Define account for.
The present age is the age of trade business and commerce. chronicle, description, history, narration, narrative, … These records increase and decrease as the business events occur throughout the accounting period. Another account, Sales, will collect all of the amounts from the sale of merchandise.
Learn more. An organization cannot remember all its dealing for long. accounts definition: 1. an official record of all the money a person or company has spent and received: 2. an official…. New calculations are necessary to determine the correct amount to enter into accounts. It conveys the financial position of the firm or business to anyone who wants to know. The accountant needs to reverse the incorrect entry. Definition: An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. On account is a term that describes situations in which a customer makes a partial payment for goods or services purchased. Let us get started! Reconciling accounts and comparing transactions also helps your accountant produce reliable, accurate, and high-quality financial statements. For example, companies will have a Cash account in which to record every transaction that increases or decreases the company's cash. A report relating to... Account for - definition of account for by The Free Dictionary.
A recounting of past events: Therefore, it becomes necessary to keep written record of all business transactions day by day, this lead to the development of accounting. A narrative or record of events. account 1. b. account for synonyms, account for pronunciation, account for translation, English dictionary definition of account for. Let us understand the meaning of basic accounting. So it is essential that we know the meaning of accounting. Accounts include balance sheet accounts (General Ledger (GL) Accounts) and revenue/expenditure accounts (Subsidiary Ledger (SL) Accounts). Accounting is the language of finance. Because your company balance sheet reflects all money spent—whether cash, credit, or loans—and all assets purchased with those funds, the accuracy of the balance sheet strongly depends on the accurate reconciliation of your company's financial accounts. n. 1. On account is used in accounting to note partial payments or purchases made on credit. Accountants need paperwork to prove the validity of the entry prior to making the correction. Learn more. In accounting; an account is a functional unit, identified by an account number that serves a particular accounting purpose where one person has primary responsibility for it.
A reason given for a particular action or event: What is the account for this loss?
Correcting an understated or overstated account is not too difficult. Account Settlement: The summary of business operations and performance for a fiscal period. On account also refers to payment on account.
account definition: 1. an arrangement with a bank to keep your money there and to allow you to take it out when you…. Definition and Explanation: The account through which annual net profit or loss of a business is ascertained, is called profit and loss account.Gross profit or loss of a business is ascertained through trading account and net profit is determined by deducting all indirect expenses (business operating expenses) from the gross profit through profit and loss account.