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Accounting Examples - Chart of Accounts

 

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Chart of Accounts:

The complexity of a company's chart of accounts depends on a number of factors including: daily activity, type of business conducted, and to what detail records are needed for management decisions and tax authorities.  Some businesses have very few accounts, others have thousands.

It is common practice to assign a number to each account for indexing & coding transactions.  Although simply numbering the accounts sequentially will work, it is more advisable to use a flexible system as is depicted here.

Example Chart of Accounts

Balance Sheet Accounts

1. Assets

11. Cash

12. Accounts Receivable

14. Supplies

15. Prepaid Rent

18. Equipment

2. Liabilities

21. Accounts Payable

22. Salaries Payable

3. Owner's Equity

31. Owner, Capital

32. Owner, Drawing

33. Income Summary

Income Statement Accounts

4. Revenue

41. Sales

42. Rental Property

5. Expenses

51. Supplies Expense

52. Salary Expense

53. Rent Expense

54. Misc. Expense

Note how easy it is to add new accounts

 

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Amazon.com
Most popular books for Accounts

Understanding Small Business Accounts

Understanding Small Business Accounts

Paperback: 128 pages

Publisher: How to Books (February, 2003)

Understanding Accounts

Understanding Accounts

Paperback: 72 pages

Publisher: Dk Pub Merchandise; (March 2001)

 

 

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