The Chart of Accounts is the system of accounts that make up the General Ledger. This begins with our assets starting with the most liquid (cash) and numbered usually as follows.
1000 - 1999: asset accounts
2000 - 2999: liability accounts
3000 - 3999: equity accounts
4000 - 4999: revenue accounts
5000 - 5999: cost of goods sold
6000 - 6999: expense accounts
7000 - 7999: other revenue (for example, interest income)
8000 - 8999: other expense (for example, income taxes)
chart of account is a chart
The chart of accounts for the retail establishment includes Cash and Sales.
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Property Tax goes in the Expense section of the Chart of Accounts
the numbering and layout of a Chart of Accounts?
its important
no
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FALSE
chart of accounts
It does not exist
Generally the answer to this question is no, a chart of accounts does not have to be set up for every financial cycle, usually the chart of accounts is set up in the beginning of the business, when the business is first created, it is updated periodically too allow for new accounts to be added to the chart, but it is not set up each cycle from scratch.