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The chart of accounts classify the accounts to make identification of the accounts easier. Discuss...

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Accounting

The chart of accounts classify the accounts to make identification of the accounts easier. Discuss how companies set up their chart of accounts for use in their business

A chart of accounts is set-up by assigning numbers for (assets, expenses, owner's investment, and revenues) will begin with (1), (assets, capital, expenses, liabilities), (2), (expenses, net income, owner's equity, revenues) (3), (assets, expenses, net income, revenues) (4), (expenses, liabilities, owner's equity, revenues) (5).

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