Chart Of Accounts Definition
Chart Of Accounts Definition. A listing of the accounts available in the accounting system in which to record entries. The chart of accounts consists of balance sheet accounts (assets, liabilities, stockholders' equity) and income statement accounts (revenues, expenses, gains, losses).
What is a Chart of Accounts? It reflects all the financial accounts that will be used in the general ledger of a business. A chart of accounts (COA) is a financial, organizational tool that provides an index of every account in an accounting system.
Chart of accounts (definition) A chart of accounts (COA) is a list of all the accounts you must use to record financial transactions in your general ledger.
A listing of the accounts available in the accounting system in which to record entries.
Think of it as the filing cabinet for your small business's accounting system. Here, an account is a unique record for each type of asset, liability, equity, revenue and expense. Sub-Accounts can be used to further segregate expenses within a single Account.
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Olivia Paine
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