Chart Of Accounts

The Chart of Accounts represents a company's accounting policy as to how income, cost and expenses are to be classified, recognized and reported. It is a list of account titles that are used to clarify revenue and expenses. Each title is supposed to reflect the nature of each expense charged or type of income credited to it. The organization of the individual accounts must reflect the nature of the operations. At Mid-State Petroleum Equipment, Inc. we will begin to use a financial accounting software system known as Quick Books Pro