Chart of Accounts

what is the chart of accounts?

What is the Chart of Accounts?

The Chart of Accounts is the complete list and layout of the ledger accounts used by a business

Ledger account categories include asset, liability, equity, revenue and expense types. Sub categories further classify these types.

Accordingly, each ledger account has a number. This number is a sequential code so the type, category or sub-category of account is clear.

The image on this page shows a MYOB accounting software Chart of Accounts, tailored to a model business called Clearwater.

09

Jun'18

What is the Accounting Process?

What is the Accounting Process? The accounting process is an organised way to record financial transactions in the ‘accounting system’. Accounting is just a system to record finances. A sophisticated accounting system was developed by an Italian mathematician called Luca Pavoli in the late 1400’s. This is what we call accrual …

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04

Jun'18

What is the Chart of Accounts?

What is the Chart of Accounts? The Chart of Accounts is the complete list and layout of all the ledger accounts used in the business accounting system. Businesses need a Chart of Accounts tailored to their type of business. This image comes from the MYOB accounting system for the model …

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