is a chart of accounts required 
no but it s considered necessary by all kinds of companies seeking to categorize all of their transactions so that they can be referenced quickly and easily the bottom linea chart of accounts is a document that numbers and lists all the financial transactions that a company conducts in an accounting period the information is usually arranged in categories that match those on the balance sheet and income statement the chart of accounts is a very useful tool for the access it provides to detailed financial information for individuals within companies and others including investors and shareholders 