Dear Bhaskar,
Usually the CO objects are selected from the Asset Master Data and there is two customizing steps to configure that and how the system will take that. In ORFA transaction code you follow the steps:
The first transaction you define and activate the Account Assignment Objects that will be defined further in the next step that can also be accessed by t.code ASCET:
Sorry for the brief explanation, but this is the basic concept how the AA will define the CO Objects.
Best regards,
Gabriel Coleti