Financial chart of accounts is the list of accounts/ GL on which General ledger reports are hinged in the system in order to generate a ledger report. Transactions affecting a similar nature of activity are posted in the same ledger account.
Chart of accounts use account codes for ease referencing when one is maintaining transactions in a GL.
A professional chart of accounts makes work easier for an accountant to manage his books of accounts, have unquestionable accounting reports that support his budgeting process and comparison of periodical trends. Different organization will have varied sets of financial charts for reporting of its financial statement.