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If you have difficulty answering the following questions, learn more about this topic by reading our Chart of Accounts Explanation.
We also have Crosswords and Q&A for this topic.
||The chart of accounts is a listing of the accounts presently having balances in the general ledger.
||Some accounting software classify some accounts as "income" accounts, while accountants might refer to these accounts as "revenue" accounts.
||The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a "1" might signify that the account is an asset account, a "6" might signify an operating expense, etc.
||The accounts shown in the chart of accounts can be broadly classified into two categories: balance sheet accounts and ______________ ______________ accounts.
||In addition to the standard chart of accounts for a specific industry, you will likely want to expand and/or modify the chart of accounts to fit your business. One tool that would be helpful in determining the accounts for your company would be your company's _______________ chart.