Tell about accounts,what is accounts

Question

Accepted Answer

Accounts refer to the financial records of an organization, including transactions, assets, liabilities, and equity.

Accounts are used to track and record financial activities of a business or individual.
They include various types such as assets, liabilities, equity, revenue, and expenses.
Accounts are organized in a chart of accounts, which provides a systematic structure for recording and reporting financial information.
Examples of accounts include cash, accounts receivable, accounts payable, inventory, and retained earnings.
Accounting principles and standards govern the recording and reporting of accounts.
Financial statements, such as the balance sheet and income statement, are derived from accounts.

Accepted Answer

the arrangement by which a bank looks after your money for you.

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