The individual accounts during a general ledger are frequently assigned a number according to the chart of accounts.
What is the meaning of chart of accounts?
A chart of accounts (COA) may be a financial, organizational tool that gives an index of every account in an accounting system. This provides an insight into all the financial transactions of the corporate . Here, an account may be a unique record for each type of asset, liability, equity, revenue and expense.
Why may be a Chart of Accounts so important?
it's important because it is designed as a way to separate expenditures, revenue, assets, and liabilities, so a business can have a transparent understanding and view of their overall financial health.
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