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What are the purposes of accounting codes? How are they used

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What are the purposes of accounting codes? How are they used? What are some examples of codes used by manufacturing firms, accounting firms, and merchandising firms?

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The solution discusses the purposes of accounting codes, how they are used, and provides examples of codes used by manufacturing forms, accounting firms, and merchandising firms.

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- Accounting codes provide a system of order in the accounting system. Accounts are grouped into assets, liabilities, equity, revenue and expenses. By using a system of coding, the first digit identifies the type of account. For example, 1200 may be assigned to inventory. The ...

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