Questions and answers

What should be included in a chart of accounts?

What should be included in a chart of accounts?

The Chart of Accounts usually includes at least three columns:

  1. Account: Lists the account names.
  2. Type: Lists the type of account — asset, liability, equity, income, cost of goods sold, or expense.
  3. Description: Contains a description of the type of transaction that should be recorded in the account.

What order are your expenses arranged in your chart of accounts?

The account names in the COA are usually arranged in the order the accounts appear in the financial statements. That means that balance sheet accounts, such as assets, liabilities, and shareholders’ equity, are listed first, followed by accounts in the income statement (i.e., revenues and expenses).

What kind of expense is tuition?

Qualified expenses are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution. You must pay the expenses for an academic period* that starts during the tax year or the first three months of the next tax year.

What type of account is expense?

Expenses are income statement accounts that are debited to an account, and the corresponding credit is booked to a contra asset or liability account.

Is there a standard chart of accounts?

In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company’s general ledger. Furthermore, the company chart of accounts is basically a filing system for categorizing all of a company’s accounts as well as classifying all transactions according to the accounts they affect.

What are some college expenses?

Typical college expenses may include: tuition, room and board, dues/fees, transportation/travel, books, medical/dental fees, and general living expenses.

What are the costs associated with college?

Tuition and Fees. The majority of your college costs will fall under the tuition and fees, or “sticker price” category, and most students will need a significant amount of financial aid to meet those costs. On average, you can expect to see tuition and fees hovering around $7,000 per year at a state college, and around $26,000 at a private college.

What is the average cost of college per year?

Our researchers found that the average cost of college for the 2017-2018 school year was $20,770 for public schools (in-state) and $46,950 for nonprofit private schools, only including tuition, fees, and room and board.

What is the average cost of a 4 year college degree?

If your child is going to college four years from now (2018) , the projected cost of an elite college from 2018 — 2021 could soar as high as $334,000 for a four year degree. The national average cost of attending a four-year public college is over $28,000 per year, and the average cost of attending a four-year private college is now over $59,000 .