Walt is CFO at Dream Networks, a global show content company based in New York. He wants to implement a new system of numbering accounts such that assets would be numbered 0005 through 1995, of which the first 400 would be for current assets, the next 600 for long-term investments, the next 300 for property, plant and equipment assets, and so on.

REQUIERD:

What type of this coding system is being proposed and why it is the best suited for this type of accounting information system task.