Account

An account is essentially a whose purpose is to track the financial activities of a specific asset.

What Is an Account?

An account is essentially the record in an accounting system whose purpose is to track the financial activities of a specific asset, expense, revenue, equity or liability. All of these records can increase and decrease as specific events occur throughout the accounting period. Every individual account is stored in a general ledger, where it can be used to prepare the financial statements at the end of the accounting period.