ACCOUNT
“An account is a part of accounting system used to classify and summaries the increases, decreases and the balance of each asset, liability, owner’s equity, revenue and expense.” Hermanson Edward & Maher.
“An accounting is an individual accounting record of increases and decreases in the specific assets, liability or owner’s equity item” Weygandt kieso & kimmel.
“An accounting is an individual accounting record of increases and decreases in the specific assets, liability or owner’s equity item” Weygandt kieso & kimmel.
Different types of accounts;
- Negotiable Instruments
- Accounts of Non-Trading Concerns
- Bad Debts
- Depreciation Account
- Partnership Account
- Cost Accounting
- Company Accounts
- Ratio Analysis