Difference between revisions of "Financial account"
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| − | A [[financial account]] (or, simply, [[account]]) | + | A [[financial account]] (or, simply, [[account]]; hereinafter, the ''Account'') is an accounting device used in [[bookkeeping]] to record increases and decreases of business transactions relating to individual assets, liabilities, capital, withdrawals, revenue, expenses, and so on. In other words, the ''Account'' is the place where financial entries of a similar nature are recorded, for example the 'Sales' account is where business income goes, the 'Stationery' account is where all pens, paper, staplers etc go. A list of account names is called the [[chart of accounts]]. |
Revision as of 07:23, 8 December 2018
A financial account (or, simply, account; hereinafter, the Account) is an accounting device used in bookkeeping to record increases and decreases of business transactions relating to individual assets, liabilities, capital, withdrawals, revenue, expenses, and so on. In other words, the Account is the place where financial entries of a similar nature are recorded, for example the 'Sales' account is where business income goes, the 'Stationery' account is where all pens, paper, staplers etc go. A list of account names is called the chart of accounts.
