Ronald Cupp founded Success Unlimited Accounting & Tax Service in 1981. Under the leadership of Ronald Cupp, the company grew to serve approximately 300 tax and accounting clients.
One of the general accounting areas that professionals must understand is the Chart of Accounts (COA), a tool for organizing a company’s finances. A COA builds the foundation of a company’s financial record-keeping system and helps the company keep track of every account in its accounting system. The COA lets viewers quickly see the financial health of a business.
The accounts included in a COA are divided into two categories: balance sheet accounts and income statement accounts. Balance sheet accounts are usually listed first in a COA. They include liability accounts, asset accounts, and equity accounts.
Income statement accounts include operating revenue, which is the money earned from a company's primary business; nonoperating revenue, which is the money generated outside of a company’s main business; and expense accounts.
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