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Vibhanshu Garg
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Chart of Accounts

The chart of accounts is the underlying structure for organizing financial


information and reporting.

An entity records transactions with a set of codes representing balances by


type, expenses by function, and other divisional or organizational codes that
are important to its business.

A well-designed chart of accounts provides the following benefits:

 Effectively manages an organization's financial business.

 Supports the audit and control of financial transactions.

 Provides flexibility for management reporting and analysis.

 Anticipates growth and maintenance needs as organizational changes


occur.

 Facilitates an efficient data processing flow.

 Enables delegation of responsibility for cost control, profit attainment,


and asset utilization.

 Measures performance against corporate objectives by your managers.

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