Chart of Accounts in Accounting
Chart of accounts in Accounting is a list of general ledger (G/L) accounts and each general ledger account is identified by an accounting title with the corresponding accounting number.
The first step in accounting procedure is the preparation of chart of accounts. General ledgers can be created as per systematic order and it helps for computerized accounting system. With the general ledger account number, you can prepare journal entries for financial statements.
An Example of Chart of Accounts
|152||Sales tax payable|
|156||Income received in advance|
|157||Long term loans|
|205||Store supplies expenses|
|206||Credit card expenses|
|250||Capital /Share capital|