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CHART of ACCOUNTS Department of Legislative Audit Legislativeaudit Sd  Form

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[Music] organizations and businesses present the results of their performance through financial statements before financial statements can be prepared transactions are recorded classified organized and index through various steps to make up the accounting system the accounting system tallies events and changes to each account that audited directly or indirectly impact the financial statements these are counts are listed in the chart of accounts a chart of accounts can be long and complex especially for larger organizations for this reason account names are often associated with account numbers which provide further clues about the type of account a company may designate a few hundred account numbers for each type of account for example a liability account is indicated by the 2000 range in this range the first 500 numbers are reserved for current liabilities and the second 500 numbers for long term liabilities therefore the account 2100 accounts payable is a current liability account ha

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South Dakota Legislative Page

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