1. Discuss why the Revised Chart of Accounts in COA Circular No. 2013-002 dated January 30, 2013 was created.

2. Using the Revised Chart of Accounts, enumerate the five (5) classifications of expenses. Also, give the respective sub-major account group classifications.

3. Enumerate the five (5) account code structure of the Revised Chart of Accounts consisting of eight (8) mandatory digits. Explain briefly.