what is account and various types of account
Answers
a formal record of a particular type of transaction expressed in money or other unit of measurement and kept in a ledger . in other words account is a summary of relevant business transactions at one place related to a person asset expense revenue named in the heading . an account is a brief history of financial transactions of a particular person or item which has two sides called debit side and credit side .
there are 3 types of accounts..
1.personal a/c
dr- the receiver.
cr- the giver.
2.real a/c
dr- what comes in
cr- what goes out.
3.nominal a/c
dr- all expenses and losses.
cr- all incomes and gains.
Answer:
Meaning Of An Account
Account :- Account is an done by Financial Institutions such as bank , credit union or an organisation for a customer to deposit and withdraw money with an amount of interests .
Various Types Of Accounts
Various Types Of Accounts Are :-
- Saving Deposit Account :- This Account is opened for the purpose of depositing small savings. The main objective of this account is to promote savings habit of middle and low income group people.
- Current Deposit Account :- This Account is an account where money can be deposited and withdrawn freely during working hours of the bank. Under this account, there is no restriction to limit the number of withdrawals. Generally no interest is paid on such deposits. Sometimes, a nominal interest may be allowed on this account.
- Fixed Deposit Account :- This refers to the account where in money is deposited for a fixed period and cannot be withdrawn before the expiry of the said period. This period usually arise from 3 months to 7 years or even more. Interest on fixed deposits is generally much higher than the interest on savings deposit.
- Recurring Deposit Account :- In this account, the account holder is required to deposit a fixed amount of money in regular installments for a specified time period.
hope it may help you...
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