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If you have difficulty answering the following questions, learn more about this topic by reading our Chart of Accounts (Explanation).
The chart of accounts is a listing of the accounts presently having balances in the general ledger.
Some accounting software will 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.
Every transaction will affect how many accounts?
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