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Simple English definitions for legal terms

chart of accounts

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A quick definition of chart of accounts:

A chart of accounts is a list of all the financial accounts a business uses to keep track of its money. It helps the company find any financial transaction it has made. The chart includes different types of accounts like revenue, expenses, assets, liabilities, and equity. Each account has a name, description, and code. The chart must follow certain rules called GAAP. For example, the assets account may include cash, accounts receivable, inventory assets, vehicles, and real estate. The liabilities account may list items like the company’s credit lines, accounts payable, and payroll liabilities. The equity account may list items such as common stock, preferred stock, and retained earnings.

A more thorough explanation:

A chart of accounts (COA) is a list of all the financial accounts used by a business. It helps the company keep track of all its financial transactions. The COA is like a map that shows where all the money is coming from and going to.

COAs are different for every company, but they all follow the same rules. They have to follow the generally accepted accounting principles (GAAP). This means that they have to be accurate and consistent.

Here are some examples of accounts that might be on a COA:

  • Assets: This includes things like cash, accounts receivable, inventory, vehicles, and real estate. These are things that the company owns and can use to make money.
  • Liabilities: This includes things like credit lines, accounts payable, and payroll liabilities. These are things that the company owes to other people or businesses.
  • Equity: This includes things like common stock, preferred stock, and retained earnings. These are things that show how much of the company belongs to the owners.

These examples show how a COA can help a company keep track of its money. By organizing all the accounts into categories, it's easier to see where the money is coming from and going to. This can help the company make better financial decisions.

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shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
the big W is that i get reimbursed for travel now thank GOD
jack moving up in the world :)
i have a brother named jack, so whenever i see your name im marginally happier than normal
babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
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