A chart of accounts lists the accounts and balances at a specific time is the true statement, as it a digestible breakdown of all transactions.
What is a chart of accounts?
chart of accounts is a list of all the accounting records in a company's general ledger. In a nutshell, it's an organizational tool that breaks down all of a company's financial transactions into subcategories and presents them in an easily understandable format.
Thus, it is a true statement.
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