Chart of Accounts

Posted by Professor Cram in Accounting Cycle

Chart of Accounts – Introduction

The chart of accounts is a numerical listing of all identified accounts used by a company to record transactions. As part of the accounting cycle, the chart of accounts is used in the journaling process (i.e., performing journal entries) and also serves as the title for each ledger. All the accounts will be filed under one of five categories:

  • Assets
  • Liabilities
  • Owner’s Equity
  • Revenue
  • Expenses

Each account can be assigned a number for identification purposes. Most systems will assign a block of numbers to one of the five categories to be applied to the sub-categories. Some charts leave gaps of numbers between the sub-category listings to allow for the addition of new accounts.

Example Chart of Accounts

Chart of Accounts: Bogus Manufacturing

100-199 Assets

  • 100-109 Cash
    • 101 Cash – Regular Checking
    • 102 Cash – Payroll Checking
    • 103 Cash, Change, or Petty Cash Fund
  • 110-119 Receivables
    • 111 Accounts Receivable
    • 112 Due from Employees
    • 113 Notes Receivable
  • 120-129 Property, Plant, and Equipment
    • 121 Land
    • 122 Buildings
    • 123 Equipment
    • 124 Vehicles

200-299 Liabilities

  • 200-209 Current Liabilities
    • 201 Notes Payable – Credit Line
    • 202 Accounts Payble
    • 203 Wages and Salaries Payable
    • 204 Taxes Payable
  • 210-219 Long-term Liabilities
    • 211 Mortgage Loan Payable
    • 212 Bonds Payable, due 2015
    • 213 Discounts on Bonds Payable

300-399 Owner’s Equity

  • 300-309 Stock
    • 301 Preferred Stock
    • 302 Common Stock
    • 303 Retained Earnigs

400-499 Revenues

  • 400-409 Product Sales
    • 401 Store #1 Sales
    • 402 Store #2 Sales
    • 403 Store #3 Sales
  • 410-419 Other Income
    • 411 Interest Revenue

500-599 Expenses

  • 500-509 Insurance
    • 501 Disability Insurance
    • 502 Property & Casualty
  • 500-509 Interest Expense
    • 501 Finance Charge
    • 502 Loan Interest
    • 503 Mortgage


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