What are the 5 main account types in the chart of accounts?
The main account types include Revenue, Expenses, Assets, Liabilities, and Equity.
What are the 5 main account types in the chart of accounts QuickBooks?
QuickBooks supplies the following account types: Income, Expense, Fixed Asset, Bank, Loan, Credit Card, and Equity, as well as (if you select Other Account Types and open the Other Accounts Types drop-down list) Accounts Receivable, Other Current Asset, Other Asset, Accounts Payable, Other Current Liability, Long Term …
What are the 5 major accounts?
The chart of accounts organizes your finances into five major categories, called accounts: assets, liabilities, equity, revenue and expenses.
What do you need to know about chart of accounts?
The chart of accounts is a list of every account in the general ledger of an accounting system. Unlike a trial balance that only lists accounts that are active or have balances at the end of the period, the chart lists all of the accounts in the system. It’s a simple list of account numbers and names.
Is the chart of accounts the same as the general ledger?
In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company’s general ledger. Furthermore, the company chart of accounts is basically a filing system for categorizing all of a company’s accounts as well as classifying all transactions according to the accounts they affect.
Which is the last category in the chart of accounts?
The expense account is the last category in the chart of accounts. It includes a list of all the accounts used to capture the money spent in generating revenues for the business. The expenses can be tied back to specific products or revenue-generating activities of the business.
How is a chart of accounts different from a trial balance?
Unlike a trial balance that only lists accounts that are active or have balances at the end of the period, the chart lists all of the accounts in the system. It’s a simple list of account numbers and names.