The Chart Of Accounts For Outback Guide Service Follows
Outback Guide Service is a company that provides guided tours in the Australian outback. As with any business, it is important to keep track of finances and manage expenses. This is where the chart of accounts comes in. The chart of accounts is a list of all the accounts used by a company to record financial transactions. Here is how the chart of accounts for Outback Guide Service follows:
Assets
The first section of the chart of accounts is for assets. Assets are what a company owns and are expected to provide future benefit. Outback Guide Service has a few different types of assets:
Current Assets
Current assets are those that are expected to be converted into cash within one year. For Outback Guide Service, this includes:
Fixed Assets
Fixed assets are those that are not intended for sale and are required for the company's operations. Outback Guide Service has a few different types of fixed assets:
Liabilities
The next section of the chart of accounts is for liabilities. Liabilities are what a company owes to others. Outback Guide Service has a few different types of liabilities:
Current Liabilities
Current liabilities are those that are expected to be paid within one year. For Outback Guide Service, this includes:
Long-Term Liabilities
Long-term liabilities are those that are not expected to be paid within one year. Outback Guide Service has a few different types of long-term liabilities:
Equity
The final section of the chart of accounts is for equity. Equity is the residual interest in the assets of a company after deducting liabilities. Outback Guide Service has a few different types of equity:
Common Stock
Common stock is the amount invested by shareholders in exchange for ownership in the company. Outback Guide Service has one type of common stock:
Retained Earnings
Retained earnings are the profit that a company has kept rather than distributing as dividends. Outback Guide Service has one type of retained earnings:
Conclusion
Keeping track of finances is important for any business, and the chart of accounts is a useful tool for doing so. Outback Guide Service's chart of accounts follows the standard structure of assets, liabilities, and equity, and can be used to track the company's financial transactions.