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Accounting At Your Fingertips, 2e by George Murray, CPA.

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1.4 Establishing the Chart of Accounts

Balance Sheet Accounts

Revenue and Expense Accounts

A Sample Chart of Accounts

The chart of accounts is your road map. Here’s where you take stock of what you have and the kind of business you expect to do and decide for which accounts you’ll need to classify your transactions. In this subchapter, you learn more about revenue and expense accounts, as well as how to develop your own chart of accounts.

A chart of accounts is the list of all the different accounts you have for your business.

Balance Sheet Accounts

Balance sheet accounts include all asset, liability, and equity accounts. This means everything from the cash you have in the bank and inventory on hand to amounts you owe creditors and employees. ...

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