Quinary sector: most-used accounting accounts

The newest and least defined sector: activities of top specialization and decision-making. This sector has no accounting of its own: almost everything is recorded with the same accounts as the tertiary and quaternary sectors, but with more weight on group-company accounts, intellectual property rights and long-term commitments. Public administration and diplomacy follow special accounting standards.

Activities included

Top corporate management and CEOs
Senior government posts and diplomacy
Creative industry (art, design, designer fashion)
Cutting-edge science and space exploration
High-level consulting and think tanks

Characteristic accounts of this sector

These 26 accounts of the chart best distinguish this sector. Tap one to open its full page: definition, when it is debited and credited, and common mistakes. Account pages are currently in Spanish and show the English and French names.

26 accounts

1Assets 9

2Liabilities 6

3Equity 5

4Income 2

6Expenses 4

Typical entry in this sector

High-level consulting fees billed for 15,000.

Account	Debit	Credit
Accounts receivable (trade debtors)	15,000.00
Service revenue		15,000.00
Totals	15,000.00	15,000.00

Accounts this chart does not include

This sector usually also needs accounts that are created as sub-accounts or in a specialized chart:

Public-sector accounting (IPSAS). Governments and embassies use their own chart.
Artworks and collections. Usually recorded as a separate asset.
Grants and donations. Essential in science, think tanks and culture (IAS 20).
Research and development expenses. In cutting-edge science and space exploration (IAS 38).

See the 41 accounts common to all sectors

Almost every business, whatever its sector, uses these accounts: cash and banks, customers and suppliers, taxes, basic payroll, capital and equity, and general expenses.