Chart of Accounts
What is a Chart of Accounts?
Chart of Accounts (COA) is a comprehensive listing of all the financial transactions and accounts used by a company. It is a structured list that organizes a company's financial information into a logical and systematic format. The COA is a critical component of a company's financial reporting system, as it provides a standardized method for recording and categorizing financial transactions.
How to Categorize Chart of Accounts?
Chart of accounts can be categorized into five main categories, which are:
1) Assets
2) Liabilities
3) Equity
4) Revenue
5) Expenses
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