August 20, 2008
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What is the chart of accounts?
The chart of accounts is a listing of the general ledger accounts to which amounts can be posted. The chart of accounts is a helpful tool for identifying the best account for recording a transaction.
In some accounting software the chart of accounts may be the means to open new general ledger accounts and to control their position in the financial statements.
Usually the chart of accounts begins with the balance sheet accounts followed by the income statement accounts. The accounts will usually be in the same order as they are presented on the two financial statements.
Learn more about Chart of Accounts and see two examples.
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2 Responses to “What is the chart of accounts?”
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thanks for your professional aid material
i would whish to get notes on the following;
1. budgetary process
2. role of an account in this process
3. advantages of foward planning
4. reasons why budgetary process is so complex
thanks for your professional aid material
i would whish to get notes on the following;
1. budgetary process
2. role of an accountant in this process
3. advantages of foward planning
4. reasons why budgetary process is so complex