Sample Income Statement Chart Of Accounts

The type of account.

Sample income statement chart of accounts. Profit and loss account income statement. The name of the account in the general ledger. Assets liabilities equity income expenses. A chart of accounts is a list of all your company s accounts together in one place.

For a more customized chart of accounts please contact a tax professional. Number of accounts needed. It provides you with a birds eye view of every area of your business that spends or makes money. Each account is typically assigned a number based on the order it appears on the financial statements.

In the sample chart of accounts for example the expense accounts are sub. Your business model may require a different setup. Cost of goods sold. Thus accounts are assigned numbers and listed in this order.

Sales returns and allowances. This is a sample chart of accounts only. Balance sheet accounts are usually presented first followed by income statement accounts. The purpose of the sub group is to categorize each account into classifications that you might need to present the balance sheet and income statement in accounting reports.

The financial statement in which the account appears. The main account types include revenue expenses assets liabilities and equity. Whereas if a company is more sophisticated then the chart of accounts can be either paper based or computer based in conclusion the standard chart of account is useful for analyzing past transactions and using historical data to forecast. Chart of accounts format and number system.

Non operating revenues and expenses gains and losses. Depending on the size of the company the chart of accounts may include either few dozen accounts or a few thousand accounts. Cost of sales debit. Sample chart of accounts.