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The standard chart of accounts lists the accounts that record everything a company owns, owes, earns and spends. It also lists the accounts that record the company’s net worth, which is the difference between what it owns and what it owes.
This chart of accounts is suitable for use with US GAAP. The FASB (link: fasb.org) does not define a US GAAP COA. To fill the void, this site has been publishing COAs since 2010.
The chart of accounts is a list of all accounts used to record financial position and activity in the GL. DOJ requires that a chart of accounts be established and consistently updated so that all accounts in the accounting system are clearly identified for all programs.
Chart of Accounts A company’s Chart of Accounts is a list of all Asset, Liability, Equity, Revenue, and Expense accounts included inthe company’s General Ledger.
adding an additional two digits to establish sub accounts, a detailed breakdown of the indirect construction costs can be accommodated in the general chart of accounts [see Appendix F]. Indirect construction costs are necessary costs of building that cannot be directly or easily attributed to a specific house or job.
A chart of accounts is a list of the general ledger accounts (and subaccounts) available for recording an organization’s transactions. The chart of accounts will likely include an account number and
In Part 2 of this series, we pick up where this one ends. It illustrates and discusses the accounting cycle, adjusting entries, closing entries, trial balance and closing balance. In Part 3, we illustrate and discuss the Balance Sheet, Income Statement and analyzing these financial reports.
Understanding the chart of accounts for your business can make a real difference in your accounting process. Learn everything you need to know in this guide from QuickBooks.
Following is a typical chart of accounts, which is used in several assignments. Every company has its own unique accounts and numbering system.
Sample Chart of Accounts Account Category Account Code Account Title Current Assets 1000 Cash 1020 Accounts Receivable 1040 Inventory – Work in Progress ... 2010 Accounts Payable 2030 Accrued Wages and Payroll Taxes Withheld Long Term Liabilities 2100 Notes Payable Equity 3000 Common Stock 3001 Retained Earnings