Which accounts are included in the Chart of Accounts?

• A. Only assets.
• B. Only liabilities.
• C. Assets, liabilities, equity, income, and expenses.
• D. Assets, liabilities, and revenue.

Answer: (C)

The Chart of Accounts is a master list of every account a company uses to classify its financial transactions. It includes accounts from both the balance sheet and the income statement: assets, liabilities, and equity are on the balance sheet, while income (revenue) and expenses appear on the income statement. Because you need to capture all types of financial activity, a complete Chart of Accounts includes assets, liabilities, equity, income, and expenses. Options that cover only one or two areas miss important categories; while revenue is often used interchangeably with income, many systems separate income from expenses and include equity as a key category. So, the full set—assets, liabilities, equity, income, and expenses—is the correct choice.