Question

what is account and characteristics of account ​

Answer 1

Answer:

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Explanation:

Accounting can be defined as a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information.

Answer 2

Answer:

In bookkeeping, an account refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries. These entries, referred to as postings, become part of a book of final entry or ledger.

Features of Current Bank Account

Current bank accounts are operated to run a business.

It is a non-interest bearing bank account.

It needs a higher minimum balance to be maintained as compared to the savings account.

Penalty is charged if minimum balance is not maintained in the current account.