The chart of accounts is the unique list of accounts each business puts together to do its accounting. Accountants often call accounts “general ledgers”.
Accounts are what businesses use to track transactions. Accounts can track money coming in (income or revenue) and going out (expenses). They can also track the value of things (assets), like vehicles and equipment.
There are five basic account types:
- Assets
- Liabilities
- Income
- Expense
- Equity.