Final answer:
The list of all a company's accounts with numbers is called the chart of accounts, which is essential for financial organization and reporting. It is distinct from the general ledger, trial balance, and income statement, but all are related tools in tracking a company's financial health.
Step-by-step explanation:
The list of all of a company's accounts with numbers is known as the chart of accounts. This organizational tool provides a complete listing of each account in an accounting system, each identified with a unique number. The chart of accounts is used to classify and differentiate accounts into five categories: assets, liabilities, equity, revenue, and expenses. To better understand the context, let's look at some related terms:
- General ledger: This is a complete record of all financial transactions over the life of a company.
- Trial balance: A trial balance is a report that lists the balances of all ledger accounts at a point in time.
- Income statement: This financial statement shows the company's revenues and expenses over a specific period.
Regarding a bank's balance sheet, it is a financial statement that indicates a bank's financial position at a specific point in time, showing the bank's assets, liabilities, and net worth (or capital). Assets include items such as cash in the vault and deposits at the Federal Reserve, while liabilities consist of debts or obligations, such as deposits from customers. The difference between the bank's assets and liabilities is the net worth, reflecting the bank's financial health.
All the financial statements and accounts mentioned above are integral to understanding a business's financial position and making informed business or investment decisions.