What is Accounts ?
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Answers
• Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.
•Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
• An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. Each individual account is stored in the general ledger and used to prepare the financial statements at the end of an accounting period.
• The 3 Types of Accounts in Accounting are :
1. Personal Account.
2. Real Account.
3. Nominal Account
Explanation:
Hope it's helpful...
• Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.
•Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
• An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. Each individual account is stored in the general ledger and used to prepare the financial statements at the end of an accounting period.
• The 3 Types of Accounts in Accounting are :
1. Personal Account.
2. Real Account.
3. Nominal Account
Explanation:
Hope it's helpful...