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Explain a chart of accounts

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Explain a chart of accounts

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Solution Summary

The 250 word cited solution explains the chart of accounts with examples using personal expenses. The common numbering system is also demonstrated.

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A chart of accounts is a listing of accounts to be used to group similar types of items together.

For an example, let's say you wanted to keep track of your personal expenses by type. You might use accounts like food, utilities, cable/phone, rent, entertainment, clothing, travel and others. That is part of your personal chart of accounts. You would also have your asset accounts like checking, ...

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