A List Of Accounts Used By A Business Is Called A

Chart Of Accounts

A list of accounts used by a business is called a Chart of Accounts.

It is helpful to assign the numerical number to an Account in order to easily locate it in the Books of Accounts and Financial Statements. The management can see comprehensive insights of revenues, expenses, assets, liabilities and equity and make strategic planning about the performance, growth and stability of the business. You better know what are the positions of accounts such as cash and bank balances, fees earned, advertising expense, etc., during the accounting period and how well you organize these accounts just at a glance.