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    Chart of accounts

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    Can someone please provide some assistance with a question. Its for an MBA course. It needs to be between 550 and 650 words or so. Discuss why a chart of accounts is important. Explain how the chart of accounts will impact the information reported to the board? Please include a strong conclusion with suggestions, (what would you suggest), recommendations and a question for my peers. Conclusions may also call for action or overview future possible research. Please see attached for class notes and lecture information to better assist me. Thank you so much in advance for all your help. The deadline (due) date is accurate and it is due on the 10/16/15.

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    Solution Preview

    I have outlined a response. Please use the information you find most important to finish out the conclusion, which I started.

    The chart of accounts identifies all the areas of an organization where money passes through. The chart of accounts then can be broken down into categories that define the money and where it came from and where it went. It helps to inform people about the financial details of the organization.
    The chart of accounts identifies all aspects of money from when it comes into the company to when it leaves. It defines it by type and then by category. It helps to determine where money goes and why. From these accounts reports about income, outgo, and financial positions can be determined. They are important to identify correctly because they help understand what the company needs and spends.
    From reports, organizations create budgets. The categories can help determine when new directions are need for an organization. For example, if a lot of money is going ...

    Solution Summary

    The value of the chart of accounts.