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Middle english (in the sense ‘counting’, ‘to count’) Learn the different meanings and examples of account in various contexts and expressions. From old french acont (noun), aconter (verb), based on conter ‘to count’.
An account is a record of a specific asset, liability, equity, revenue, or expense in an accounting system An account is a narrative, record, or explanation of events, or a financial or business relationship involving money or services Definition of account in accounting, an account is a record in the general ledger that is used to sort and store transactions
For example, companies will have a cash account in which to record every transaction that increases or decreases the company’s cash
Another account, sales, will collect all of the amounts from the sale of merchandise. An account is a record of business transactions in terms of money, with debit and credit sides Learn the types, columns, and proforma of an account in accounting tutorial. The meaning of account is a record of debit and credit entries to cover transactions involving a particular item or a particular person or concern
How to use account in a sentence. An account is an arrangement by which an organization accepts a customer's financial assets and holds them on behalf of the customer. The specimen of an account (a 't' form of an account) is shown below When a change takes place in an account, either it will be recorded on the left side (debit side) or on the right side (credit side)
Amounts recorded on the left side of an account, regardless of the account title, are called debits, and the account is said to be debited.
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