Categories on the Chart of Accounts. It is used to organize the entity’s finances and segregate expenditures, revenue, assets and liabilities in order to give interested parties a better understanding of the entity’s financial health. Each of the accounts in the chart of accounts corresponds to the two main financial statements, i.e., the balance sheet and income statement. Expenses: 5000-5999 . The standard chart of accounts list of categories may include the following: Assets; Liabilities; Owners’ equity or Shareholder’s Equity; Revenues; Cost of goods sold; Operating expenses; Other relevant accounts (See the following standard chart of accounts example below). A chart of accounts is a list of the categories used by an organization to classify and distinguish financial assets, liabilities, and transactions. Theses accounts are required when creating a balance sheet for the business. Within the chart of accounts you will find that the accounts are typically listed in the following order: Within the categories of operating revenues and operating expenses, accounts might be further organized by business function (such as producing, selling, administrative, financing) and/or by company divisions, product lines, etc.

Balance sheet accounts. Accounts are typically defined by an identifier and a caption or header and are coded by account type.

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