Chart of Accounts
A chart of accounts is a list of the accounts codes that can be identified with numeric, alphabetical, or alphanumeric codes allowing the account to be located in the general ledger. The equity section of the chart of accounts is based on the fact that the legal structure of the entity is of a particular legal type. Possibilities include sole trader, partnership, trust and company.
Read more about this topic: Bookkeeping
Famous quotes containing the words chart and/or accounts:
“Perhaps in His wisdom the Almighty is trying to show us that a leader may chart the way, may point out the road to lasting peace, but that many leaders and many peoples must do the building.”
—Eleanor Roosevelt (1884–1962)
“Simplicity, simplicity, simplicity! I say, let your affairs be as two or three, and not a hundred or a thousand; instead of a million count half a dozen, and keep your accounts on your thumb-nail.”
—Henry David Thoreau (1817–1862)