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A "chart of accounts" is a structured list of all the accounts used by a business to track its financial transactions and to prepare financial statements. It serves as the backbone of a company's accounting system, categorizing transactions into different buckets for clear and easy financial reporting.
The chart of accounts includes asset accounts (like cash and accounts receivable), liability accounts (such as accounts payable and loans), equity accounts, revenue accounts, and expense accounts. It provides a systematic and consistent approach to recording, tracking, and reporting all financial transactions. A well-structured chart of accounts can provide insightful financial data and help businesses make informed financial decisions.
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