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LSDefine

Simple English definitions for legal terms

chart of accounts

Read a random definition: Board of Appeals

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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WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
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