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Chart of Accounts

The chart of accounts is a listing of all accounts used in the general ledger of an organization. Find below
the list of accounts in the chart of accounts.

Assets Reason
Cash Cash is the type of receiving.
Petty Cash It is a small amount of cash that is kept on the
premises of a business in order to make
incidental cash purchases and reimbursements,
such as for delivered meals.
Accounts Receivable Refers to money due to a seller from buyers who
have not yet paid for their purchases.
Prepaid Expenses It is an expenditure that is paid for in one
accounting period, but for which the underlying
asset will not be entirely consumed until a future
Inventory Inventory is an asset that is intended to be sold in
the ordinary course of business
Fixed Assets A fixed asset is property with a useful life greater
than one reporting period, and which exceeds an
entity's minimum capitalization limit.
Accumulated Depreciation Accumulated depreciation is the total
depreciation for a fixed asset that has been
charged to expense since that asset was acquired
and made available for use.

Liabilities Reason
Accounts Payable Accounts payable is the aggregate amount of
one's short-term obligations to pay suppliers for
products and services that were purchased on
Accrued Liabilities An accrued liability is an obligation that an entity
has assumed, usually in the absence of a
confirming document, such as a supplier invoice.
Taxes Payable Taxes payable refers to one or more liability
accounts that contain the current balance of
taxes owed to government entities.
Wages Payable Wages payable is the liability incurred by an
organization for wages earned by but not yet
paid to employees.

SOHAIB ASIM KHAN Intro. to Financial Accounting (ACCT2023, R) L1S19MBAM0025

Notes Payable A note payable is a written promissory note.
Under this agreement, a borrower obtains a
specific amount of money from a lender and
promises to pay it back with interest over a
predetermined time period.

Owners’ Equity Reason

Common Stock Common stock is an ownership share in a
corporation that allows its holders voting rights
at shareholder meetings and the opportunity to
receive dividends.
Preferred Stock Preferred stock is a class of equity ownership that
has a more senior claim on the earnings and
assets of a business than common stock.
Retained Earnings Retained earnings are the profits that a company
has earned to date, less any dividends or other
distributions paid to investors.

Revenue Reason
Revenue Revenue is an increase in assets or decrease in
liabilities caused by the provision of services or
products to customers.
Sales returns and allowances Sales returns and allowances is a line item
appearing in the income statement. When this
amount is large in proportion to total sales, it
indicates that a business is having trouble
shipping high-quality goods to its customers.

Expenses Reason
Cost of Goods Sold Cost of goods sold is the accumulated total of all
costs used to create a product or service, which
has been sold.
Advertising Expense Advertising expense is a general ledger account in
which is stored the consumed amount of
advertising costs.
Bank Fees Pay the fees
Depreciation Expense Depreciation expense is that portion of a fixed
asset that has been considered consumed in the
current period.
Payroll Tax Expense Payroll taxes are imposed by a government on
employee wages and salaries.

SOHAIB ASIM KHAN Intro. to Financial Accounting (ACCT2023, R) L1S19MBAM0025

Rent Expense Rent expense is an account that lists the cost of
occupying rental property during a reporting
Supplies Expense Supplies expense refers to the cost of
consumables used during a reporting period.
Utilities Expense Utilities expense is the cost consumed in a
reporting period.
Wages Expense Wages expense is the hourly compensation cost
incurred by a business for its hourly workers.

References: [list of accounts, reasons]

SOHAIB ASIM KHAN Intro. to Financial Accounting (ACCT2023, R) L1S19MBAM0025