Introduction to Chart of Accounts A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. A company has the flexibility to tailor its chart of accounts to best suit its needs, including adding accounts as needed. Within the chart of accounts you will find that the accounts are typically listed in the following order: Balance sheet accounts: Assets Liabilities Owners (Stockholders) Equity Income statement accounts : Operating Revenues Operating Expenses Non-operating Revenues and Gains Non-operating Expenses and Losses Within the categories of operating revenues and operating expenses, accounts might be further organized by business function (such as producing, selling, administrative, financing) and/or by company divisions, product lines, etc. Thanks expert
Posted on: Wed, 29 Jan 2014 06:08:00 +0000
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