garage in March 2020.

Answer 1

The chart of statements is a framework of financial accounts that specifies their quantity, classification, and numerical marking based on the goals and objectives of accountancy. Both artificial and related empirical accounts are included in the Schedule of Records. The development of a chart of accounting verifies that accounting signals are consistent with present disclosure metrics.