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HCA 620 Week 5 Discussion Question One

HCA 620 Week 5 Discussion Question One

 

Search the GCU Library on the following topics: Chart of Accounts, General Ledger, and Accounting System. Notice how much detail can be included in various financial statements. What accounting data is required for you to write your CLC Business Plan? How can you present just enough information for your reader to get a clear understanding of the financial concerns of your proposal?

A chart of accounts (COA) is a list of financial accounts set up, usually by an accountant, for an organization, and available for use by the bookkeeper for recording transactions in the organization’s general ledger. Accounts may be added to the chart of accounts as needed; they would not generally be removed, especially if any transaction had been posted to the account or if there is a non-zero balance.

Accounts are usually grouped into categories, such as assets, liabilities, equity, revenue and expenses.

HCA 620 Week 5 Discussion Question One

HCA 620 Week 5 Discussion Question One

Accounts may be associated with an identifier (account number) and a caption or header and are coded by account type. In computerized accounting systems with computable quantity accounting, the accounts can have a quantity measure definition. Account numbers can use numerical, alphabetic, or alpha-numeric characters. However, in many computerized environments, like the SIE format, only numerical identifiers are allowed. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique, which allows its ledger to be located. The accounts are typically arranged in the order of the customary appearance of accounts in the financial statements: balance sheet accounts followed by profit and loss accounts.

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The charts of accounts can be picked from a standard chart of accounts, like the BAS in Sweden. In some countries, charts of accounts are defined by the accountant from a standard general layouts or as regulated by law. However, in most countries it is entirely up to each accountant to design the chart of accounts.

Types of accounts
Asset accounts represent the different types of economic resources owned or controlled by an entity. Common examples of asset accounts include cash in hand, cash in bank, receivables, inventory, prepaid expenses, land, structures, equipment, patents, copyrights, licenses, etc. Goodwill is different from other asset accounts in that goodwill, unlike other assets, is not used in operations and cannot be sold, licensed or transferred.
Liability accounts represent the different types of economic obligations of an entity, such as accounts payable, bank loans, bonds payable, and accrued expenses.[1]
Equity accounts represent the residual ownership of an entity (the value of assets after deducting the value of all liabilities). Equity accounts include common stock, paid-in capital, and retained earnings. The type and captions used for equity accounts are dependent on the type of entity.[2] While gains are generally included in income, they are not considered revenue.
Revenue or income accounts represent the company’s earnings and common examples include sales, service revenue and interest income. [3] Revenue and Gains are subclassifications of Income.
Expense accounts represent a company’s costs of doing business. Common examples include wages, salaries, materials, utilities, rent, depreciation, interest, insurance, etc.[4]
Contra-accounts are accounts with negative balances that offset other balance sheet accounts. Examples are accumulated depreciation (offset against fixed assets), and the allowance for bad debts (offset against accounts receivable). Deferred interest is also offset against receivables rather than being classified as a liability.

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