Chart of accounts of commercial company

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In any company there is a wide variety of economic assets involved in the processes, and sources that form economic assets. It became necessary to systematize the means of labor and their sources according to their economic content. For ease of use, the accounts were placed in one table, these accounts are summarized in the Chart of Accounts approved by the Ministry of Finance. Order of 31.10.2000 N 94n

Accounting is carried out by double entry. Accounting accounts are an effective tool that allows you to register the collected and summarized information about the state of property (capital, liabilities) in monetary terms.

The chart of accounts of accounting is a list systematized based on the economic content of each position included in it using the double entry method: this is a registration system that implies the simultaneous reflection of the operation on two accounts: the write-off (credit) of the amount of funds from one and the receipt (debit) the same amount to another account.

The chart of accounts was created in accordance with a strict structural hierarchy, which is based on: 1) synthetic accounts – to record generalized information about transactions, types of property, liabilities; 2) subaccounts – used to obtain detailed data. Moreover, additional sub-accounts can be introduced. But changing the names and purposes of synthetic accounts is unacceptable.

Also, accounts are divided: a) active – accounting for the movement of funds available; b) passive – accounting for sources of funds, information on profits, types of capital, company liabilities; c) active-passive – aggregate accounting of property and sources of it’s formation.

Accounts can also be off-balance sheet – this is designed to summarize information about the presence and movement of values ​​that do not belong to the company, but are temporarily in its use or disposal, as well as to control individual business transactions. The presence of a working chart of accounts of the company makes it possible to organize a unified and convenient standardized approach to accounting and financial reporting.

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