Definition

account

An account is a unique record for each type of asset, liability, equity, revenue and expense.

  • Asset – Something that is expected to generate future benefit and is owned or controlled by the company.
  • Liability – A company’s legal debts or obligations.
  • Equity - An owner's rights or claims to the property (assets) of the business.
  • Revenue - Fees earned from providing products or services.
  • Expense - Decrease in the owner's equity resulting from an outflow of cash or other valuable assets to a person or company.

A Chart Of Accounts (COA) is comprised of individual account records.

This was last updated in March 2012
Posted by: Margaret Rouse

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