Difference between revisions of "Chart of accounts"

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==Examples==
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[[Chart of accounts]] is any numbering system that an [[organization]] uses in order to categorize all the [[financial transaction]]s while assigning them to different [[financial account]]s. 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 account]]s such as [[Income Summary]].
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===Simple chart of accounts===
 
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:The charts below are just examples; no general standard exists in [[GAAP]].<blockquote><table class="wikitable" width=100% style="text-align:center;"><caption>Example of chart of accounts for [[sole proprietorship]] or [[partnership]]</caption><tr><th>Group</th><th>To&nbsp;be&nbsp;used&nbsp;in</th><th>Category</th><th>Account&nbsp;code</th><th>Account&nbsp;name</th></tr><tr><td rowspan="8">Balance sheet accounts<td rowspan="8">Balance sheet</td><td rowspan="4">Asset accounts</td><td>111</td><td>Cash</td></tr><tr><td>112</td><td>Accounts Receivable</td></tr><tr><td>121</td><td>Office Equipment</td></tr><tr><td>122</td><td>Delivery Trucks</td></tr><tr><td>Liabilities</td><td>211</td><td>Accounts Payable</td></tr><tr><td rowspan="3">Owner's Equity</td><td>311</td><td>Mel Free, Capital</td></tr><tr><td>312</td><td>Mel Free, Withdrawals</td></tr><tr><td>313</td><td>Income Summary</td></tr><tr><td rowspan="6">Profit & Loss Accounts</td><td rowspan="6">Income statement</td><td>Revenue</td><td>411</td><td>Delivery Fees Earned</td></tr><tr><td rowspan="5">Expenses</td><td>511</td><td>Salaries Expense</td></tr><tr><td>512</td><td>Advertising Expense</td></tr><tr><td>513</td><td>Gas Expense</td></tr><tr><td>514</td><td>Office Supplies Expense</td></tr><tr><td>515</td><td>Telephone Expense</td></tr></table></blockquote>
 
  
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====Balance Sheet Accounts====
 
  
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=====Asset Accounts=====
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==Definitions==
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*101 Bank/Cash at Bank<ref>{{cite book|last=Clarke|first=Edward A|title=Accounting: an introduction to principles and practice, 7th Edition|year=2012|publisher=Cengage Learning Australia Pty Ltd|isbn=9780170213189|pages=106–109}}</ref>
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
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*102 Cash
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:[[Chart of accounts]]. A numbering system of accounts that lists the account titles and account numbers to be used by an [[organization]].
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*108 Deferred Expense
 
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*110 Other A52312
 
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*112 Accounts Receivable
 
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*116 Supplies
 
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*130 Prepaid Insurance
 
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*157 Equipment
 
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*158 Accumulated Depreciation Equipment
 
  
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=====Liability Accounts=====
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==Outline==
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* 200 Notes Payable
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===General outline===
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* 201 Accounts Payable
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:{|class="wikitable" width=100% style="text-align:center;"
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* 209 Unearned Service Revenue
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|+General outline of chart of accounts
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!Group!!To&nbsp;be&nbsp;used&nbsp;in!!Category
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|-
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|rowspan="3"|[[#Balance Sheet Accounts|Balance Sheet Accounts]]||rowspan="3"|[[Balance sheet]]||Asset Accounts
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|-
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|Liabilities
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|-
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|Owner's Equity Accounts
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|-
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|rowspan="2"|[[#Profit & Loss Accounts|Profit & Loss Accounts]]||rowspan="2"|[[Income statement]]||Revenue Accounts
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|-
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|Expense Accounts
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|}
  
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* 230 Interest Payable
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===Equity accounts in various types of organizations===
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* 231 Deferred Gross profit
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:Ownership models vary, so do owner's equity accounts. Here are some accounts specific to particular organizations:
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:{|class="wikitable" width=100% style="text-align:center;
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|Type of [[legal entity]]
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!Accounts specific to particular types of [[legal equity|legal equiti]]es
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|-
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![[Sole proprietorship]], [[legal partnership]], [[limited liability company]]
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|Capital Contributions, Drawings (Distributions)
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|-
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![[Corporation]]
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|Dividend, Capital in Excess of Par, [[Retained Earnings]], Ordinary Share Capital
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|}
  
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=====Equity Accounts (for sole proprietorship and partnerships)=====
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==Examples==
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* 300 Owner's capital
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The charts below are just examples; no general standard exists in [[Generally Accepted Accounting Principles|GAAP]].
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* 311 Share Capital-Ordinary
 
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* 320 Retained Earnings
 
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* 330 Capital contributions
 
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* 332 Dividends
 
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* 350 Income Summary
 
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* 360 Drawings (Distributions)
 
  
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=====Equity Accounts (for corporations)=====
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===Balance Sheet Accounts===
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* 300 Dividend
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:<blockquote><table class="wikitable" width=100% style="text-align:center;"><caption>Example of Chart of Balance Sheet Accounts</caption><tr><th>Category</th><th>Account&nbsp;code</th><th>Account&nbsp;name</th></tr><tr><td rowspan="9">Asset Accounts</td><td>101</td><td>Bank (or Cash at Bank)</td></tr><tr><td>102</td><td>Cash</td></tr><tr><td>108</td><td>Deferred Expense</td></tr><tr><td>112</td><td>Accounts Receivable</td></tr><tr><td>116</td><td>Supplies</td></tr><tr><td>130</td><td>Prepaid Services</td></tr><tr><td>157</td><td>Equipment</td></tr><tr><td>158</td><td>Accumulated Depreciation Equipment</td></tr><tr><td>199</td><td>Other Assets</td></tr><tr><td rowspan="6">Liabilities</td><td>200</td><td>Notes Payable</td></tr><tr><td>201</td><td>Accounts Payable</td></tr><tr><td>209</td><td>Unearned Service Revenue</td></tr><tr><td>230</td><td>Interest Payable</td></tr><tr><td>231</td><td>Deferred Gross Profit</td></tr><tr><td>299</td><td>Other Liabilities</td></tr><tr><td rowspan="3">Owner's Equity Accounts</td><td>300</td><td>Owner's Capital</td></tr><tr><td>330</td><td>Capital Contributions</td></tr><tr><td>350</td><td>[[Income Summary]]</td></tr></table></blockquote>
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* 310 Capital in excess of par
 
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* 330 Retained earnings
 
  
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====Profit & Loss Accounts====
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===Profit & Loss Accounts===
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:<blockquote><table class="wikitable" width=100% style="text-align:center;"><caption>Example of Chart of Profit & Loss Accounts</caption><tr><th>Category</th><th>Account&nbsp;code</th><th>Account&nbsp;name</th></tr><tr><td rowspan="4">Revenue Accounts</td><td>400</td><td>Rental Income</td></tr><tr><td>410</td><td>Sales Income</td></tr><tr><td>420</td><td>Interest Income</td></tr><tr><td>499</td><td>Other Income</td></tr><tr><td rowspan="14">Expense Accounts</td><td>570</td><td>Office Expense</td></tr><tr><td>585</td><td>Computer Expenses</td></tr><tr><td>595</td><td>Communication Expense</td></tr><tr><td>597</td><td>Labour & Welfare Expenses</td></tr><tr><td>610</td><td>Advertising Expenses</td></tr><tr><td>599</td><td>Printing & Stationery Expenses</td></tr><tr><td>631</td><td>Supplies Expense</td></tr><tr><td>711</td><td>Depreciation Expense</td></tr><tr><td>722</td><td>Insurance Expense</td></tr><tr><td>726</td><td>Salaries and Wages Expense</td></tr><tr><td>729</td><td>Rent Expense</td></tr><tr><td>732</td><td>Utilities Expense</td></tr><tr><td>805</td><td>Interest Expense</td></tr><tr><td>999</td><td>Other Expenses</td></tr></table></blockquote>
  
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=====Revenue Accounts=====
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==Related concepts==
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*[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws.
  
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* 400 Rental Income
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==Related lectures==
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* 410 Sales Income
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*[[Bookkeeping Quarter]].
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* 420 Interest Income
 
  
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=====Expense Accounts=====
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[[Category: Septem Artes Administrativi]][[Category: Articles]]
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* 570 Office Expense
 
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* 585 Computer Expenses
 
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* 595 Communication Expense
 
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* 597 Labour & Welfare Expenses
 
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* 610 Advertising Expenses
 
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* 599 Printing & Stationery Expenses
 
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* 631 Supplies Expense
 
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* 711 Depreciation Expense
 
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* 722 Insurance Expense
 
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* 726 Salaries and Wages Expense
 
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* 729 Rent Expense
 
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* 732 Utilities Expense
 
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* 905 Interest Expense
 

Latest revision as of 03:23, 9 November 2019

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
CategoryAccount codeAccount name
Asset Accounts101Bank (or Cash at Bank)
102Cash
108Deferred Expense
112Accounts Receivable
116Supplies
130Prepaid Services
157Equipment
158Accumulated Depreciation Equipment
199Other Assets
Liabilities200Notes Payable
201Accounts Payable
209Unearned Service Revenue
230Interest Payable
231Deferred Gross Profit
299Other Liabilities
Owner's Equity Accounts300Owner's Capital
330Capital Contributions
350Income Summary

Profit & Loss Accounts

Example of Chart of Profit & Loss Accounts
CategoryAccount codeAccount name
Revenue Accounts400Rental Income
410Sales Income
420Interest Income
499Other Income
Expense Accounts570Office Expense
585Computer Expenses
595Communication Expense
597Labour & Welfare Expenses
610Advertising Expenses
599Printing & Stationery Expenses
631Supplies Expense
711Depreciation Expense
722Insurance Expense
726Salaries and Wages Expense
729Rent Expense
732Utilities Expense
805Interest Expense
999Other Expenses

Related concepts

Related lectures

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