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A chart of accounts ( COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
The general ledger contains a page for all accounts in the chart of accounts [5] arranged by account categories. The general ledger is usually divided into at least seven main categories: assets, liabilities, owner's equity, revenue, expenses, gains and losses. [6] It is the system of record for an organization’s financial transactions. [7]
e. In bookkeeping, an account refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries. These entries, referred to as postings, become part of a book of final entry or ledger. Examples of common financial accounts ...
Additionally, private schools may use this chart of accounts to report financial information that is comparable to that of the public education sector. The basic structure and codes discussed herein are sufficient to comply with federal reporting requirements and those established by Governmental Accounting Standards Board (GASB) Statement ...
Additionally, private schools may use this chart of accounts to report financial information that is comparable to that of the public education sector. Local and state needs and requirements may call for additional levels of account details and reporting requirements to be added to this basic structure.
1. The items, accounts, and categories of information should provide the basic framework fundamental to a comprehensive financial management system; 2. The guidelines should serve all sizes and types of LEA's; 3. The categories of accounts should be both contractible and expandable, enabling all LEA's to adapt them to
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. [ 1] It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person or an ...
Assets. 101. Cash in Bank. All funds on deposit with a bank or savings and loan institution, normally in non-interest-bearing accounts. Interest-bearing accounts are recorded in investments. 102. Cash on Hand. Currency, coins, checks, postal and express money orders, and bankers' drafts on hand. 103.