what is accounts and why do we use in accounts
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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.
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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.
What are accounts used for?
In accounting, an account is used for recording a dollar balance and a history of changes to that balance. The dollar balance may be associated with an actual bank account, or it may represent the money owed you by a client. It might also represent income, expenses, or the value of assets that you own