Chart of accounts

Chart of accounts is any numbering system that an organization uses in order to categorize all the financial transactions while assigning them to different financial accounts. A chart of accounts lists the account titles and account numbers to be used by an organization. The main categories are Assets, Liabilities, Owner's equity, Fiscal Revenue, Expenses including cost of goods sold, as well as temporary accounts such as Income Summary.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Chart of accounts. A numbering system of accounts that lists the account titles and account numbers to be used by an organization.

Outline

General outline

General outline of chart of accounts

Group	To be used in	Category
Balance Sheet Accounts	Balance sheet	Asset Accounts
		Liabilities
		Owner's Equity Accounts
Profit & Loss Accounts	Income statement	Revenue Accounts
		Expense Accounts

Equity accounts in various types of organizations

Ownership models vary, so do owner's equity accounts. Here are some accounts specific to particular organizations:

Type of legal entity	Accounts specific to particular types of legal equities
Sole proprietorship, legal partnership, limited liability company	Capital Contributions, Drawings (Distributions)
Corporation	Dividend, Capital in Excess of Par, Retained Earnings, Ordinary Share Capital

Examples

The charts below are just examples; no general standard exists in GAAP.

Balance Sheet Accounts

Example of Chart of Balance Sheet Accounts

Category	Account code	Account name
Asset Accounts	101	Bank (or Cash at Bank)
	102	Cash
	108	Deferred Expense
	112	Accounts Receivable
	116	Supplies
	130	Prepaid Services
	157	Equipment
	158	Accumulated Depreciation Equipment
	199	Other Assets
Liabilities	200	Notes Payable
	201	Accounts Payable
	209	Unearned Service Revenue
	230	Interest Payable
	231	Deferred Gross Profit
	299	Other Liabilities
Owner's Equity Accounts	300	Owner's Capital
	330	Capital Contributions
	350	Income Summary

Profit & Loss Accounts

Example of Chart of Profit & Loss Accounts

Category	Account code	Account name
Revenue Accounts	400	Rental Income
	410	Sales Income
	420	Interest Income
	499	Other Income
Expense Accounts	570	Office Expense
	585	Computer Expenses
	595	Communication Expense
	597	Labour & Welfare Expenses
	610	Advertising Expenses
	599	Printing & Stationery Expenses
	631	Supplies Expense
	711	Depreciation Expense
	722	Insurance Expense
	726	Salaries and Wages Expense
	729	Rent Expense
	732	Utilities Expense
	805	Interest Expense
	999	Other Expenses

Related concepts

• Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.

Related lectures

• Bookkeeping Quarter.