IREM Certified Property Manager (CPM) Practice Test 2026 – All-in-One Guide to Exam Success!

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What does a chart of accounts categorize?

Different types of employees

Accounts for income and expenses

A chart of accounts is a crucial tool in financial accounting that categorizes all the accounts used in an organization's financial system. It primarily organizes accounts related to income, expenses, assets, liabilities, and equity. This categorization allows property managers and accountants to systematically record and report financial transactions, helping in tracking financial performance and preparing financial statements.

This systematic organization is not concerned with employee types, maintenance tasks, or risk management strategies, which fall under entirely different operational areas. Instead, the focus on income and expenses aligns with the primary purpose of a chart of accounts, ensuring that financial reporting is clear, organized, and analytical for decision-making and management purposes.

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Maintenance tasks to be performed

Risk management strategies

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