What is the Complete Definition of Chart of Accounts?
A chart of accounts is a listing of names of the accounts that a company has identified and are available for recording the transaction. The chart of accounts typically includes a series of account codes and descriptions that categorize each financial transaction according to its type, such as revenue, expense, asset, liability, or equity. These codes and descriptions may be customized to suit the specific needs of the business and may vary in complexity depending on the size and scope of the organization.
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