Example Chart of Accounts

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Chart of Accounts:

The complexity of a company's chart of accounts depends on a number of factors including: daily activity, type of business conducted, and to what detail records are needed for management decisions and tax authorities. Some businesses have very few accounts, others have thousands.

It is common practice to assign a number to each account for indexing & coding transactions. Although simply numbering the accounts sequentially will work, it is more advisable to use a flexible system as is depicted here.

Example Chart of Accounts

Balance Sheet Accounts 1. Assets 11. Cash 12. Accounts Receivable 14. Supplies 15. Prepaid Rent 18. Equipment 2. Liabilities 21. Accounts Payable 22. Salaries Payable 3. Owner's Equity 31. Owner, Capital 32. Owner, Drawing 33. Income Summary	Income Statement Accounts 4. Revenue 41. Sales 42. Rental Property 5. Expenses 51. Supplies Expense 52. Salary Expense 53. Rent Expense 54. Misc. Expense
Note how easy it is to add new accounts

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