Chart of accounts

Chart of accounts,

Definition of Chart of accounts:

  1. System of accounting records developed by every organization to be compatible with its particular financial structure, and in agreement with the amount of detail required in its financial statements. It consists of a list of ledger account names and numbers showing classifications and sub-classifications, and serves as an index to locate a given account within the ledger. See also class of accounts.

How to use Chart of accounts in a sentence?

  1. You should always keep a good chart of accounts so that you know where all of your finances stand at the time.
  2. The chart of accounts indicated our current financial position with respect to our relationship with the various entities we work with.
  3. We had to look at our chart of accounts , which were very important records that we really needed to ensure our company was well off.

Meaning of Chart of accounts & Chart of accounts Definition