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Account Numbers

Why do we assign account numbers to accounts and in what format or listing we assign them?

Example:

a) inventory (d) Withdrawals

b) Accounts Payable (e) Service Revenue

c) Capital (f) Depreciation Expense

Here are the list of numbers to choose from.

a) 101 (b) 131 (c) 191 (d) 211 (e) 281 (f) 311 (g) 321 (h) 411 (i) 531

Please also in brief explain to me why are the numbers assigned and what format or order are they assigned.

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Solution Summary

Why do we assign account numbers to accounts and in what format or listing we assign them?

Example:

a) inventory (d) Withdrawals

b) Accounts Payable (e) Service Revenue

c) Capital (f) Depreciation Expense

Here are the list of numbers to choose from.

a) 101 (b) 131 (c) 191 (d) 211 (e) 281 (f) 311 (g) 321 (h) 411 (i) 531

Please also in brief explain to me why are the numbers assigned and what format or order are they assigned.

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