Application of funds" wording chosen as top level for chart of accounts and can it be changed?

[chrislennon]

I am curious as to why “Application of funds” was chosen for the top level “assets” wording? Is there a history behind this and is it designed to cover operational expenses (see the chat GPT snippit)

Why was this term chosen and can it be changed?

[volkswagner]

I’m able to edit it in version 14.
Open the account, > choose actions > Update Account Name/Number.