The three labels that are required when designing the chart of account structure for this project are

Primary Balancing, Cost center, and Natural Account. A chart of account structure is composed of

segments that represent different dimensions of accounting information, such as company,

department, account, or project. Each segment has a label that indicates its function or purpose

within the chart of accounts. The Primary Balancing label is required for the segment that identifies

the legal entity or business unit for which financial statements are prepared and balanced. The Cost

center label is required for the segment that identifies the organizational unit or function that incurs

expenses or generates revenues. The Natural Account label is required for the segment that

identifies the nature of an account, such as asset, liability, revenue, or expense. The Intercompany

Segment label is not required when designing the chart of account structure for this project, as this is

an optional label for the segment that identifies intercompany transactions between different legal

entities or business units within the same enterprise. The Secondary Balancing label is not required

when designing the chart of account structure for this project, as this is an optional label for the

segment that identifies an additional balancing dimension other than the primary balancing

segment, such as fund or region. Reference: Oracle Financials Cloud: General Ledger 2022

Implementation Professional Objectives - Define Chart of Accounts 12