O'Reilly logo

Introductory Accounting by Lisa A. Bucki, Gail Perry, David H. Ringstrom

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTER4

Managing Your Accounts

In This Chapter

  • Categorizing your financial activity by account
  • Balance sheet accounts: Assets, Liabilities, and Equity
  • Income statement accounts: Revenue, Cost of Goods Sold, Expenses, and Other Revenue/Expense
  • Customizing your chart of accounts
  • Ensuring balance

In this chapter, we discuss the foundation of your books—the chart of accounts. As mentioned in Chapter 1, accounts can be thought of as various buckets in which you categorize the money-related activities of your business. The chart of accounts lists the specific buckets for your business.

But before we get to the chart of accounts, let’s review the ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required