CHART OF ACCOUNTS Definition

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CHART OF ACCOUNTS is a list of ledger account names and associated numbers arranged in the order in which they normally appear in the financial statements. The Chart of Accounts are customarily arranged in the following order: Assets, Liabilities, Owners Equity (Stockholders Equity for a corporation), Revenue, and Expenses.

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DESCRIPTIVE THEORY, in property rights, describes how property rights are created or initiated, how they are transferred from party to party, and finally how property rights are terminated.

COST ACCOUNTING is a managerial accounting activity designed to help managers identify, measure, and control operating costs.

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