Idealized Business Entity's Chart of Accounts

An Idealized Business Entity's Chart of Accounts is a idealized chart of accounts intended for business entities.

• Context:
  • …
• Example(s):
  • a Standard Business Entity CoA.
  • the one represented at http://www.netmba.com/accounting/fin/accounts/chart/
• Counter-Example(s):
  • an Idealized Business Entity CoA.
  • an Government Entity's Custom CoA.
• See: Idealized Representation.

---

---

References

2005

• http://www.netmba.com/accounting/fin/accounts/chart/
  • QUOTE: The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. To set up a chart of accounts, one first needs to define the various accounts to be used by the business. Each account should have a number to identify it. For very small businesses, three digits may suffice for the account number, though more digits are highly desirable in order to allow for new accounts to be added as the business grows. With more digits, new accounts can be added while maintaining the logical order. Complex businesses may have thousands of accounts and require longer account reference numbers. It is worthwhile to put thought into assigning the account numbers in a logical way, and to follow any specific industry standards.

    Sample Chart of Accounts

  • Asset Accounts.
    • Current Assets.
      • 1000 Petty Cash.
      • 1010 Cash on Hand (e.g. in cash registers).
      • 1020 Regular Checking Account.
      • 1030 Payroll Checking Account.
      • 1040 Savings Account.
      • 1050 Special Account.
      • 1060 Investments - Money Market.
      • 1070 Investments - Certificates of Deposit.
      • 1100 Accounts Receivable.
      • 1140 Other Receivables.
      • 1150 Allowance for Doubtful Accounts.
      • 1200 Raw Materials Inventory.
      • 1205 Supplies Inventory.
      • 1210 Work in Progress Inventory.
      • 1215 Finished Goods Inventory - Product #1.
      • 1220 Finished Goods Inventory - Product #2.
      • 1230 Finished Goods Inventory - Product #3.
      • 1400 Prepaid Expenses.
      • 1410 Employee Advances.
      • 1420 Notes Receivable - Current.
      • 1430 Prepaid Interest.
      • 1470 Other Current Assets.
    • Fixed Assets.
      • 1500 Furniture and Fixtures.
      • 1510 Equipment.
      • 1520 Vehicles.
      • 1530 Other Depreciable Property.
      • 1540 Leasehold Improvements.
      • 1550 Buildings.
      • 1560 Building Improvements.
      • 1690 Land.
      • 1700 Accumulated Depreciation, Furniture and Fixtures.
      • 1710 Accumulated Depreciation, Equipment.
      • 1720 Accumulated Depreciation, Vehicles.
      • 1730 Accumulated Depreciation, Other.
      • 1740 Accumulated Depreciation, Leasehold.
      • 1750 Accumulated Depreciation, Buildings.
      • 1760 Accumulated Depreciation, Building Improvements.
    • Other Assets.
      • 1900 Deposits.
      • 1910 Organization Costs.
      • 1915 Accumulated Amortization, Organization Costs.
      • 1920 Notes Receivable, Non-current.
      • 1990 Other Non-current Assets.
  • Liability Accounts.
    • Current Liabilities.
      • 2000 Accounts Payable.
      • 2300 Accrued Expenses.
      • 2310 Sales Tax Payable.
      • 2320 Wages Payable.
      • 2330 401-K Deductions Payable.
      • 2335 Health Insurance Payable.
      • 2340 Federal Payroll Taxes Payable.
      • 2350 FUTA Tax Payable.
      • 2360 State Payroll Taxes Payable.
      • 2370 SUTA Payable.
      • 2380 Local Payroll Taxes Payable.
      • 2390 Income Taxes Payable.
      • 2400 Other Taxes Payable.
      • 2410 Employee Benefits Payable.
      • 2420 Current Portion of Long-term Debt.
      • 2440 Deposits from Customers.
      • 2480 Other Current Liabilities.
    • Long-term Liabilities.
      • 2700 Notes Payable.
      • 2702 Land Payable.
      • 2704 Equipment Payable.
      • 2706 Vehicles Payable.
      • 2708 Bank Loans Payable.
      • 2710 Deferred Revenue.
      • 2740 Other Long-term Liabilities.
  • Equity Accounts.
    • 3010 Stated Capital.
    • 3020 Capital Surplus.
    • 3030 Retained Earnings.
  • Revenue Accounts.
    • 4000 Product #1 Sales.
    • 4020 Product #2 Sales.
    • 4040 Product #3 Sales.
    • 4060 Interest Income.
    • 4080 Other Income.
    • 4540 Finance Charge Income.
    • 4550 Shipping Charges Reimbursed.
    • 4800 Sales Returns and Allowances.
    • 4900 Sales Discounts.
  • Cost of Goods Sold.
    • 5000 Product #1 Cost.
    • 5010 Product #2 Cost.
    • 5020 Product #3 Cost.
    • 5050 Raw Material Purchases.
    • 5100 Direct Labor Costs.
    • 5150 Indirect Labor Costs.
    • 5200 Heat and Power.
    • 5250 Commissions.
    • 5300 Miscellaneous Factory Costs.
    • 5700 Cost of Goods Sold, Salaries and Wages.
    • 5730 Cost of Goods Sold, Contract Labor.
    • 5750 Cost of Goods Sold, Freight.
    • 5800 Cost of Goods Sold, Other.
    • 5850 Inventory Adjustments.
    • 5900 Purchase Returns and Allowances.
    • 5950 Purchase Discounts.
  • Expenses.
    • 6000 Default Purchase Expense.
    • 6010 Advertising Expense.
    • 6050 Amortization Expense.
    • 6100 Auto Expenses.
    • 6150 Bad Debt Expense.
    • 6200 Bank Fees.
    • 6250 Cash Over and Short.
    • 6300 Charitable Contributions Expense.
    • 6350 Commissions and Fees Expense.
    • 6400 Depreciation Expense.
    • 6450 Dues and Subscriptions Expense.
    • 6500 Employee Benefit Expense, Health Insurance.
    • 6510 Employee Benefit Expense, Pension Plans.
    • 6520 Employee Benefit Expense, Profit Sharing Plan.
    • 6530 Employee Benefit Expense, Other.
    • 6550 Freight Expense.
    • 6600 Gifts Expense.
    • 6650 Income Tax Expense, Federal.
    • 6660 Income Tax Expense, State.
    • 6670 Income Tax Expense, Local.
    • 6700 Insurance Expense, Product Liability.
    • 6710 Insurance Expense, Vehicle.
    • 6750 Interest Expense.
    • 6800 Laundry and Dry Cleaning Expense.
    • 6850 Legal and Professional Expense.
    • 6900 Licenses Expense.
    • 6950 Loss on NSF Checks.
    • 7000 Maintenance Expense.
    • 7050 Meals and Entertainment Expense.
    • 7100 Office Expense.
    • 7200 Payroll Tax Expense.
    • 7250 Penalties and Fines Expense.
    • 7300 Other Taxes.
    • 7350 Postage Expense.
    • 7400 Rent or Lease Expense.
    • 7450 Repair and Maintenance Expense, Office.
    • 7460 Repair and Maintenance Expense, Vehicle.
    • 7550 Supplies Expense, Office.
    • 7600 Telephone Expense.
    • 7620 Training Expense.
    • 7650 Travel Expense.
    • 7700 Salaries Expense, Officers.
    • 7750 Wages Expense.
    • 7800 Utilities Expense.
    • 8900 Other Expense.
    • 9000 Gain/Loss on Sale of Assets.

---