Account Manager Interview Question:

Explain chart of accounts?

Submitted by: Murtaza

The chart of accounts is a listing of the general ledger accounts to which amounts can be posted. The chart of accounts is a helpful tool for identifying the best account for recording a transaction.
In some accounting software the chart of accounts may be the means to open new general ledger accounts and to control their position in the financial statements.
Submitted by: Murtaza