What is a Chart of Accounts?
A chart of accounts is a structured list of all financial accounts used in an organization’s general ledger, organized by category such as assets, liabilities, equity, revenue, and expenses.
Each account has a unique identifier or code that facilitates consistent transaction recording and financial reporting. The chart of accounts serves as the foundation for an organization’s accounting system, providing the framework for organizing financial data.
Well-designed charts of accounts support accurate financial analysis, regulatory compliance, and meaningful reporting. Organizations customize their charts of accounts based on industry requirements, business complexity, and reporting needs while following standard accounting principles.
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