Question

define :
1. Account
2. Transaction.
​

Answer 1

Answer:

Definitions 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.

Explanation:

A transaction is an agreement between a buyer and a seller to exchange goods, services or financial instruments. ... Accrual accounting records transactions when revenues or expenses are realized or incurred, while cash accounting records transactions when the business actually spends or receives money.