The chart of accounts classify the accounts to make identification of the accounts easier. Discuss how companies set up their chart of accounts for use in their business

Please fill in the blank, possible answers are in bold

A chart of accounts is set-up by assigning numbers for ______ (assets, expenses, owner's investment, and revenues) will begin with (1),

_______ (assets, capital, expenses, liabilities) (2)

_________(expenses, net income, owner's equity, revenues) (3),

________ (assets, expenses, net income, revenues) (4),

_______ (expenses, liabilities, owner's equity, revenues) (5).