Chart of Accounts Explained Part 2

This is part 2 of a two-part blog which will give you an in-depth explanation about the working parts of a chart of accounts. Revisiting, from part 1 of this blog, the chart of accounts is simply a list of all of the account types you might use when recording your business income and expenditure activities. The “account types” include assets, liabilities, equity, income, expenses, other income and other expenses. In part 1 we covered off assets, liabilities and equity which are accounts used to formulate the balance sheet report. In part 2 we will look at the remainder of the account types within the chart of accounts.

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