Account

Account, bookkeeping

Bookkeeping

Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually performed by...

, refers to assets, liabilities, income

Income

Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...

, and expenses recorded on individual book of final entry or ledger

Ledger

A ledger or lieger , is the principal book for recording transactions...

. Changes in account value are made by chronologically posting debit

Debit

Debit and credit are formal bookkeeping and accounting terms. They are the most fundamental concepts in accounting, representing the two sides of each individual transaction recorded in any accounting system. A debit transaction indicates an asset or an expense transaction, a credit indicates a...

 (DR) and credit

Credit

Credit may refer to:* Debits and credits, a type of book keeping entry* Credit , acknowledging the ideas or other work of writers and contributors* Course credit, a system of measuring academic coursework...

 (CR) entries to its page. Examples of accounts are cash

Cash

Cash refers to money in the physical form of currency, such as banknotes and coins.In bookkeeping and finance, "cash" refers to current assets comprised of currency or currency equivalents that can be accessed immediately or near-immediately .Cash is a prompt or instant payment for goods and...

, accounts receivable

Accounts receivable

Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer...

, mortgages, loans, land and buildings, common stock

Common stock

Common stock is a form of corporate equity ownership, a type of security. It is called "common" to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive their funds after preferred stock holders, bondholders, creditors, etc...

, sales

Sales

A sale is the pinnacle activity involved in selling products or services in return for money or other compensation. It is an act of completion of a commercial activity.A sale is completed by the seller, the owner of the goods...

, services provided, wages, and payroll

Payroll

In a company, payroll is the sum of all financial records of salaries, wages, bonuses and deductions.-Paycheck:A paycheck, is traditionally a paper document issued by an employer to pay an employee for services rendered...

 overhead. Chart of accounts

Chart of accounts

__FORCETOC__Chart of accounts is a list of the accounts used by an organization. The list can be numerical, alphabetic, or alpha-numeric. Each nominal ledger account is unique to allow its ledger to be located...

classifies types of accounts.

Account, bookkeeping

Bookkeeping

Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually performed by...

, refers to assets, liabilities, income

Income

Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...

, and expenses recorded on individual book of final entry or ledger

Ledger

A ledger or lieger , is the principal book for recording transactions...

. Changes in account value are made by chronologically posting debit

Debit

Debit and credit are formal bookkeeping and accounting terms. They are the most fundamental concepts in accounting, representing the two sides of each individual transaction recorded in any accounting system. A debit transaction indicates an asset or an expense transaction, a credit indicates a...

 (DR) and credit

Credit

Credit may refer to:* Debits and credits, a type of book keeping entry* Credit , acknowledging the ideas or other work of writers and contributors* Course credit, a system of measuring academic coursework...

 (CR) entries to its page. Examples of accounts are cash

Cash

Cash refers to money in the physical form of currency, such as banknotes and coins.In bookkeeping and finance, "cash" refers to current assets comprised of currency or currency equivalents that can be accessed immediately or near-immediately .Cash is a prompt or instant payment for goods and...

, accounts receivable

Accounts receivable

Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer...

, mortgages, loans, land and buildings, common stock

Common stock

Common stock is a form of corporate equity ownership, a type of security. It is called "common" to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive their funds after preferred stock holders, bondholders, creditors, etc...

, sales

Sales

A sale is the pinnacle activity involved in selling products or services in return for money or other compensation. It is an act of completion of a commercial activity.A sale is completed by the seller, the owner of the goods...

, services provided, wages, and payroll

Payroll

In a company, payroll is the sum of all financial records of salaries, wages, bonuses and deductions.-Paycheck:A paycheck, is traditionally a paper document issued by an employer to pay an employee for services rendered...

 overhead. Chart of accounts

Chart of accounts

__FORCETOC__Chart of accounts is a list of the accounts used by an organization. The list can be numerical, alphabetic, or alpha-numeric. Each nominal ledger account is unique to allow its ledger to be located...

classifies types of accounts.