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Its a way to put data on accurate accounts according the GAAP concepts , in order to make your out-put as GAAP instrucations as well, meaning not to make a chart as your imagnetations but we all have rules to set up any chart that all companies work on it and its classfied as the financial statements out-put
Exp:- Accounts for sales / Accounts for COS / Accounts for inventory / AR / AP / Expensese Accounts
Accural Accounts / Payroll / etc..
to prepare a proper book keeping, there is necessary to give names to the asset, liablities, incomes and expenses. for example, rent account or cash account etc. this is called chart of account. in accounting software these chart of account also assign numbers.
